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saginaw & detriot investors
12 posts by 6 users
louie
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I have had good success in wasington state buying tax forclosures, so I decided to try it in michigan, I now own 2 houses in saginaw michigan, I have contacted a guy who owns lots of rentals in saginaw he advised me not to come if I planned on fixing to sell, but he said I could get $550 to $600 a month with section 8 renters, I have heard about the crime rates in detriot, flint, and saginaw, I would like some imput advice or encouragement from saginaw or detroit investors |
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Steve H.Real Estate Investorhemlock, MI
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been a landlord for 20 plus years in saginaw if ya need help please email me thnkas steve |
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John C.Real Estate Investor
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Steve, With your experinece could we get you to provide a bit of a review of the market in Saginaw MI? What you have learned and what generally works in the market. I like hearing what is going on across the US. It helps me understand where I should focus next and what works. Thanks in advance. John Corey |
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Steve H.Real Estate Investorhemlock, MI
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rite now we hav a ton of repos been buying some up and turning them into rentals selling market is very slo, cant wait for the banks to figure out they need to drop there prices if they want to sell them, problem is here an just like any other place the realtors set the prices to hi adn they set on the market for ever ,,, i need to fine someone on the inside with the banks to buy some packaged up forclosures. so i hope i nswered your question ........... |
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John C.Real Estate Investor
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Steve, Thanks for the market update. Technically the banks can not just sit on the properties even if the agents want to set the prices high. The regulators will penalize the banks for the REO inventory. They do this in two ways (loan loss reserves and regulatory restrictions on new business). Banks are prevented by law from owning RE that is not necessary for day to day operations so they need to dispose of it in a timely fashion. Timely will vary by market and conditions. John Corey |
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MKrstevski
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Sorry to bring back an old thread but after reading your reply I had to give my input. As a Realtor who works for different lenders, we do not set pricing. We submit Brokers Price Opinions to the lenders that own the properties and they come up with the amount that they are willing to sell the property for. It all depends on the lender. Some lenders that I work with will list at whatever price I suggest, and are willing to reduce when I feel that it is necessary. Other lenders, are stubborn and will list higher than where I advise them to list. It all depends on the lender. It sounds to me that you are frustrated with pricing because some of the properties that you have been looking into purchasing are not quick cash houses. If a house is priced substantially below value its market time is extremely short and there are usually multiple bids on the property. Other times the Realtors, who are often investors themselves will buy the properties. |
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Steve H.Real Estate Investorhemlock, MI
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you submit price opinions and thats what they base there prices on you are absolutely rite about broker investors , |
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MKrstevski
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Im not sure about what you mean in your response. Our opinions don't always set price, it depends on the lender and what they are willing to settle for. Also, you are thinking as an investor and you are looking to capitalize on properties that are priced below market value. My responsibility to the lenders are to sell the property at as high as a price possible for a short market time. If you are frustrated with Bank Owned agents I understand. There are many that simply do a terrible job, but please do not lump us all into the same catagory. |
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John C.Real Estate Investor
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Well said Mike. John Corey |
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Steve H.Real Estate Investorhemlock, MI
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i am not frustrated, just this area is messed up as far as resale tons of inventory no qualified buyers (600 plus credit scores) this area is turning into a rental market with bad tennants,, so yes i guess iam frustrate lol didnt mean nothin bad by my responce thanks,,,, steve |
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N'teasha W.Real Estate ConsultantClinton, Maryland
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I just transferred from Saginaw with the Navy. I was stationed there for 3 years. Begin stationed there and being a loan consultant I can tell you that you should looking into renting to the military personnel. I know there is not a hugh presence but that are people who have money either from being Reservist or Guardsmen coming back from mobilization or active duty member who are transferring in there. As active duty members we get Basic Housing Allowance every month. Also if you are having problems with them, this is one " company" you can complain about your tenants and the boss will get you your money. In Saginaw alone, with the center there you have maybe 30 personnel rotating in and out. Detroit there is even more. Think about contacting the Commands and set up a deal. But make sure the property is clean and liveable. In Saginaw that is a huge probably. I know from experience. Just my two cent, it is a plan that I have bounced around a few times. |
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Anthony S.Real Estate InvestorAuburn Hills, Michigan 
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Good information " Teasha" , I will keep that in mind for the Detroit area. Thanks for the post! |
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Posted: 07/31/2007 at 03:28PM
