Georgegeorge, Home Buyer in Detroit, MI

hello i am in australia looking at your houses,,can u pls tell me why such a lovely house is so cheap to buy,,,thanks mark .... melbourne australia

Asked by Georgegeorge, Detroit, MI Thu Apr 19, 2012

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Mark, the properties that are cheap are in neighborhoods that you don't want to invest in. A great deal of rental proprities are in need of repair. Some tenants move into your property and don't pay their rent and when you evict them they get angry and distroy your property.

The only neigbohoods I could possibly live in are: Sherwood Forrest, Palmer Woods, the University District, Rosedale Park, which has some really good deals at the moment, and if you like the east side, Indian Village.

I live in Farmington Hills, MI which is in the surburbs. I fled Detroit when my car was broken into twice.

Love where I live now.
0 votes Thank Flag Link Sat Jun 9, 2012
Mark, I would take whatever this agent is saying with a large grain of salt. The Oakman Blvd community is as strong and viable as any of the communities this agent has named. I suspect he fled the city for a number if reasons not just a car burglary...
Flag Thu Feb 12, 2015
The reasons should be secondary for you, Mark! The real question that you should be asking yourself is: Why aren't I buying as many of these houses as I possibly can when prices are so low, demand for good, quality rental properties is so high, and the rest of the world is beating a path to Detroit's front door because the smart investors know that these prices aren't going to last much longer? We're already seeing a lot of competition for these properties and prices are slowly starting to go up as buyers fight to get these deals while they can. Why aren't you??? Call me: Tim O'Riley (586) 909-2999 or email me at tim@detroitturnkeyproperties.com. I promise you that you'll be glad that you did! You can buy properties right now that your tenants will pay you back for in less than 5 years, in most cases. Don't miss your window of opportunity! Call me!!!
0 votes Thank Flag Link Thu May 3, 2012
The Detroit area has some of the most beautiful homes in very desirable areas for a fraction of the price you would pay elsewhere. You can get some great deals and find very attractive homes in all price ranges. Please contact me if you are interested and I can help you.
Madhu Oberoi
248-875-6739
madhuoberoi@hotmail.com
0 votes Thank Flag Link Mon Apr 23, 2012
Hi Mark,
The economy had abig role in prices plummetting in Detroit. however, we have seen a turn around and proeprty values are definitely on the rise. If you are an investor this is certaily a great time to buy. We have some great deals.
If you have any interest please call me or email me and I can hel you find homes in various areas of Detroit.
Thanks
Madhu Oberoi
248-875-6739
madhuoberoi@hotmail.com
0 votes Thank Flag Link Sun Apr 22, 2012
Hi, Mark GFCR has play a huge roll in hitting the D , But in saying that it is starting to move up, Its had some pretty good writeups in Fox Business, And Mayor Bing was I thought going a fair job till he got laid up for a couple of week, PS I am a Aussie by the way and have been buying in the US since 95.
Properties are low in the D but I have seen a definite spike in prices, Areas are the big thing in the D, I spend hours driving through streets and streets, checking them out, making sure that the area is not dying out, I do 6 or 8 streets around the street I buying in. I dont buy houses for investors, but I start with the investor making sure its all above board, I Sight the properties firstly,I video the properties, I do Management and Rehabbing of the properties, I have a 6 man crew now. And super "security" Also most bank owned I deal with need about 15k spent on them before you start, Thats why you need to pick the right Area to get your money back in the future, Get a bad area and Forget It, youve done your money.
But I love the D its easy to like, but you do need to leave one day, So Buy in the "Right Area" and one day you will be able to sell.
Get on to Detoit News and do your home work see what having, Fox News, and Data.com forum.
PS; US Banks are not like the Aussie banks where they are made to up keep the property , its a shame there are some really nice house, if we could pick them up and place them in Melboure you could make a forture.
0 votes Thank Flag Link Fri Apr 20, 2012
Our economy took a hit and the housing market plummeted. Right now, it continues to be a buyers market and the homes are selling cheap until the economy stabilizes. If you are interested in purchasing property, make sure you contact a good realtor to help you. It will also be a good idea to have a real estate attorney on retainer. If you need to discuss further, you can contact Caliana at 313-244-6155. Good luck
0 votes Thank Flag Link Thu Apr 19, 2012
Looks can be deceiving!!

Only a foolish person would post a poor picture of a property :-).


Properties in our market are cheap because of the effects of the financial crisis occurring over the past few years and the extremely high number of homes being sold on the market as foreclosures or short sales.



Homes may also be cheap because it is in need of repair. This is a much trickier scenario.



The picture ALWAYS looks awesome, but it never tells the whole story when evaluating a property.



If you're looking to purchase a property, you will always want the following:



1. A report of properties sold within the past 6 months, less than 1/2 mile away from the home you're considering.


This ensures you don't overpay for a home. It will also tell you if there is very little interest in an area if you see the sales are very low.


2. Time and date-stamped pictures of the interior and exterior of the property. Also, get photos of the homes next door, across the street and general shots of the block.



3. A report of the leases sold within the past 6 months and less than a 1/2 mile away from the property. This gives you an idea of how much the market rent is for that area.



4. An independent contractor's estimate of repairs (they should not be affiliated with the seller in any way).



There's no such thing as something for nothing. A cheap acquisition price usually means that there needs to be some work put in on some other aspect of the purchase.


Get the whole picture first from a few different sources so that you can ensure you're purchasing a sound investment.
0 votes Thank Flag Link Thu Apr 19, 2012
Hello,

what is the address of the home so I can look it up for you. But overall, prices have come down a lot in this area because when the auto industry had hard times lately, many people lost their jobs and property values plummeted.

Email me the address of teh home and I can answer your question a bit better.

Thank you,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
0 votes Thank Flag Link Thu Apr 19, 2012
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