Home Buying in Detroit>Question Details

Ray Loftus, Home Buyer in Brighton Beach, Mentor...

Hi, im from the UK and thinking about buying in Detroit to rent out. Any advice please as this purchase would take all my savings to form my pension.?

Asked by Ray Loftus, Brighton Beach, Mentor, OH Mon Jul 9, 2012

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Charlene Johnson’s answer
Mr. Koehler is correct, you need a company experienced in the field of property managent, tenant placement, the market, investors ROI and the city of Detroit.

Our company consist of over 15 years of experience, first hand knowledge, a wealth of wisdom and total hands on. We have worked with not just UK Investors, but Canadian, Asians, Australians, and Investors from Dubai.

Thank you Mr. Koehler for pointing this out.
0 votes Thank Flag Link Mon Jul 9, 2012
My name is Janine Randolph and I am licensed property agent in Detroit. I work exclusively with international investors who want to buy investment rental properties in Detroit and surrounding suburbs.

There are two strategies to acquire investment properties in Detroit:

First strategy is to buy a property that is already remodeled, has a certificate of occupancy and has tenants in it – either under the Section 8 Rent Benefits program or just screened qualified tenants. One of my biggest clients provides these kinds of properties to international investors from all over the world. They do everything in-house and end-to-end, meaning that they use their own funds to buy properties, remodel them, tenant them out and then deliver them to international investors. They provide in-house full service property management - which means that they have an ongoing interest in making sure that your properties are being managed the right way so you will come back and buy more investment properties from them.

Second strategy is to buy directly from banks. I work as a property agent for many investors from Europe and Asia. I will find properties for you. You will buy them directly from the bank and I will connect you with a company that will provide repairs / remodeling services, tenant placement and ongoing property management services. The upside is that you drastically lower your acquisition costs this way. The downside is that since you are starting from scratch instead of buying a property that is already tenanted and producing rental income, you have to add a realistic 60 days to the whole process: 15 - 21 days to close on the property and then 2 weeks for rehab and tenant placement. The first months rent check will go to the property management company for tenant placement and then you get the rent checks going forward.

Give me a call or email me and I will be happy to answer any questions that you might have.

Email: Janine@MotorcityForeclosures.com
Direct mobile: 734-217-7486
0 votes Thank Flag Link Fri Aug 3, 2012
I would be very very cautious about putting money you can't afford to lose here. I lost $21k on a property purchase in Detroit that went disastrously wrong. If you really really want to do this I would recommend going to a com,pany like property secrets or Assetz who deal with the complicated legal stuff that you can't know and will indemnify you against getting ripped l;ike I was.

FranciS Dolan
0 votes Thank Flag Link Thu Jul 26, 2012
Good Day,

The best advice I can give you is to pay attention to the area that you buy in. I am the CEO of ADM Capital Investments and I have lived in detroit my entire life. I understand how important it is to invest in good areas. My website ADMDETROIT.COM will explain a little more about what we do here at ADM. Feel free to contact us and we will get you the best return on your investment.


Best of luck ,

Antonio Mcbride
0 votes Thank Flag Link Wed Jul 18, 2012
Good Evening Ray,

My name is Kevin Fleury of New Harmony Homes and I reside in the U.K. Along with my partner and licensed Detroit Real Estate Agent, Joe Williams of Ai Realty, we are DETROIT GLOBAL INVESTMENTS.

Detroit Global Investments, LLC, is a real estate acquisition company based in metro Detroit. Along with our tenant placement and management companies, Metro Detroit Rental Experts and Property Management, we would like to give you the opportunity to take advantage of our specially selected investment properties and services.

We offer fully renovated properties in family friendly neighborhoods that are priced below many of our competitors. These properties are completely refurbished (up to City of Detroit and Section 8 guidelines), tenanted and cash flowing with great Return On Investment (R.O.I.). We have pre-rehabbed properties as well. We have experienced contractors and maintenance workers available at costs that will fit your budget.


