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Help needed for Detroit property

This topic contains 2 replies, has 0 voices, and was last updated by Avatar of neftalipazo neftalipazo 12 years, 5 months ago.

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  • #5342
    Avatar of neftalipazo
    neftalipazo
    Member

    I have a 3/2/2(detached) two story brick/siding property with basement in a nice east side neighborhood in Detroit, MI.

    Bought as REO and rehabbed 9-2007.

    FMV now ~110K. Currently rented for $800.00 until 7-31-2009. Renter may become RB. ~$200.00 goes to insurance and management fees.

    Need 75K to pay private investor and property taxes.

    PM or email.

    #27936
    Avatar of istanpecia
    istanpecia
    Member

    What are you trying to do with the property… that will directly influence how you can do anything, and who can help.

    I am doing quite a bit of RE work in that area right now, I am curious of a couple of things.

    1. What area on Detroit’s East side is considered a nice area? most of the nice areas are west, north, or south west, pretty much anything but east or central.

    2. what makes you think that the property is worth $110,000 in a market where over 50% of all homes sold were sold for under 10K

    I have lenders that work quite a bit in that area, but the logistics have to be right. Detroit is not a nice area for RE right now unless you can buy and hold… and hold… and hold.

    #27937
    Avatar of t24warner
    t24warner
    Member

    Neftali

    Please contact me regarding this property at my email address or via cell phone. You should already have both of those pieces of information. Thank you.

    T.Warner

    #27938
    Avatar of neftalipazo
    neftalipazo
    Member

    istanpecia,

    Sorry I missed your reply to my post. I was rather expecting an email or private email in response as requested.

    I am doing quite a bit of RE work in that area right now, I am curious of a couple of things.

    1. What area on Detroit’s East side is considered a nice area? most of the nice areas are west, north, or south west, pretty much anything but east or central.

    The property is located in the following almost quadrant: North 8 Mile, South 7 Mile, East Gratiot, West Schoenehrr On Bringard St, 48205. If you are investing in this area you should be familiar with it. As you know this area is a blocks by blocks considered area. Some nice, some not so nice, and some in between. This is not a bad area, but rather nice.

    2. what makes you think that the property is worth $110,000 in a market where over 50% of all homes sold were sold for under 10K

    Those properties that you mentioned were bought by investors from banks. Foreclosed homes that have been razed or otherwise the lenders have had no other option but to give them away to investors. Not good for their books. I bought this property as an REO in very good condition with very little work to do. And it was upgraded to reflect the real value of the properties in the area. Several homes were sold in this specific area as distressed properties as well as those that were not distressed. My basis of estimate reflects that of those that are not distressed and or razed. This is a very nice property and am pretty sure that it will still today appraise for at least 110K.

    The plan is to sell when possible for a profit. As mentioned right now is rented, but I will be looking for an RB if current renter does not want to take advantage of it. The other option is to leave the current renter there or find another one. However, I would rather prefer to keep this property under a NARS Tax Lease for at least 5 to 7 years.

    Now, t24warner,

    I only know ONE person with that nick. If you are who I know, this must be an emergency. Please call my home number (you have it) and if no one answers leave a message for my wife (you know her name) with a number where I can reach you. I will not be able to do so until Sunday evening after 9:00 PM or better yet Monday after 1:00 PM. Do not try to contact me via cell, I do not have it with me. And be conscious that this is a public board. Privacy.

    On the other hand, IF YOU ARE the person that has been hijacking my home/office network and my email and credit accounts, and those of my family for the last few weeks…BEWARE. Somehow, I will figure out who you are. The damage to my business and my wife’s job has been grave enough.

    Thank you.

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