Investor · Grosse Pointe Park, MI · Member since 2015 · 164 posts · 64 votes
Does anybody here have any experience with the Wayne county(Detroit) tax auction? There are several properties that I am very interested in. I know that March 31st is the deadline for having payment (or a payment plan) in place. Does this mean that if this has not been taken care of before the 31st that the property is likely to go to auction? How long before the auction will we know what is actually going to be for sale?
I appreciate any help. As a side note, I am not looking for $500 properties that I think I am going to rent for $700 a month. I know the area very well that I am looking at. This is not so much a discussion as to why or why not buy in Detroit as it is about how the process works here specifically.
Astoria, NY · Member since 2014 · 45 posts · 36 votes
9y
I sold my share to a partner a few months ago (for a small but very high-percentage profit).
My deed was lost in the mail. I was instructed to visit the Register of Deeds for a copy of official records, but you might want to call and ask if you need to do the same: http://www.waynecounty.com/deeds/index.htm. That being said, @Quinton Myers I don't think you need a copy of the deed unless you really want one - just call and ask if it's officially under your name.
@Michelle Petropoulos, very late reply, but if I recall correctly, homeowners were allowed to redeem their houses and adjacent vacant lots up until the week preceding the auction in 2015. Consider: why would the city turn away the original owner's money?
On the whole, the podcast is harsh on Detroit and for good reason, but I cannot think of a better training ground if you are resourceful, patient, cautious and looking for a very cheap education. I replicated the exact same process I did in Detroit in New York City and am set to close on a foreclosure next week.
Plus, Detroiters are surprisingly kind, fiercely protective and they love to talk about their neighborhood - even to some non-Detroit Asian guy who knocks on their door and asks if he can take pictures of their home as it's about to go into foreclosure! Haha.
Speculator · Trenton, MI · Member since 2015 · 1 post · 0 votes
10y
"A fool and his money are soon parted"
In my experience, most of the public is willing to pay full retail for these properties. It's the nature of the auction place and why so many auctions exist. Having said that, I bought two properties that both returned over 130% returns within 2 years but I researched many properties and stopped bidding on most as the foolish took them to retail.
@Quinton Myers - Have you asked the city to provide you with the deed ? Yes I did purchased few. Actually over a dozen
I just spoke to the county and they just mailed all of my deeds and i should have them by next week. Do you have a property management company to manage your properties?
Astoria, NY · Member since 2014 · 45 posts · 36 votes
9y
I sold my share to a partner a few months ago (for a small but very high-percentage profit).
My deed was lost in the mail. I was instructed to visit the Register of Deeds for a copy of official records, but you might want to call and ask if you need to do the same: http://www.waynecounty.com/deeds/index.htm. That being said, @Quinton Myers I don't think you need a copy of the deed unless you really want one - just call and ask if it's officially under your name.
@Michelle Petropoulos, very late reply, but if I recall correctly, homeowners were allowed to redeem their houses and adjacent vacant lots up until the week preceding the auction in 2015. Consider: why would the city turn away the original owner's money?
On the whole, the podcast is harsh on Detroit and for good reason, but I cannot think of a better training ground if you are resourceful, patient, cautious and looking for a very cheap education. I replicated the exact same process I did in Detroit in New York City and am set to close on a foreclosure next week.
Plus, Detroiters are surprisingly kind, fiercely protective and they love to talk about their neighborhood - even to some non-Detroit Asian guy who knocks on their door and asks if he can take pictures of their home as it's about to go into foreclosure! Haha.
Rosedale, NY · Member since 2016 · 120 posts · 24 votes
9y
Hi everyone, I am just getting started in this field with a partner. We both are inexperienced but focus can anyone give us advice on our first step we are looking into flip/flop... Thanks
Investor · Detroit, MI · Member since 2014 · 360 posts · 354 votes
9y
county issued deeds last friday. I picked mine up for my $600 duplex house with an attached vacant lot...lol, ive spent more money on accidental bar tabs.