Farmington Hills Real Estate and Events talk Michigan

 The 3 biggest pitfalls when buying Metro Detroit investment properties are:

A.  Under estimating repair costs or not knowing what damages to look for in a home can end up having the investor put too much into a home than it can seller for.  A leaking basement wall behind paneling.  (Hire an inspector if you are inexperienced)  I see thousands of homes a year, but home inspectors always pick up thing I miss.

                           

b.  Not knowing the comparables are, what homes are selling for.  Banks are very tough on appraisals.  You aren't going to be able to sell a home for more than market price if the buyer needs a mortgage.  Be realistic and know the neighborhood sales prices.  Don't be overly optimistic and over estimate the possible sales price after you fix up the home.

d.  Not know what the city is going to require in terms of repair. Cities like Dearborn, Westland, Taylor, Inkster have certificate of occupancy requirement.  If the city requires you to replace the driveway because it is all cracked up.  It could be $10,000. That could take all your profit.

Thinking about 3 biggest pitfalls when buying Metro Detroit investment properties can help you when picking the right investment properties.  Think carefully.

 

Search Metro Detroit investment properties and get the latest listings emailed to you.

Plymouth Real estate, Livonia real estate, Northville real estate   

Union Lake homes for sale

How Michigan property taxes work - the difference between SEV and Taxable value part 2

How long is my pre-approval good for when looking at Metro Detroit homes for sale?

Escrows, mortgage and real estate explanations

Title insurance explanation - why you need it.

Canton MI data

Here is how to use Metro Detroit real estate to provide retirement income.  So many metro Detroiters and Americans across the country are going to be in trouble when it comes to retirement.   We all have been hammered by the fall in the stock market.  Add in that many people's incomes have been reduced by the economy.  So many people are not putting away for retirement.

So what's a person to do?  Here are my thought's.  There are many great homes in the metro Detroit area that are selling for under $35,000.  If you shop right you can pick up some very nice homes for under $35,000.  Metro Detroit homes that have newer windows, decent roofs, decent kitchens.  Homes that have the basics in good shape.

Many people have IRA's that can be converted into self directed IRA's.  Or some people have home equity loans not run up to the max.  Some people even have cash. 

So here are my thought is buy a decent $35,000 metro Detroit home. Let's take this example taxes are going to be $282 and homeowners insurance is $60 a month.  For a total outlay of $342 a month.  Let's say you get $800 a month.  That is $458 cash flow if you bought it cash.  Let's say you took it out of your home equity loan.  You could pay off the house in about 8 years (if you could keep it rented). 

Think about this in numbers.  If you bought 4 of them that would be $1832 a month in income.  Or you would have 4 Metro Detroit homes that would be paid for.  Even if they did not go up in value in 8 years.  They would have paid for themselves.  Plus you have tax deductions too.

Just my thoughts on how to use Metro Detroit real estate to provide retirement income.

21 low cost tips to improve your Metro Detroit's home curb appeal  

Livonia MI real estate and homes for sale

Whitmore Lake homes for sale MI and Whitmore Lake information

Metro Detroit foreclosure buying information

Flipping Metro Detroit foreclosures is getting tough.  I have been working with several experienced home flippers for the past year.  Flipping Metro Detroit foreclosures is getting tough because home list prices have stabilized and home values have dropped.

With the new appraisal laws and the tough bank standards any over priced home can't be sold and expect to get a mortgage.  So any experience home flipper knows they can't get much over current market price.

So the issue we are seeing right now is that there is so small of a spread between list price plus repair costs and potential sales price.  So what I am saying is that by the time you buy the property and fix it up there may be so little profit it may not be worth it.  It may be so little profit that there is the potential to end upside down.

You have to remember when doing repairs you can run into expected costs and repairs that can eat up any profit you have.  So if you want to start flipping Metro Detroit foreclosures be sure not to:

• over expect what you can sell the Metro Detroit home for
• under estimate your repair costs
• not to forget maintenance costs
• not to forget taxes that you will have to pay will owning the house
• not to forget the costs of holding the property

Flipping Metro Detroit foreclosures can be profitable if you plan right and pick the right homes.

Get the latest Metro Detroit foreclosures emailed to you daily, weekly, or monthly. Or you can just search for the latest homes for sale.

 

Buying Novi real estate or buying Redford real estate

Investing in Detroit real estate may be tricky

Metro Detroit Sheriff sales and sheriff sale process

Arbor Village sub, Plymouth MI

how Michigan property taxes work - Taxable value - part 7

Plymouth restaurants - Ironwood Grill - Downtown Plymouth MI

To Decorate or not to decorate when selling your Northville home

The Death of Detroit and how do we save it - part 1

how Michigan property taxes work - SEV state equalized value - part 6

Beacon Meadows sub Plymouth MI

  

Yes We no problems............... no reason to get flustered, no reason to get upset.  We only have to search for a solution to find for the situation we are in.  In Metro Detroit real estate there are always situations, and issues that come up that need some sort of solution.

There are appraisal issues where the house does not appraise.  There are only a few solutions to this problem.  Either the seller lowers the sale price, or the buyer brings more money to closing, or we have to find a buyer that can pay cash, or the house doesn't get sold.

There are inspection issues.  We as real estate agents have to reduce the costs of repairs to help the sellers bottom line.  We have to make the buyer happy, we need get the repairs done to make the buyer happy.  Many times it is a give or take between the buyer and seller.

