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I live an an area where homes are moveing slow, very slow. The average person can not afford a 300,000 home, if you investment is this retail price, your limited on who is going to be able to purchase the property, unless there are people with the income and jobs to support this market.

I'm seeing anything that is worth 300-3 million sitting for a long time, the higher the price/value the smaller percentage of the population can afford it.

On top of this good news all these properties are depreciateing

As of right now i'm not too thrilled about forclosed properties, especially if they've been vacant for long periods of time. we have so many up here in Michigan and I'm not opposed to buying or listing them, yet there does seem to be many problems with forclosed properties legaly (Who is responsible for the property?) I thought the bank was?, Now I hear that is not the case?

Has the property been neglected to the point that there is a mold problem? mold is a serious issue, and we have cold winters and warm summers up here, i was in a home recently that stenched of mold.
There are different kinds of mold, and that is an issue in and of itself, personally I don't want to deal with any mold odors at all.

I would much rather list or purchase a property which is owned by a homeowner/investor than one that has been forclosed, that's where I'm at with forclosed properties right now, yet that could change as my knowledge increases.

Thank you very muchfor the warm welcome. This forum has been very impressive so far with it's posting.

Monique I just scratched the surface, We've had a 10% drop in values in something like the last 3 months an article just said recently, on top of the previous 18 months. I do not see values going up, I see them going down, that's why investors here are holding off, yet there are many buying still.

We got people going and ripping off the copper plumbing when a property is vacant and selling it since copper went up. (this is a nationwide phenomenon though), yet vacant homes up here also get the aluminum sideing ripped off, furnace, hot water heater stolen etc. and then it's sold for scrap or whatever?

This happens across the whole City of Detroit and is on the evening news here. The news reported an incident recently where a guy was ripping off the aluminum sideing off a home that was occupied!
There's a good chance that the plumbing and fixtures have been stolen if a property sits long enough up here and hasn't been properly secured immediately.

I'm definately looking into investing up here. How are the investors living it up down there in Georgia?

Are they finding renters or buyers?

Thanks Monique,
Wayne County, Mi I hear is 2nd only to Georgia in forclosed properties.
Some of the forclosed properties here are very nice brick bungalos, and have been winterized. Detroit taxes are about $3,000/yr on a brick bungalo and that really hurts the investors cash flow for renting on top of an extremely High rental inventory to boot.

The sunday paper is full of rental homes, apts, flats along with properties for sale, so finding tenants is as hard as finding buyers.

Also there has been so much new construction (condo's etc.) that what I'm seeing is a large supply with little demand. Then you have the MI economy, the Big 3 toubles, and the outsourceing of jobs.

any thoughts on how this supply/demand ratio table can or will turn?

I belong to 2 MLS's here in Metro Detroit and there are many expired listings, and they are very easy to search for.

I'm a new agent in the metro Detroit market and there is a huge inventory here (rentals also) and many forclosed properties. I don't know what's going to happen to this market.

There are homes in the exclusive areas which are now forclosed, and there seems to be no end in sight to this, any comments or predictions?

Hello my name is John and I'm a new member here. I'm a newly licensed RE Agent and very interested in investing with this market being a major buyer's market in metro detroit and the suburbs.

Since I don't have the finances to invest yet, I'm very interested in buying properties on Land Contract, Sandwich, Lease with option etc., and wonder if it really is possible to invest with little or no money, or is just hype to sell books?

i'm looking forward to learning and asking questions from the experienced investors and everyone here.

thank you very much!
john

I just joined the forum after coming across this site and i've been very impressed by the posts here. i look forward to learning and asking questions.