All Forum Posts by: Wendy Patton

@Josh Kliethermes most likely you either can try to retain the earnest money (emd) or you might be able to hire an attorney to sue for specific performance.  It depends on what your contract allows for ... and suing will take time and cost money.  I have done both multiple times over the years but suing is usually when there is no other way to settle or they have tried to back out multiple times..... or i have put a ton of work into getting it zoned a certain way or land split approvals, etc.... I hope that helps.  Read the part in your contract where it discusses "default"

Thursday 6/20 in Troy, MI I will simplify Land Contracts and explain how to leverage them for big profits! First time guests are free as always, Non-Members are $20. Register now at DetroitREIA.com See you then!

Date: Thursday 06/20/2024 6:00 - 9:00 PM ESTLocation: 811 w. Square Lake Rd, Troy MIRegister: DetroitREIA.com or call 248-394-0150

@Anh Le the Michigan Real Estate Investors group also shares deal that their member posts - lots of wholesalers but mostly Macomb, Wayne and Oakland Counties - some are out of that area also but all in MI

@Jerell Edmonds if you have the deal then I might be able to lend.  Let's connect

@Drew Sygit  yes thanks for that additional input - 

I wanted to share a warning to those investing in the city of Detroit.  First, there are a TON of great deals in the city and Detroit has so much potential. Second, where there is a ton of opportunity, there are many times a ton of scammers.  I personally do hard money lending and investing in the city.  I am an owner/operating partner of a local title company (Legacy Title Agency) and we have come across quite a few fraudulent and suspect deeds in the city of Detroit.  There are quite a few people who must be going after vacant or older people with free and clear titles....  They deed it out of the owners name OR they have someone with a fake (looks real) ID show up to sell at the closing table.  It's crazy!  We have had to stop multiple closings and drop a few investors who seem to attract these type of deals (either they are involved or they work with wholesalers who are).  Legacy Title Agency is putting the top notch screen on these transfers for those investing in the city , however I will also share with you there are several title companies locally that the policies they issue aren't considered "good" by the big underwriters.   In other words, if you buy a property thru one of these companies and later go to sell it after you fixed it .... many other local title companies won't be able to insure it for you. 
Also, if you rush a closing in the city there is a likelihood there could be a large water bill that did not show up prior to closing.  In MI the water bill is a lien on the property.  We will not insure a water balance unless we have the proper documentation (which might not happen within days of getting a contract signed)  

How do you protect yourself? 

1) Use a solid title company that won't insure everything 

2) Buy only from legit and solid wholesalers / agents

3) If you can find out if the real seller still lives in the home that is helpful  -  get the story and try to do a little investigation yourself

4) Make sure the seller has a real and recent water bill - We can help you with that also so you don't get stuck with $2000 or more after closing

I hope this helps you all because it is an amazing city to invest in.   Detroit has so much potential still and is really turning around. I love it.

@Brian Willie personally i would not do this.  I do not give away the deed either on a sub to - when i do a sub to - I personally take that on.....  I would not want anything to ever happen to the seller's credit that I can't control.  TX likely doesn't have anything to do with it.  TX is different with Lease Options but i have not heard anything about sub tos being different there.   But the question was CAN you do it?  Yes you can do that with a sub to ....if you ever did do that...make sure the deed can revert back to you quickly if the buyer doesn't pay on time....

@Molly Jones it sounds so interesting honestly - i am personally intrigued even though i don't want to invest out of country at this time in my career - i might have when i was younger like you..... 

@Zak Beard hey the key to investing for out of state is not only the property (of course) but most importantly the property manager - finding an honest and good one is not always as easy as you would think.  If you ever want to invest in MI let me know - I get nothing for it but I do run the Michigan Real Estate Investors group and connect with you with legit people and areas - I tend to hear the dirt and good stuff on investors, areas, Pms, contractors, etc..... feel free to reach out if you end up wanting to know more about Detroit or Pontiac/ etc investing 

Join us on Thursday, May 16th from 6:00 PM - 9:00 PM in Troy, MI for an exclusive event hosted by the Michigan Real Estate Investors.

Our main event topic, "Locking Up a Great Deal: How to Get the Seller to Say Yes to Your Offer," will provide valuable insights and strategies for investors, real estate agents, wholesalers, and industry professionals looking to secure the best deals in today's market. Learn proven techniques to negotiate effectively, build rapport with sellers, and close deals with confidence. Don't miss this opportunity to take your real estate investing to the next level!

Before the main event, don't miss our Ask the Expert portion on "Real Estate Market Updates," where you can get the latest information and trends in the market. This event is a must-attend for anyone looking to stay ahead in the real estate industry. We look forward to seeing you there!

First Time Guests are always free at meetings! 

Non-Member Admission: $20 online or $25 at the door

Date: Thursday May 16th 2024 from 6:00 PM - 9:00 PM (Doors open @ 5:30 PM for networking)

Location: 811 w Square Lake Rd, Troy MI 

Register: DetroitREIA.com or by calling 248-394-0150