All Forum Posts by: Gerald R.

 I'm still waiting for the deed to the properties so from my perspective no one is managing the properties.  I plan on and would like to manage the properties from California difficult but doable in my opinion.

I currently need a real estate Lawyer on my team to help with inevitable evictions.  I also need licensed contractors, and building inspectors.  I may need others but this is my list giving not having any experience.  If i'm missing a profession please advise.

I'm working on writing a letter to residents letting them know that I'm the new owner with address and phone number for rent payments and repair information. I'm also asking them to provide me with a copy of a lease if they have one.  I'd also working on finding out if they would like to stay in the property. 

I have not yet contacted the residents.

Gerald

Your process/experience is much like mine.  I didn't start researching until the list was available from the auction site and I used the sites watch list also but the spread sheet was valuable as I added sqft, beds, baths, my max bid, etc. I got a 4 unit in what I consider rentable area of detroit for $3400 plus $180 title search(I'll add cost of title searches that i didn't win and split amung ones I did).  there is a $500 lien on the property that I may have to pay but I'm happy with my first purchase.  3 of the units are 2 bedrooms and should rent for $500 each.  Time will tell if I can collect the rent and manage the property from out of state.

I purchased 2 properties at the Wayne county auction and both are multi units.  Is there a way to find all of the mailing address associated with a given parcel number?  I'd like to mail a letter to current residents letting them know that i'm the new owner and willing to honor the their current lease given that they mail me a copy and setup date and time for inspection, find out if they want to stay and what rent if any they are paying.  I know that I have to wait until I get the deed to prove ownership but that can take up to 30 more days and I'd like to start the conversation now and i'm not attempting to collect any rent.  Any help suggestions would be great.  

Also Anyone have experience with doing quiet title on a foreclosure to get a warrenty deed?

Thanks,

Gerald

I'm just getting my feet wet and choose Detroit for the low entry price point, high risk/reward.  I would not invest in Detroit without first visiting and seeing first hand current conditions of as many areas as possible, even areas you may have no desire to invest in.  Meeting your team face to face will pay dividends in the future or you may decide that they are not what they claim from a distance.

I just purchased a couple properties in the Sept auction and will be picking up few next month also.  I hope we can connect and share mutual success.  I visited Detroit late August.  

Very inspiring,  thanks.

Well I purchased 2 properties, and hope to get few more at next months auction.  Does anyone know if i'll have to pay another deposit?  From what I read if i didn't win my 10k deposit would roll over to the October auction but since I did win will I need a new deposit?

 I visited Detroit couple weeks back to look at few properties I was interested in.  I had a local investor spend half a day showing me properties also.  I'll definatly need to build a strong team for properties in Detroit.  I'm planing on building a balanced portfolio of properties focusing on the higher risk/reward over the next year or two.  I'm new and will be doing lots of reading but didn't want to miss the chance to grab a few properties at this years auction.

Hello to all that contribute and make this a great forum.  I've been reading up for a few weeks now.  I'm new to real estate investing and just purchased my first 2 properties at the Wayne County foreclosure auction and plan to buy few more at the October auction.  My short term goal is to purchase properties that though high in risk are also high in reward.  I'm looking to buy and rent multi family commercial properties until I can afford to get into 100unit cash cow apartment units.  Though I live in CA I'm focusing on wayne county Detroit area.  I like being able to purchase & rehab duplex for under 20K total.