Michigan properties..500.00 to 3500.00 on ebay

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Michigan properties..500.00 to 3500.00 on ebay

Dirk Smithson
SLC, UT · Member since 2014 · 64 posts · 10 votes

So here's the 500.00 question, Michigan seems to have some serious issues right now. You can buy a 1400 square foot home in the murder capital of the world for right around 1000.00

Has anyone done this and made money? I'm thinking it's still a US state has police and a legal system. are there no renters willing to move into these homes. 

What is the occupancy rate like? If you were to drive down these streets are they totally abandoned, or will you see a home legally occupied every 3,6,9 houses?

I see these in Flint and Detroit. I know there has been an exodus of sorts, but it would be interesting to find out more info. It has to be safer than some South American countries or maybe not..

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Joe VilleneuvePro Member
Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
11y

I don't know whether to laugh or cry...I chose laugh because it is really funny.  The questions, and off hand comments, are really sad.  You know nothing of Michigan do you?  Michigan is a great state.  You may be surprised at the fact it has a police force, an actual legal system, and a surplus of renters.

You do realize that Michigan is not actually in Detroit, and that the suburbs are thriving? 

 Every comment here should be directed to Detroit, however it appears as though it is being directed at the entire state of Michigan.

Here's another fun fact. Many, Many, other REI's are bringing their cash here to invest because of the returns...oh, and because their investments are protected by one of those police stations with a courthouse...although the last time I checked, it did look like it might have been built before 2000.

Oh, and thanks @Account Closed for your voice of sanity.

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  • Scott K.
    Real Estate Investor · Madison Heights, MI · Member since 2014 · 693 posts · 216 votes
    11y

    http://detroit.craigslist.org/wyn/reo/4810270632.html

    this one is at least standing

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  • Scott K.
    Real Estate Investor · Madison Heights, MI · Member since 2014 · 693 posts · 216 votes
    11y

    http://detroit.craigslist.org/wyn/reo/4810223014.html

    http://detroit.craigslist.org/wyn/reo/4798734299.html

    http://detroit.craigslist.org/wyn/reb/4781683160.html

    http://detroit.craigslist.org/wyn/reb/4768914678.html

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  • Scott K.
    Real Estate Investor · Madison Heights, MI · Member since 2014 · 693 posts · 216 votes
    11y

    http://detroit.craigslist.org/wyn/reo/4779395700.html

    @Dirk Smithson 

    I have posted many properties here that would be better than what you are looking at on ebay.  At least these houses are still standing     You also have to keep in mind that people are leaving these types of neighborhoods.  Most people are simply moving 3 miles north to the burbs and are in a much better area.

    I would onlty buy in a very few places (I would never buy but I mean for you).  Southwest Detroit is kinda stable.  Corktown to the best neighborhood closest to downtown.  Palmer Park is ok.  The University district (Uof D)  But that's not what you are seeing on ebay.

    1Reply
  • Scott Pigman
    Austin, TX · Member since 2014 · 139 posts · 89 votes
    11y
    Originally posted by @Scott K.:

     Any 'burbs in particular that you like (or don't)?

    0Reply
  • Mike HurneyPro Member
    Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 545 votes
    11y

    @Karyn T. "I can't replace the front door to my house in Seattle for less than $5K....amazing "deals" elsewhere, I suppose. ;)" How big is this door?

    @Scott K. maybe I missed something, if it's so bad why are you still there?

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  • Scott K.
    Real Estate Investor · Madison Heights, MI · Member since 2014 · 693 posts · 216 votes
    11y
    Originally posted by @Scott Pigman:
    Originally posted by @Scott K.:

     Any 'burbs in particular that you like (or don't)?

    Roseville, Eastpointe, Warren. Hazel Park, Livonia, Redford, Westland, Lincoln Park, Taylor

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  • George P.
    Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    11y
    Originally posted by @Karyn T.:

    I can't replace the front door to my house in Seattle for less than $5K....amazing "deals" elsewhere, I suppose. ;)

     i buy steel doors from a local maker for around 250 and to install an entry door i pay $100. 

    1Reply
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    11y
    Originally posted by @Scott K.:
    Originally posted by @Scott Pigman:
    Originally posted by @Scott K.:

     Any 'burbs in particular that you like (or don't)?

    Roseville, Eastpointe, Warren. Hazel Park, Livonia, Redford, Westland, Lincoln Park, Taylor

     I like Livonia, Redford, Westland, Garden City, Ypsilanti (48197), Farmington, Wayne

    1Reply
  • Jay LohnBusiness Member
    Real Estate Agent & Investor · Champlin, MN · Member since 2014 · 179 posts · 43 votes
    11y

    Run away and don't even think about it, I couldn't image the headaches this would cause.  Take the $1000 and treat yourself to a lavish night on the town, as this would be a better use of that money.

