The home is large for the area, around 1,600 square feet. By far the most attractive feature for Burgess is the price. While he says it may appraise at around $110,000, he bought it on March 11 for a mere $12,000.
"I'm selling it next week to an out-of-state investor for a little over $17,000," he says.
His company, Urban Detroit Wholesalers, buys, renovates, then flips or rents homes in Detroit, something that may seem foolhardy to some observers in one of the most economically depressed cities in the nation.
But Burgess, who started the company in 2007 with partner Jared Pomranky, says Detroit is a great place for real estate investment.
Monday, March 23, 2009
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4 comments:
Home buying is fun 99% of the time! If you aren't buying luxury real estate then of course it isn't going to be fun
Home buying is fun 99% of the time! If you aren't buying luxury real estate then of course it isn't going to be fun
Home buying is fun 99% of the time! If you aren't buying luxury real estate then of course it isn't going to be fun
It is nice to know this. There are many interested ones in Michigan, either Detroit or other cities. There are few interested too in the Chicago.
NY Real Estate
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