I´m concluding my trip back to my hometown of Cleveland, Ohio now and I´ve got to say, property flipping here is tempting.
Here, like in other hard-hit rust-belt cities of America you can find decent houses in the $10-20k range.
So, naturally, I´ve been shopping around.
I found one BIG house in a decent area on the west side of Cleveland asking $12,800. Next door a house just sold for $78k.
So what happened? The house has a fire-damaged roof and the whole thing and framing needs to be replaced.
The problem and the BIGGEST difference I see in flipping property here vs the coast of Ecuador?
USA property has been passed over, multiple times before most common-folk even see it.
Passed over by people who know more or have bigger funds then you.
In Ecuador, particularly the coast, you still can find hidden treasures no one else knows about!
For example, here in Cleveland, the broker in charge of the sale also flips property, and he passed on this one.
Also, the realtor who showed me the property was a young, nice guy who confided he also flips property (and has also passed on this one).
So I passed. There´s just too much I don´t know about the market and the prices to fix the place up. I don´t have experience in the USA (yet). Plus, I would not be around for the rehab which I´ve learned in Ecuador is a big no-no.
I´ll stick to Ecuador real estate for now.
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