How to Find Cheap Real Estate in Flint, Michigan
Finding cheap real estate in Flint, Michigan is very easy because there is so much extremely cheap real estate. The area is economically depressed but there is hope for the city and many very nice areas of homes, despite its reputation. If you live in an expensive part of the country and thought you could never afford to own your own home, think again. You can buy perfectly good homes here for the price of a well used car. You can even buy real estate with little or bad credit.
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Instructions
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How to Find Cheap Real Estate in Flint, Michigan
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Know the city. Flint has many beautiful upscale neighborhoods as well as lots of safe, attractive middle and working class neighborhoods. Certain areas of the city will not be great to invest or even live in. If you are not familiar with Flint, get a map and drive yourself around the city just getting a feel for neighborhoods. It is easy to tell which are stagnating and dilapidated and which are upscale. Stop and chat with people everywhere, this is a friendly city.
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Take a camera and a pad of paper along on your travels. Because the economy is quite depressed, there are many motivated sellers who are willing to make a deal without going through a realtor. Take note of any signs and ads you see in your driving, online or in the Flint Journal. There is a huge inventory of homes for sale in Flint so you can afford to be picky.
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Buy a decent fixer upper house for under $10,000. You can do this all day long in Flint several times over. When looking at fixer uppers, have someone along who has a good knowlege of construction or hire a home inspection company. Seeping and leaky basements are common in this area, especially with older homes built without drain tile. Quite often this is easily fixable. Look at foundations, the roof, assess the home for mold. Understand that winters get very cold and old, drafty windows can cost quite a bit to replace. To maximise your investment, plan on doing fix-up work yourself as much as possible and don't forget to factor it into the final cost of the home.
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Hire a realtor if you want to be guided through the whole process. A good realtor can save you time and even money by steering you towards worthy properties in areas that will fit your lifestyle. Flint has many parks and green areas should you wish to be close to walking or biking trails. A realtor will be able to advise you on the quality of the schools. Some schools are not so great but others are very good. If you have children you will definitely be keeping schools in mind.
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Don't forget outlying areas. While the cheapest properties are likely to be found in Flint city and township, great deals can be found in some of the suburbs as well.
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You can buy a home with little or even bad credit. Many property owners are leasing homes with an option to buy, or offering homes on a land contract. Some don't care about your credit as long as you have money to move in. While this isn't as cheap in the long run as buying a home, it is still an inexpensive way to buy your own home for much cheaper than rent in most other parts of the country.
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Tips & Warnings
When entering any real estate contract with a private party, hire a real estate lawyer to go through all paperwork and agreements. The little money will be well worth it.
The job situation in Flint is not great but there are certainly plenty of jobs available. Don't move here expecting to find a well paying job within weeks, though. There is a lot of competition for jobs.
Some areas in Flint, particularly around the universtiies and colleges, are seeing improvements and plans for new building and infrastructure. These would be good areas for a long term investment.
Research areas and neighborhoods in the city well before comitting to buy. Stay away from neighborhoods with a high percentage of renters or many abandoned homes. These neighborhoods will likely take decades to flourish, if they ever do.
