I’ve been looking at some Detroit properties this morning and am seeing houses for $1,000 – and there’s nothing to say that that’s just the despoit, etc. These homes are in Dearborn which I though was a good suburb based on the above posts. Can house prices really be so low or am I missing something?
MrUnique,
I have never seen a house in Dearborn for $1000! If you did you found the deal of the century. What is the address? I would love to check it out.
DetroitDan9 wrote:MrUnique,I have never seen a house in Dearborn for $1000! If you did you found the deal of the century. What is the address? I would love to check it out.
Have sent you a PM.
Make sure that you do a full title search on any property you are going to buy. I was looking at a small apartment complex that was only $120,000 offering vendor finance. When we did the checks there was a $200,000 tax lien against the property. bIf it sounds to good to be ret it probably is.
Nigel Kibel | Property Know How
http://propertyknowhow.com.au
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MrUniqueName wrote:I’ve been looking at some Detroit properties this morning and am seeing houses for $1,000 – and there’s nothing to say that that’s just the despoit, etc. These homes are in Dearborn which I though was a good suburb based on the above posts. Can house prices really be so low or am I missing something?I have seen houses listed for as little as $150. These are usually fire damaged or sold as ‘tear downs’. I have looked at a couple, never seriously, but I have found that they are working on a bidding system and starting low on purpose which is probably what you saw with the $1,000 listing.
Nigel Kibel wrote:The housing market is very stable. Finance in general is still a problem. Our system is a little different we take over existing mortgages within the properties so it is possible to buy a property worth around $120,000 and only need to invest around $20,000. If you send me your details I would be only to happy to discuss what we do in more detail.Nigel,
there have been no assumable mortgages written by a US bank in 20 years. How are you dealing with the alieanation clause's which are written into every US mortgage or deed of trust?
Or are all of your deals owner finance contracts that you are wrapping or taking subject too?.
I would venture to guess that these are bank loans. And do you explain to your investors that a transfer of Title can trigger the Alieanation Clause and the lender can then start a foreclosure and of course the foreclosure is in the name of the poor seller who thought they were getting off the hook. Now granted most lenders as long as they are getting payments will not call the loan. But some will I have had it happened to me. And if your investors do not have the cash to pay the loan off it could be a problem and since they are AU ciitizens financing is not readily avaliable to them.Just curious how you handle this technicality when doing subject too deals. Of which I have done hundreds by the way. and it can be a great model if your prepared to pay the bank of if they call the loan.
JLH
HighincomeProperty
I agree you are pretty much you are on the money it won't be long and our situation in Australia will more than likely drive the dollar down and as America recovers and stops spending like a Labor government the USD will rise against a falling AUD then refinance with USD as they will be tripping over themselves to lend us money on the back of climbing house prices ,just remember everyone in the years to come ,you don't go broke taking a profit.
I will agree to disagree on your views of section 8 .
This is a great opportunity for Australian investors if it’s done correctly. Small entry investment with double digit net rental return with a great chance of outstanding capital gains in a 7 – 10 year period. <moderator; delete advertising>
Regards Leonard Wilton American Properties (02 ) 94390037 Web. http://www.americanproperties.com.au
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