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In my area, people cannot get the home loans they were getting therefore, first time homebuyers are shut out of the market. The year end appreciation rate for my city was 3.7% and was a highlight of the towns in my state which were flat or negative, especially the coast.
I live 40 min. north of Detroit. There actually is a lot of opportunity here. Believe it or not there are a lot of out of state investors putting there money here because the numbers are so good.
Detroit also has some of nations most affluent suburbs. The Airport is planing to add 60,000 jobs, Lots of jobs being created in the medical field, In Clarkston they are building a $400+million dollar medical campus right now, New casinos in Detroit, Lots of new commercial building.
I know a beautiful house in an upscale neighborhood. The house was purchased years ago for $400,000, has a pool and has been maintained in great condition. Been on the market for $620,000 for 11/2 years. Today I rode by and there is a college flag flying in the front. I know the owner has moved a long time ago but the flags are a give away for student rental new to this neighborhood I grant you.
New developments for student housing are gobbling up the student Nike Air Huarache 2k Filth Low market and the rest want to get a perfect house with 3 4 bedrooms and $400 $500 a person is all anyone in the city is going to get regardless of location.
I do not live in Michigan and have no personal knowledge of the market. However, a quick google search will show that Detroit has been losing population since 1950 THAT 67 years they been losing population. Moreover, now that government regulation and the unions have priced Americans out of the Air Huarache Ultra Breathe Mens
I heard Michigan led the nation in 2007 with 40k+ foreclosures.
Don believe all the doom and gloom. Lots of people making a lot of money right now in this market.
It really seems like with so many houses being foreclosed, I worry about being able to sell my rehabbed home. just seems like so much competition with so few people actually looking to buy.
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guess: the nice areas of town don have houses available for $20,000.
hold them until a better market.
If you are looking into buying the property between the 25 and 35k range you need to do some research. I dont know if you have a friend who is a realtor, if not you should find one. That person will save you a lot of time with just a few clicks.
However, it a huge city and it probably has areas that are better than most. So at the very least, I wouldn even think of buying without spending some serious time there, checking things out.
In my area, houses going that cheap are in the less desirable areas of the county (druggies, gangsta (unless you get very lucky)
Also, Michigan has lost jobs 7 years in a row, which hasn happened since the 1930 during the depression, and they said that Michigan is the one state in the Nation that is currently in a depression.
I curious as to what some of you real estate veterans feel about this.
The key to being successful in ANY market is that you must become an expert in that market. Of course, I always recommend investing in your back yard (if possible) as opposed to someplace else.
PNW is right if your doing deals in low income areas (Detroit, Pontiac, ect.) you really must know the area inside and out. there are great streets and terrible streets. I know people doing very well in Detroit buying nice brick homes 35 40k very little rehab selling to people that are happy to pay much more for a great home. On at least 5 of the last 7 houses I worked on for an investor in Pontiac $15,000 houses in (Oakland County) I have had people knock on the door and ask when they can rent the house (during demo)! These houses rent for $750+ the Pontiac rental market is great right now.
That the city owed utilities are extrememly difficult to work with. They simply will not correct errors.
Well with the primaries coming to Michigan there has been a ton of talk about the Michigan economy on the national news the past few days.
Also said that there are no signs of it getting better, with more competition in the auto industry.
That the sludge on the very bottom of the tenant pool is all that exists in Detroit. If there are no jobs, then your tenants are on welfare.
Don get me wrong we are in a depressed economy here and things are tuff but people are still getting married still having babies and still buying there first house. And if they have lost there house to foreclosure they still need to rent. 93% of people are still working.
Houses that are done up are selling the rest are sitting. If they need paint they sitting but instead of fixing them the sellers just let the listings run out. Then what happens to them. They rent them out to Nike Air Huarache Run Ultra Br Triple White
world market, any increase in the American auto industry may provide more jobs outside the US than in Detroit. When there are a lot of properties on the market and few takers, the prices drop like a rock. Can you buy them and just rent them out? Maybe, but as the economy worsens and more foreclosures occur, can you make money as inventory increases and rents drop?
What are the comps in that area? How long did those properties stay on the market? What does the competition look like? If i hold it, what are the taxes going to be if it is now a rental? Can i get it to make a positive cash flow?
Im on the other side of michigan in berrien county. We have a very saturated market but actually prices are on the rise! I can justify the prices they have tagged the majority of the real estate with and the market at this time is sitting because a not enough QUALIFIED buyers b not enough population to fill housing available c very PICKY buyers (and i dont blame them) d we too are losing a lot of our labor force due to the ecomony and overseas labor availability. :violin:
So I new to the game, and I from Michigan considering making my first investment of a foreclosed home to rehab.
Looking at the free foreclosure database it seems like there is just a ridiculous amount of homes that are foreclosed in Michigan right now. About 7,200 which is far more than any other state, even though there are many states with larger populations.
I heard rumors that the tenant landlord courts in Detroit are 150% on the side of the tenant.
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