Remember all of those house flipping shows on cable tv five years ago. It seemed like any idiot could buy a house, change the paint, screw up some stuff, and still make tons of money. That part was unrealistic, but the shows were popular because prices were going up and idiots could make money, if not tons.
Well, the housing market in the US tanked and most of those shows died. Armando went bankrupt, the guys in New Haven moved to CA, and complete newbies stopped getting $500k houses hoping they could sell for $700k.
But now prices are rising again, and those tv shows might go into production again. At least their real-life counterparts are back in business and there are profits to be make. The Financial Times has a great discussion on this:
http://www.ft.com/intl/cms/s/0/42a39776-f06e-11e2-929c-00144feabdc0.html
Detroit and Downriver are not yet in that top 10 locations for flipping, but ultra-low prices here could work in our favor in the long run. I wouldn't suggest flipping normally around here, but maybe if you could pick up one of those tax auction sales that was not completely gutted you could make some money on the deal.
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