Please Mr/Ms/Mrs overseas investor don’t
I get a call or email about once a week about investing in the city of Detroit. Please Mr/Ms/Mrs Investor don’t send your money. As a local real estate agent I can’t recommend overseas or out of state investors to buy a home in the City of Detroit. There are too many pitfalls for a non hands on investor. Now do I think there is money to be made in Detroit? Yes. Yes for an investor that lives in the area, knows the city, and can manage the properties himself. If you are an overseas or out of state investor you might as well take the $20,000 stick out the window of your car as you go 55 miles and hour. You will have about the same amount left as you would if you invested in City of Detroit properties. You need to know the better areas of the City that have a chance of maintaining or increasing in value You need to be able be around at tax review time to fight the high city taxes You need to have good reliable workmen and contractors to do repairs You need to screen the tenants yourself You need to keep management costs low because you are going to have to pay for evictions, and legal fees. There is a higher crime rate in Detroit. So your home insurance is going to be higher. There is going to be theft of the furnace, copper piping, air conditioners, and hot water tanks if the house is left vacant for any amount of time. So if you aren’t around checking on your properties I guarantee you will have problems. So once again you would be better off giving money to charity than being a non hands on investor. Just warning you! As they say buyer beware. Sure I could sell you a house and make money. But it is against my ethics to take advantage of a person or sell something that I know you are going to lose money on. Commerce Township Demographics – Commerce real estate Who picks the price on short sales? This isn’t supposed to be happening but [wnt_grid keyid=”1″ title=”Homes for sale in Dearborn MI” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”MI” single_family=”y” condo=”y” min_price=”260000″ max_price=”1000000000″ listing_status=”Active” county=”Wayne” city=”Dearborn” /]
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