We're with our investors from "start to finish", with 100% accountability.

Services Include (but not limited to):
*Property Search
*Acquisition
*Refurbishment
*Tenant Placement
*Property Management

We also offer our "Preferred Gold Member" package. This program allows investors, new to Detroit real estate, a more upfront and hands on approach with your investment. You are involved in every aspect, from selection to completion. There is an upfront fee to begin the process(all monies may held by title company) We assist you with all services mentioned in the previous paragraph. This package may allow for a greater "Return On Investment"(R.O.I) depending on the property selected.


We are confident that you will be very pleased with the services we offer.

For more information or to make your reservation for purchase, please call me directly at 44 (0) 7733122603 or Joe at (248) 346-6135. You may also contact us via email at kfleury@newharmonyhomes.net and joe@detroitglobalinvestments.com.

We look forward to working with you.

Kind Regards,

Kevin

KEVIN FLEURY
JOE WILLIAMS
DETROIT GLOBAL INVESTMENTS, LLC
METRO DETROIT RENTAL EXPERTS & PROPERTY MANAGEMENT
AI REALTY DETROIT
19602 Grand River Avenue
Detroit, MI USA 48235
Kevin Fleury- Direct 44 (0) 7733122603
Joe Williams- Direct 248-346-6135
Office 313-535-7711
kfleury@newharmonyhomes.net
thejwilliamsteam@gmail.com
begin@detroitglobalinvestments.com
http://www.detroitglobalinvestments.com
0 votes Thank Flag Link Sun Jul 15, 2012
Kevin, you were a part of Nueve Skye that ripped off hundreds of investors with Mark Demby. Just google Mark Demby and you will find all you need to know about these people.
Flag Sat Jan 26, 2013
So the Southfield agent just helped a guy from the UK buy three houses. Lets hear from his other happy customers that have had houses as rentals in Detroit for a few years, just bought homes means nothing. Detroit properties must be handled by a very special property manager, (not saying he is good or bad). Theft of copper, central air units, evictions, non paying tenants can over shadow the high you get from buying a home for $ 5,000.00.
0 votes Thank Flag Link Mon Jul 9, 2012
Good Evening Ray,

My name is Charlene and I am a licensed agent, WOW!!!!. I just read the advice given to you and I would not be surprised if you just shut down completely!!!!! Let me say this, my company, Conquest Property Management currently works with several investors from the UK.

I am currently working with an investor from the UK, who I would not have a problem with you speaking with to ask him of his experience with me and he leaves on Wednesday, and I have found him 3 homes in Detroit, thus far.

Let me make that 3 INCOME PRODUCING HOMES!!!!!!! because there is a difference. I would like to invite you to give me a call so that I can 1. Tell you how you DON'T have to deplete your entire pension 2. Explain how you can invest in Detroit with little risk, (because in this day and time NOTHING comes without some to little risk) but I can show you how I can make your risk small. 3. I have references that can validate my company and how we are helping investors make their dreams come true.

Let Me Show You How Your Investment Can Work For YOU

Thank you,

Charlene Johnson
The Conquest Real Estate Group
16250 Northland Drive
Suite 202
Southfield, MI 48075
(248) 499-2187
cjohn3615@gmail.com
0 votes Thank Flag Link Mon Jul 9, 2012
run like the wind, do not invest your money 4ooo miles away in a city that is a getto. If you want a risk buy in Ireland. You will not have time to manage those properties either. Wayde Koehler President of the Real Estate Investors Association Wayne County Michigan
0 votes Thank Flag Link Mon Jul 9, 2012
I would strongly advise against this. Why in the world would you want to own rental property halfway around the world. You'll be at the mercy of your tenants and your property manager and I can't think of a way to squander your life saving any faster other than going to a casino.

Other than belieivng that you can buy property cheaply in Detroit, what do you know about Detriot, Michigan, or being a landlord?

Trust me, don't pursue this further.
0 votes Thank Flag Link Mon Jul 9, 2012
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