    Lohn/Paulno Property Management, LLC53 Reviews
    WebsiteView Page
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  • Scott K.
    Real Estate Investor · Madison Heights, MI · Member since 2014 · 693 posts · 216 votes
    11y
    Originally posted by @Mike Hurney:

    @Karyn T. "I can't replace the front door to my house in Seattle for less than $5K....amazing "deals" elsewhere, I suppose. ;)" How big is this door?

    @Scott K. maybe I missed something, if it's so bad why are you still there?

    I don't live in Detroit.  I live in a safe working class neighborhood.  Do you think all us Metro Detroit people here live in the ghetto?  Oakland County is doing just fine.  If you have never been here its hard to explain. 

    The burbs are great cash flow.  The burbs are good working class neighborhoods.

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    11y
    Originally posted by @Scott K.:
    Originally posted by @Mike Hurney:

    @Karyn T. "I can't replace the front door to my house in Seattle for less than $5K....amazing "deals" elsewhere, I suppose. ;)" How big is this door?

    @Scott K. maybe I missed something, if it's so bad why are you still there?

    I don't live in Detroit.  I live in a safe working class neighborhood.  Do you think all us Metro Detroit people here live in the ghetto?  Oakland County is doing just fine.  If you have never been here its hard to explain. 

    The burbs are great cash flow.  The burbs are good working class neighborhoods.

     Again, Michigan isn't in Detroit.

    0Reply
  • Scott K.
    Real Estate Investor · Madison Heights, MI · Member since 2014 · 693 posts · 216 votes
    11y
    Originally posted by @Joe Villeneuve:
    Originally posted by @Scott K.:
    Originally posted by @Mike Hurney:

    @Karyn T. "I can't replace the front door to my house in Seattle for less than $5K....amazing "deals" elsewhere, I suppose. ;)" How big is this door?

    @Scott K. maybe I missed something, if it's so bad why are you still there?

    I don't live in Detroit.  I live in a safe working class neighborhood.  Do you think all us Metro Detroit people here live in the ghetto?  Oakland County is doing just fine.  If you have never been here its hard to explain. 

    The burbs are great cash flow.  The burbs are good working class neighborhoods.

     Again, Michigan isn't in Detroit.

    Joe don't you have steel covering all your windows with a slot to stick the tommy gun out and fire away?  I know that in my bunker I have rations that will last me for months so I can survive the zombie attack.

    I have my armored car with my rocket launcher sitting on top.

    0Reply
  • Patrick Britton
    Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
    11y

    isn't Nogales or El Paso the murder capital of the USA?  I'll walk through the streets of any city in MI before stepping foot in any of those crazy border towns.  

    @Joe Villeneuve Michigan isn't Detroit.  perfectly said.  I'm not from MI - my wife is - and admittedly when I first went there I was expecting a war zone.  Well, apart from the roadkill on the freeways (LOL) I was amazed at how well kept the houses are in various towns:  Dexter, Saline, Ypsilanti, Lansing, Pinckney, and Ann Arbor is wonderful.  Reminds me of where I work, Bellingham WA.  Cute, perfectly safe and busy enough to keep city-folk like myself interested, without the craziness of Manhattan.  

    Given the prices too, MI is a sweet place to invest in real estate.  Anyone who'll avoid the state because of the Detroit-factor is nuts.  just nuts.  

    0Reply
  • Dwight Crocker
    Real Estate Investor · Arlington, TX · Member since 2014 · 33 posts · 14 votes
    11y
    I have a thing for super cheap houses and have casually looked at Detroit. Small towns in Texas, Oklahoma, and Kansas have houses in the 5k range that pop up every so often. They always need the cosmetics but will rent for $300 - $500. Finding the right manager in those areas can be a challenge. I'd pass on Detroit.
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  • Steve Vaughan
    Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
    11y

    Thanks for the good info on alternate burbs, guys.  Obviously Detroit is not MI as @Joe Villeneuve points out.  I looked into these super cheap Detroit places a few years ago and aside from the burned out, stripped condition and bad area, they were strapped with often $9-$12k in back taxes and back-utilities due.  Try getting clear title.  The title chains were layered with quit claim deeds, old land contracts and utility liens as well!   

    1Reply
  • Mike HurneyPro Member
    Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 545 votes
    11y

    @Scott K. "I don't live in Detroit. I live in a safe working class neighborhood. Do you think all us Metro Detroit people here live in the ghetto? Oakland County is doing just fine. If you have never been here its hard to explain.

    The burbs are great cash flow. The burbs are good working class neighborhoods."

    One of my daughters has a boyfriend that invests in Detroit and seems to do very well.

    Thanks, Mike

    PS That image in your profile is your home or another investment property?

