Foreclosure in Detroit>Question Details

Nao,  in Detroit, MI

how to see ads.(Detroit)

Asked by Nao, Detroit, MI Fri Nov 28, 2008

i have been looking a lots of ads of foreclosure homes. But it is hard to see what kind of homes are good to buy. especially, i cannot see the inside and do not know the rehab cost. Is there any good way to find homes that are in rent ready condition?

Help the community by answering this question:

Answers

2
BEST ANSWER
Nao,

Most foreclosure specialists only place one photo for each property even though the MLS allows 25. Don't ask me why, perhaps they are relying on your curiosity. Of all the foreclosure and investment properties I've seen, only one listing agent took the initiative to have an estimate of repairs available by a licensed contractor.

If you are looking to find homes in ready to rent condition, my suggestion would be to stop looking at foreclosures. A real estate professional can send you homes from the MLS that are indicated to be owner occupied (a check box) and might be in better condition. They can also set up a search for short sale properties where the bank might take less than what is owed on the property.

Keep in mind, The City of Detroit requires a home inspection and repairs completed within 6 months of taking ownership. While you may save money on some properties, you might spend even more bringing the property back up to a condition required by the City. More information would be available on the City of Detroit website. http://www.ci.detroit.mi.us/

There are many investors looking to purchase homes in Michigan on Trulia, most do not understand that they need to hire someone with construction knowledge to physically accompany a real estate professional to each home. I would proceed with caution.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Sat Nov 29, 2008
Yes, you have several options; I'll present 2 of them here.

First, you could work with another investor to help you to do the following: find the right property, run the numbers, structure the deal correctly, set up a team to handle the rehab, and to rent out the property.

Second, you could work with a realtor, who has experience working with investors, to help you to do something similar to the list of things above.

Each option has its own pros and cons. You'll need to do your own research, and decide for yourself which option will work best for you.
0 votes Thank Flag Link Sat Nov 29, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer