Home Buying in Detroit>Question Details

Giggs, Home Buyer in Atlanta, GA

Need to buy tenanted homes in Detroit. Agents please advise.

Asked by Giggs, Atlanta, GA Thu May 2, 2013

Budget of up to 25k. Need to buy tenanted single or multi homeproperties in Detroit at the following areas :
1)Grandmont-Rosedale
2)Bagley
3) East english village

I have been advised that these are real good areas. is it true? Only for the above areas so do advise me what you have in Detroit. If they are section 8 that will be ideal if not it is ok.. need a good tenant and a good house.
thanks!

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Answers

5
Are you still buying Detroit, Michigan single family properties?

We have direct contact with a wholesaler of just such already
leased SFRs located in certain areas of Detroit. If you are
still interested, please reply to this message ASAP.
Generally anywhere from around 16% cash on cash ROI.
Property management in place.

Thanks

Ron Dahlke
United Funding Corp,
125 Hill Road
Walla Walla, Washington, 99362
509-525-0409
ron.dahlke@charter.net
0 votes Thank Flag Link Sat Jun 29, 2013
I am interested in buying in Detroit, Michigan. I would appreciate the contact with wholesaler ( preferably tenanted ).

Regards,
Josephine.
Flag Tue Sep 24, 2013
Hello , there is a really good anwser here to your question, that is Kathy Persha, with that said I am an agent and I actually live in Detroit and I know these areas well. Kathy is correct!!! If you need help finding multi familys in Detroit for that price there are plenty to be had but you will not find them in those areas.
0 votes Thank Flag Link Tue May 7, 2013
Hellol,

Yes I can send you a list of homes. I actually just met with a group of guys that I have been working with, on Tuesday. We went over a new supply of homes that is being prepared for sale. I can send you a list of homes that are currently available, as a PDF file. We are in daily negotiations selling properties so if any homes on this list are sold, we have plenty of others to replace them. We do concentrate in the areas of Detroit that you asked about.

Most of the homes we have are repaired, tenanted and managed. Many more are in line to be prepared. I don’t know who you have met with and spoken with in Detroit, but you won’t find a better team of people that are tackling the homes in Detroit. These numbers I am about to mention are true, no hype, and the reason I mention them is to give you an idea of what we do, and to get an idea of what you are looking for. I don’t want to give you a super lengthy explanation, but just enough to give you some clarification on what we can provide, and what you need from us.

The team we have, just acquired 280 homes in the past 3 months and we have 4 crews fixing and repairing the homes for tenants. Our goal is to prepare 100 homes a month for sale. Our crew takes care of the acquisition, repairs (including getting the ACR’s from the City of Detroit), getting the City Inspections, placing tenants in them and then managing them. We have all of the tradesmen needed and are currently working on the first 50 homes. We have an accountant, a lawyer and property manager on the team as well. We are truly A to Z. Why do I tell you this? Because there are a lot of scam artists trying to sell you homes in Detroit. We run a clean business and want repeat clients, not one and done.

I would love to welcome you in town and show you the projects that are currently being handled. So feel free to come and visit but give me enough notice to clear my schedule to spend time with you. We are currently negotiating with the City Of Detroit to obtain up to 10,000 houses, (not a typo). Our project has a five year projected schedule. The goal is to fix up entire neighborhoods and put tenants in these home and then eventually sell them to investors worldwide, which is what we are doing currently but on a smaller scale. All of the homes are sold with Warranty Titles, no Quit Claim deeds and all homes will be current on all taxes and water bills prior to closing, if they are not already.

I really think if you came into town and met with our team you will be impressed with our operation. One more thing I would like to throw out there, because other investors have asked me. Are there cheaper properties? Yes you can purchase properties in Detroit for as low as $2,500.00 and I can find them for you. But you will be responsible for the rehab, obtaining inspection reports, repairs, getting tenants and even dealing with vandalism. All of these add up in costs. The packages we offer are usually turn-key, but if you want a ground up purchase, we can provide that as well. I currently work with a few investors that are doing ground up, but I will tell you from the start, it will require you having someone on the ground here or you coming into town on multiple occasions.

Start here and then I would like to schedule a time to speak with you if possible.

Thank you for your time and I look forward to hearing from you. My contact information is listed below.

Sincerely,

HAIG
(248) 379-6547
realtorhaig@aol.com
0 votes Thank Flag Link Fri May 3, 2013
Hi there; I just saw your message quite by accident. We sell renovated, tenanted properties in certain areas of Detroit, including Grandmont-Rosedale and East English Village. They are usually 3 bed brick houses and come with 12 months insurance, 12 month warranty and all closing costs covered. They are offered anywhere from $24k-$35k and we should have four more available in the next couple of months or so. We are not an agent but work with a team of people including realtors, contractors and property management, accounting and legal. If you are interested, please give me your email and I'll keep you posted or otherwise email me at is rmace23@gmail.com. Regards, Rebecca Bennett
0 votes Thank Flag Link Fri May 3, 2013
Giggs,

I am both an associate broker and investor and I can tell you that you will not be able to buy tenanted homes in these areas for this price. I just bought a house in East English Village myself. I paid $15,000 but it nees $25,000 - $30,000 in repairs before it can be occupied. If I were to place a tenant in this house, I would be selling it for $60,000 - $70,000.

You will be able to buy the properties in these areas for $25,000 but they probably will not be fit for occupancy. Don't know where you are getting your information.

Kathy Persha, Associate Broker
GRI, CDPE, SFR, CIAS
Nextage Advanced Realty
0 votes Thank Flag Link Thu May 2, 2013
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