Foreclosed/ City Owned properties in Detroit

Hello Everyone,

A friend and myself are beginning to search for cheap properties [[multi-room houses) in Detroit, near desireable ares [[48201/48202/48208, etc). We plan to buy a cheap foreclosed or city/county owned property and fix it up in order to rent out. There is a glaring need for additional housing stock in certain parts of the City and we would like to help address the shortage.

My question for Dyes is as such: What are some good sources where we can search for these types of properties? Any real estate agents in the area, websites, auctions?

Thank you!

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Originally Posted by dcmorrison12

Hello Everyone,

A friend and myself are beginning to search for cheap properties [[multi-room houses) in Detroit, near desireable ares [[48201/48202/48208, etc). We plan to buy a cheap foreclosed or city/county owned property and fix it up in order to rent out. There is a glaring need for additional housing stock in certain parts of the City and we would like to help address the shortage.

My question for Dyes is as such: What are some good sources where we can search for these types of properties? Any real estate agents in the area, websites, auctions?

Thank you!

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I would hope you plan to have the property occupied 24/7 during the rehab or they will tear it down as fast as you can fix it up.

Start out with foreclosed, cash deals, much easier and less complicated to buy than going through the mess with the city/county.

Start with www.Realtor.com

At the end of each zip code listing they have the foreclosed cheaper houses.

Most programs such as Home Path etc. you have to occupy the house to buy it.

Can't get insurance on empty house. Must be occupied.

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Originally Posted by pkbroch

Start out with foreclosed, cash deals, much easier and less complicated to buy than going through the mess with the city/county.

Start with www.Realtor.com

At the end of each zip code listing they have the foreclosed cheaper houses.

Most programs such as Home Path etc. you have to occupy the house to buy it.

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How difficult is it to buy a tax foreclose house? Have you done this? I was thinking about looking into this.

Quote:

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Originally Posted by dcmorrison12

Hello Everyone,

A friend and myself are beginning to search for cheap properties [[multi-room houses) in Detroit, near desireable ares [[48201/48202/48208, etc). We plan to buy a cheap foreclosed or city/county owned property and fix it up in order to rent out. There is a glaring need for additional housing stock in certain parts of the City and we would like to help address the shortage.

My question for Dyes is as such: What are some good sources where we can search for these types of properties? Any real estate agents in the area, websites, auctions?

Thank you!

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Funny to see you on here!

http://detroitlandbank.org/

http://www.waynecounty.com/3634.htm

Call the Bearing Group their number is 313-331-6000. The specialize in distressed properties.

Don't overthink it too much, this info is readily available to you and luckily you're working with parties that want to get these properties resold a.s.a.p.
In my state of Oregon you can find foreclosure property sales online - I'd imagine the Detroit area would have this available online too and you can get a better idea of what your options are from there.