Home Buying in Detroit>Question Details

Theodoria, Both Buyer and Seller in Detroit, MI

I am interested in purchasing residential property for student interns that we house upto 16-weeks at a time.

Asked by Theodoria, Detroit, MI Wed Mar 11, 2009

The majority of these interns are from the Mid-west Region. What are your recommendations regarding location and approximation of total investment?

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wayne state area, ypsilanti and dearborn has a student population. univerisity of detroit mercy also , but the students are told during orientation not to go into the surrounding neighborhood because its dangerous. which was funny to me because they had people who lived in the surrounding areas in the orientation...*shaking head* . the university district , six mile to seven mile/livernios back to woodward, is where the students/interns et.al would be within walking driving distance
0 votes Thank Flag Link Tue Mar 31, 2009
Theodoria-
Within Metro Detroit there are lots of schools related to the medical field that bring in interns and residents. In addition there are also similar programs for Law Students within Metro Detroit as well. Indeed as previous agents have cited agents can forward you listings within certain areas where you can define the guidelines. As far as leasing practices you must be careful and follow fair housing rules for the local municipality for which you purchase within. Your interest in obtaining properties in areas of high density of students and professionals alike is a wise investment, because you can increase your chances in finding interested renters. It would be key to familiarize your self of those areas and choose an agent familiar with the areas as well.
If you would like my help I would be more than happy to assist you.

Liz Tintinalli w/ Real Estate One
C: 313-617-2699
E: tintin72@mac.com
Web Reference: http://www.lizindetroit.com
0 votes Thank Flag Link Thu Mar 12, 2009
Theodoria,

Just to make you aware, real estate professionals cannot "steer" you to a location for this property. It would be a violation of Federal and State laws.

The local MLS allows the agents below to search by one square mile areas, or perform a radius search for homes from the schools address. You would have to determine this distance.

I would agree, financing would be your first objective. Zoning could be a hurdle to overcome and the City of Detroit has certain requirements and enforcement items to follow.

I do suggest working with a local Buyer's Agent when looking for either some type of apartment or multi-family location.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Wed Mar 11, 2009
You need to confirm you dont violate city codes of number of residence living in a property.

Lynn911 ~ National Featured Realtor
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Wed Mar 11, 2009
Hi Theodoria

I would focus on looking in area's that are in proximity to where these interns will be working. As you know, public transportation in Detroit is not that spectacular.

As far as total investment, it will be an invesment property so you are probably looking at a 20% down payment as well as closing costs,points,taxes, etc. The dollar amount would depend on the price of the home.

My advice is to speak with a local, reputable lender as well as a local and reputable realtor who specializes in the area you are looking in. They can help lay out your options for you and answer all your questions in detail

Tony
0 votes Thank Flag Link Wed Mar 11, 2009
well, I suppose it's going to depend on what sort of internship they're doing. Are they related to a specific field or a school? We have a number of schools in the area, so it'll depend a lot of which school and/or which field they're going to be working with.

If any questions, please call or email using my information below.

Thanks!
0 votes Thank Flag Link Wed Mar 11, 2009
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