Grand Rapids 7th Best Place in Country for Flipping Houses!
Real estate investment is alive and well in Grand Rapids, Michigan. WalletHub.com reports that their research indicates that Grand Rapids is the 7th best place in the U.S. to flip houses. Even though housing prices continue to climb and the market is tight, the low cost to enter the Grand Rapids’ market as a flipper is cited as a major contributing factor.
When compared to the rest of the U.S., Grand Rapids’ and west Michigan’s real estate prices and rehab costs are relatively low. RPOA member investors say the main challenge is available inventory. In order to flip a house, you must first find a property to flip and negotiate a price that works. Tom Koetsier, RPOA President and active investor, says that for, “would-be house flippers the key is to move fast on a purchase and have the rehab work done quickly.”
Koetsier also noted that during the last recession many investors bought foreclosed properties and converted them to rentals. Investors are now selling those single-family rentals to owner-occupant buyers.
The WalletHub.com study used 2016 data from Renwood Realty Trac.