Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in 48205 : Real Estate Advice

  • All18
  • Local Info4
  • Home Buying8
  • Home Selling2
  • Market Conditions0

Activity 522
Sat Jul 14, 2012
Keith Dunn answered:
Detroit properties are sold by how much you are willing to pay for it in the condition it is in. If the property is in poor condition you will pay less to purchase it. If the house next door is for sale but in move in condition it will sell for much more. The best way to find out what a property is worth in Detroit is to check and see the retail sales in that area FOR THE LAST 30 DAYS. And that will give you an idea what to offer. I've seen houses bought for less then what it was listed for and more then the list price.
If you are thinking about buying in Detroit you need to work with a company that knows the BEST areas to buy so you will get the HIGHEST return on your investment at the a low price and have QUALITY tenants waiting and wanting to rent your property because its in an area they will pay HIGHER rent for.

Example: your all in price, which includes purchase price, closing cost, and rehab cost. should be between 20-25k
Then you have to decide, do you want to rent and hold our or land contract to buyers. Either way you will generate CASH FLOW MONTHLY.

Lets say the rent the house for 750mo, and your expenses are 400mo that leave you 350mo CASH FLOW your ROI (Return on Investment) is 16% Not bad.
If you have anymore questions email me @ kbed2000@yahoo.com
Thanks
... more
0 votes 1 answer Share Flag
Sat Jul 14, 2012
Stephen Connolly answered:
Lavonda, This is still available. This is a short sale.
0 votes 2 answers Share Flag
Fri Aug 3, 2012
My NC Homes Team answered:
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.
... more
0 votes 10 answers Share Flag
Mon Jul 9, 2012
Charlene Johnson answered:
Hi Anthony,

My name is Charlene and I would love to assist you. I would first need to know how much is your shoe-string budget :-) and a little bit more information so that we can find your holiday home.

Email or give me a call and let's get started.

Thank you,

Charlene Johnson
The Conquest Real Estate Group
16250 Northland Drive
Suite 202
Southfield, MI 48075
(248) 499-2187
cjohn3615@gmail.com
... more
0 votes 2 answers Share Flag
Wed Jul 4, 2012
Tommycooker answered:
seems to me that rather than auctions, prices aree going up and present listings are firm!
0 votes 1 answer Share Flag
Sun Jul 1, 2012
Anna Torres answered:
I want to sell a house that me and my partner bought as an investment for $20K cash.
Please call if interested. 3/1.5 two story, was cleaned up and fixed. 1464 sq,ft, Not on the market.
Please call 954-325-8486
... more
0 votes 1 answer Share Flag
Sat Jul 14, 2012
Haig Istamboulian answered:
Hello,

The Summer taxes are $2,169.00 and the Winter Taxes are $219.00. But the property is Bank Owned and the taxes are NON Homesteaded.

If you purchase the property AND live in it, taxes will go down.

If you have any more questions, feel free to email me.

Thank you,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
... more
0 votes 2 answers Share Flag
Mon Jun 25, 2012
Haig Istamboulian answered:
Hello,

Without having all of the information in front of me, I would suggest you hire a lawyer to review this issue. You may have to involve that neighbor that is also on the title, and both of you sit down with a lawyer to iron this out. It may not affect that neighbor now, but somewhere down the road it will.

It may be worth the money to have this legally worked out. If you don't have the money for a lawyer, call a local Title Company and ask if you could meet with them to research the Titles and give you some answers. You may have to pay them for their time, but at least you will have some answers and maybe even a suggestion from them on what you can do.

I hope this helps and Good Luck!

Thank you,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
... more
0 votes 1 answer Share Flag
Sun Jun 24, 2012
Michael Warren answered:
Hi Mayetta

B E Taylor was a bigger developer in the 1940's and 1950's. Most of the subdivision are located in the western part of Detroit and parts of Redford Township. Parts of Brightmoor are B E Taylor subdivisions.

Sincerely,

Mike Warren
Keller Williams Realty
... more
0 votes 0 Answers Share Flag
Sun Jun 24, 2012
Michael Warren answered:
Hi Grace

One area many of my clients are investing in is Redford Township, a western suburb of Detroit.
Regardles of location, I would recommend purchasing houses with a minimum of three bedrooms, basement and a garage because they are what renters are looking to rent and what future buyer (when time to sell) will be looking to purchase. These houses can be purchased in the $25-35k range.
Most would need $3-7k in work (carpet, paint, repairs). They would rent in the range of $850 to $1,000 a month. A few other areas to consider would be Dearborn Heights, Westland, and Garden City. Give me a call or send an email for more information about investing in these areas.

