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Calling All Detroit-Area Flippers

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If business is slow and you're thinking that you might be better off investing your time, and what little extra cash you've got, in a flip project, you might want to check out some of FDIC's REO properties. When some banks went into receivership, properties that those banks owned were turned over to FDIC.

The little house at the link below is an FDIC owned house for sale in Detroit. It's on the market for $8,000 or best offer. There's nearly $7,000 in unpaid taxes on the property, so it's basically a $15,000 purchase and you own it free and clear, can turn it inside out and then rent it or wait for the market to rebound and sell it.

Some FDIC owned properties are eligible for HUD 203K loans, but HUD requires 5% up-front for loans by investors on 203K properties.

http://www.fdic.gov/buying/owned/bargai ... wn_PIP.pdf



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