    0Reply
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    11y

    @Scott K. I took my bars down.  Couldn't get the Pizza slides small enough to fit between them.  LOL

    @Patrick Britton Only Brig. General Anthony McAuliffe, could have said it any better.  Nuts!!!

    @Dwight Crocker It pays to read more than the headline sometimes.

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    11y
    Originally posted by @Steve Vaughan:

    Thanks for the good info on alternate burbs, guys.  Obviously Detroit is not MI as @Joe Villeneuve points out.  I looked into these super cheap Detroit places a few years ago and aside from the burned out, stripped condition and bad area, they were strapped with often $9-$12k in back taxes and back-utilities due.  Try getting clear title.  The title chains were layered with quit claim deeds, old land contracts and utility liens as well!   

     My partner is working with a California investor buying up these Detroit deals in bulk from the City.  They have a time limit on when they have to get their C of O (rehab), and when they do, they are waiving the back taxes...as long as they stay current (and pre-pay) future taxes.

    0Reply
  • Patrick Britton
    Ann Arbor, MI · Member since 2014 · 1k+ posts · 997 votes
    11y

    @Joe Villeneuve 

    " Only Brig. General Anthony McAuliffe, could have said it any better.  Nuts!!!"

    LOL - I was wondering if anyone would catch on to that :)  good eye Joe!

    0Reply
  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    11y
    Originally posted by @Patrick Britton:

    @Joe Villeneuve 

    " Only Brig. General Anthony McAuliffe, could have said it any better.  Nuts!!!"

    LOL - I was wondering if anyone would catch on to that :)  good eye Joe!

     History buff.  Couldn't help myself.  LOL

    0Reply
  • Scott K.
    Real Estate Investor · Madison Heights, MI · Member since 2014 · 693 posts · 216 votes
    11y
    Originally posted by @Mike Hurney:

    @Scott K. "I don't live in Detroit. I live in a safe working class neighborhood. Do you think all us Metro Detroit people here live in the ghetto? Oakland County is doing just fine. If you have never been here its hard to explain.

    The burbs are great cash flow. The burbs are good working class neighborhoods."

    One of my daughters has a boyfriend that invests in Detroit and seems to do very well.

    Thanks, Mike

    PS That image in your profile is your home or another investment property?

    Yes the pic is the property I just got done with.  It was a huge challenge but its done and going to start bringing in some money.

    What type of investing in the city does he do?  What areas is he in? 

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  • Dirk Smithson
    OP
    SLC, UT · Member since 2014 · 64 posts · 10 votes
    11y
    Originally posted by @Joe Villeneuve:

     My partner is working with a California investor buying up these Detroit deals in bulk from the City.  They have a time limit on when they have to get their C of O (rehab), and when they do, they are waiving the back taxes...as long as they stay current (and pre-pay) future taxes.

     This doesnt surprise me , a city will ussually come up with incentives to revitalize an area, removing back taxes is a great idea, I hope lowering is on the agenda aswell. 

    I have heard about the city selling off homes in block sales, Interesting, The property ins. and taxes will prob make it difficult to make one of these homes affordable. 

    I hope the people of MI take a stand against the outrageouse taxes thier city/state is puhsing on them.

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  • Scott K.
    Real Estate Investor · Madison Heights, MI · Member since 2014 · 693 posts · 216 votes
    11y
    Originally posted by @Dirk Smithson:
    Originally posted by @Joe Villeneuve:

     My partner is working with a California investor buying up these Detroit deals in bulk from the City.  They have a time limit on when they have to get their C of O (rehab), and when they do, they are waiving the back taxes...as long as they stay current (and pre-pay) future taxes.

     This doesnt surprise me , a city will ussually come up with incentives to revitalize an area, removing back taxes is a great idea, I hope lowering is on the agenda aswell. 

    I have heard about the city selling off homes in block sales, Interesting, The property ins. and taxes will prob make it difficult to make one of these homes affordable. 

    I hope the people of MI take a stand against the outrageouse taxes thier city/state is puhsing on them.

    The city of Detroit taxes are out of whack.  That is a major problem holding back the comeback.

    But title insurance is a nightmare.

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  • Joe VilleneuvePro Member
    Plymouth, MI · Member since 2013 · 13k+ posts · 19k+ votes
    11y

    @Dirk Smithson I wouldn't use the word"outrageous" when talking about the taxes.  Since the political control has changed (than God), you're seeing a completely different attitude and cost to live here.

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  • Michael Graham
    Real Estate Investor · Newark, DE · Member since 2014 · 20 posts · 4 votes
    11y

    One thing I was thinking about recently regarding this matter is that even though some areas may be terrible, someone has to live there. So there are many people who have been renting in areas such as Detroit, Philadelphia and others and they may want to own a home. So I think cleaning up the boarded up properties could benefit those people as well as the investors. Any thoughts? 

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