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Foreclosures

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Steve Hodgdon
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  • Investor
  • Novato, CA
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Lansing Pre Foreclosure

Steve Hodgdon
Pro Member
  • Investor
  • Novato, CA
Posted Jul 8 2019, 12:56
4101 SEAWAY DRIVELANSINGMI48911

We're hoping to avoid foreclosure, but it's time to put a minimum bid price on this property. Borrower is trying to raise funds to stave of the action. 

What are people's experiences in Lansing? Tough town for inspections and potential college rental market offset each other. What else don't I know? 

Who'd bid on this? What do you think the min bid should be to have it sell?

Guess at retail or rental value?

Thanks!

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Greg Scott
Pro Member
  • Rental Property Investor
  • SE Michigan
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Greg Scott
Pro Member
  • Rental Property Investor
  • SE Michigan
Replied Jul 8 2019, 13:28

Last year the Rivershell apartments were for sale and I went to look, so have actually driven this street.

It's not a bad neighborhood for a SF rental.  That said, this location is way too far from campus to be a viable student rental.  

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Emily B.
  • Rental Property Investor
  • Greater Lansing Area, MI
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Emily B.
  • Rental Property Investor
  • Greater Lansing Area, MI
Replied Jul 10 2019, 06:52

Do you know what they owe? Are they trying to avoid mortgage foreclosure or tax foreclosure? From a quick look online I'm guessing taxes, but figured I'd ask. That area is a C/D class area so you'd definitely want to do a drive by. Lansing is very pocketed.

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Alex Corrion
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  • Rental Property Investor
  • Lansing, MI
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Alex Corrion
Pro Member
  • Rental Property Investor
  • Lansing, MI
Replied Jul 10 2019, 20:01

In rent ready condition I wouldn’t touch it for more than 50k as a rental assuming that has city of Lansing taxes. I agree with the above you really need to know your neighborhoods here.