Sincerely,

Mike Warren
Keller Williams Realty
email: mikewarren@kw.com
734-634-5868 cell
... more
0 votes 2 answers Share Flag
Sat Jun 23, 2012
Letitia Patterson answered:
Hi,

Typically when you close in Michigan, you will not get an original deed.You get a copy of the deed, the HUD to show the transaction was completed, and the equivalent of a bill of sale.

The original deed is taken by courier to the County office for filing. Then it is recorded in the County records and after a few weeks, the original is sent to the address you gave at closing.

Please be careful to give the proper address to the title company of where you want the deed sent or else it will be sent to the wrong address.

However, one the sale has been completed and a deed signed and notarized, a legal sale has taken place.

You are now free to sell, mortgage or give that property away as you wish.
... more
0 votes 1 answer Share Flag
Fri Jun 22, 2012
Ron Thomas answered:
If you are in the process of "purchasing a property" then the Deed will not have been filed yet.
Probably not for a week of two after the Escrow closes.
If you are in the process, than you don't own the property yet!

Something tells me that you are not describing the situation accurately.

Good luck and may God bless
... more
0 votes 1 answer Share Flag
Mon Jun 18, 2012
James Spence answered:
Mr Jones that is not the true statement, for years people have been lead to believe that corner proeprties have more than one tax. Please call me and I can elborate more on it.

James Spence
313-610-2757
... more
0 votes 1 answer Share Flag
Thu Jun 14, 2012
James Gordon ABR SFR SRS answered:
Copy and paste this. "I quit. Please transfer my license to the state." Good luck with your new Broker.
0 votes 1 answer Share Flag
Sun Jun 10, 2012
Tim Moore answered:
It starts when you have a contract. What you gave your Realtor was an offer, it became a contract when all parties singed and all, or any, changes are initialed. You have until the 17th. ... more
0 votes 3 answers Share Flag
Fri Aug 3, 2012
Haig Istamboulian answered:
Hello,

We have many turnkey properties that are available for purchase. I have them in multiple PDF files that you can review. I will email you one of them for review shortly. I will put my contact information in that email.

We also have many investment properties in other parts of Metro Detroit, those are also in PDF files. I can email you those if you would like to see them, just let me know.

Thanks and watch for those files.

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
... more
0 votes 5 answers Share Flag
Tue Apr 1, 2014
Darrell D. Drouillard answered:
That is an interesting question. I have had similar discussions here - obviously you are talking about holding the investment and not flipping if i understand correctly. I'm a realtor but also an investor in San Antonio. I work with another investor also. Both he and I are in agreement that we prefer vacant homes/duplexes.

Many investors like occupied properties so there are no real holding costs and the income is immediate. That is a good rationale, but I argue differently. Just because the home is occupied doesn't mean the tenants are current on their rent or pay timely....I know you can get rent rolls disclosed in the contract and all, but I honestly don't like to mess with it. Also, if the home/duplex/4-plex needs repairs or updates, it's 10 times easier to accomplish while vacant than it is working around a tenant.

Of course a vacant property means you must have funds to not only cover repairs but also carrying costs. Typically most foreclosures will be vacant though you may find exceptions under the newer laws to protect tenants, but that is still very, very rare.

Hope this helps.


Darrell D. Drouillard
Home Team of America
16719 Huebner Rd., Bldg 4
San Antonio, Texas 78248
210-373-6160
210-881-6760 (Fax)

www.dddrealtor.com

'Serving all Your Real Estate Needs'
... more
0 votes 10 answers Share Flag
Sun May 27, 2012
Haig Istamboulian answered:
Hello,

That is a very tough question to answer because there are many real estate companies, law firms and other organizations that are doing short sales. Compiling all of the numbers would be nearly impossible. There may be a way to get those numbers of short sales that were listed on the MLS, but law firms and other organizations may not share that information to get an accurate number.

Is there a reason you are asking, did you need to short sale your home? If you do contact me, our company is the number one short sale company in Michigan. You can sit down for a no obligation consultation with one of our short sale experts and get all the information you will need to make an informed decision.

Thank you,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
... more
0 votes 1 answer Share Flag
Sun Sep 8, 2013
Haig Istamboulian answered:
Hello,

If you want to try and change that information, I would call Trulia at 888-466-3501.

That is probably going to be the quickest and easiest way to get done what you need done.

Thanks you,

HAIG
Elias Realty
(248) 379-6547
realtorhaig@aol.com
... more
0 votes 2 answers Share Flag
Tue May 22, 2012
Ron Thomas answered:
You probably can if you had his Power of Attorney:
But then, that is LEGAL ADVICE, and I don't give legal advice.
0 votes 3 answers Share Flag
... 4 5 6 7 8 ...
Search Advice
Search

Followers

299