Type Of Areas
I want to start out wholesaling RE to other investors. What type of areas seem to be the best for a newbie to start with? Should I stay out of the big city (Detroit) where one street is nice and the next one is a war zone? Any suggestions?
Focus on 3/2/2 homes in nice or up and coming areas and you'll be fine.
Keep your options open, don't pass up a potential payday, because the house isn't in the area you prefer...but then again try to avoid a "war-zone"
I'm actually from that area origionally, Taylor, MI
Detroit is full of vacant homes, burnouts, etc. I am actually looking into the lower end properties more, but thats my preference. BUT !! I am not limiting myself, I like the lower end deals, because I get the chance work with rehab buyers mostly and I leanr and network with these guys, because I am alos looking to buy rehab and hold some of these properties.
But in Prettier and newer homes it is harder to find homes with no mortgage, or a very low balance...
Which is not neccessarily a bad thing!! This opens opportunities to wholesale some "subject to's" which can be pretty profitable...and eventually you can start holding those yourself too.
Me, I'm just going to start on the lower end...and work my way up, but I'm not going to limit my options. I'm not going to turn down ANY motivated seller where I can find a payday in the deal.
Good Luck
JB
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