There are money issues that sometimes pop up when the mortgage person doesn't communicate the costs completely to the buyer.

There sometimes are title issues caused by probate, trusts.

We as real estate agents have to think outside of the box to get the issues resolved.  You see there aren't problems.  Only a solution that we have to find to fix the issues.  So don't get worried....we have the resources, the help from agents to find the solution to get the deal closed.  That's what we get paid for....to smooth out the bumps for you!!! 

Search Metro Detroit homes for sale 

Plymouth MI relocation information 

Upper Straits Lake real estate West Bloomfield MI

  Livonia homes for sale.  This is a look at what has happened in the last 90 days in Livonia MI.  There have been 229 homes that have sold in the last 90 days.  The average sold price is $109,399 and the average days on the market for these homes is 89 days.

Livonia homes for sale Price Statistics Legend

Price Range Number of Listings Days on Market           10,000 to 30,000 9 27   30,001 to 50,000 16 100   50,001 to 70,000 33 74   70,001 to 90,000 33 60   90,001 to 110,000 31 106   110,001 to 130,000 42 114   130,001 to 150,000 24 53   150,001 to 170,000 19 113   170,001 to 190,000 8 93   190,001 to 210,000 2 44   210,001 to 230,000 5 87   230,001 to 250,000 3 237   250,001 to 270,000 3 191   270,001 to 276,500 1 32 For the 229 listings: For the 229 Sold listings: Average List Price $113,675.00 Average Sold Price $109,399.00 Median List Price $109,900.00 Median Sold Price $108,300.00 Highest List Price $299,900.00 Highest Sold Price $276,500.00 Lowest List Price $14,900.00 Lowest Sold Price $16,600.00 List Volume $26,031,490.00 Sales Volume $25,052,350.00 Avg. Days On Market 88 Avg. Days On Market 89

Search Livonia homes for sale     

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Flipping Michigan homes - Michigan real estate investing part 4

Flipping Michigan homes - Michigan real estate investing part 3

Flipping Michigan homes - Michigan real estate investing part 2

Flipping Michigan Homes - part 1

IRONWOOD GRILL PLYMOUTH RESTAURANTS MICHIGAN

What happens at Michigan Sherriff sales

Novi real estate and Novi neighborhoods

Christmas in Plymouth Michigan - photos of Plymouth MI

Moving tips - how to get ready for your move

Some Metro Detroit listing agents are out of their mind

Plymouth MI

Should you really buy a home NOW?

Getting homeowners insurance when buying a Metro Detroit home

Selling your Canton Home? 18 resale issues

 Here is a Wayne and Oakland County real estate update.  One of the biggest problems I am seeing in the Wayne and Oakland County area is multiple offers and unrealistic Buyer expectations.

This is making the real estate agent crazy and the buyer upset.  A great home hits the market, priced perfectly and of course there are multiple offers.  The real estate agent advises the buyer that they should come in very strong with an "at or above asking price" offer.  The Buyer Client laughs at the Realtors crazy thinking, thinks the realtor are from another planet and that you have never watched the negative news on channel 7, and proceeds to put in an offer of 10% under asking price.

  Guess what!  They lose!  The home sells for $1000.00 over asking price.   Bottom Line; Real estate is not played out on National TV, it is not played out in the news.  Remember news is about reporting what has happened.  Unfortunately the Metro Detroit real estate market has changed.  It has shifted.  It is played out on the LOCAL level with all sorts of variables.  Maybe the market is getting slightly healthier... you better ask a local Realtor, not Katie Couric. (She has National news to tackle)

Many times buyers are putting in 3 or 4 offers before getting one offer accepted.  Simply because they have been told there are deals out there.  So they offer way below asking price over their real estate agents advice.  I have stories from other agents where it has taken 5, 6, 7 offers before the buyer realizes they need to offer full price or better.

BUT IT DEPENDS ON THE AREA.  THERE ARE HOMES THAT SELLING FOR BELOW LIST.  EACH SITUATION IS DIFFERENT.  YOU HAVE TO LOOK AT THE COMPARABLES.

Wayne and Oakland County real estate market is changing monthly, by the city, by the area.  Ask your real estate agent what is happening in your area. 

Search Wayne and Oakland County homes for sale

Livonia home buyer tips

Oakland County MI first time home buyer advice

The latest New Metro Detroit real estate listings

 

 Redford Township foreclosures.

 Redford Township is trying to help the residents and potential buyers through two new programs under SNAP (Stabilizing Neighborhoods Action Plan).  These are great plans to help keep Redford a nice town.  Plus it helps buyers get a better quality home at a good price.  Otherwise the homes would be in disrepair, get a lower sales price, and continue to bring down Redford home values.

1.  The Neighborhood Stabilization Program (NSP), through the Department of Housing and Urban Development (HUD), is designed to redevelop, rehabilitate or demolish properties in residential neighborhoods throughout Redford Township. Qualifying NSP applicants may receive financial assistance toward the purchase of a newly rehabilitated home.

2.)Through the Housing Initiative Program (HIP), Redford Township will purchase foreclosed and/or abandoned homes to be rehabilitated and sold to qualifying applicants. These initiatives are important tools for revitalizing our neighborhoods and recovering from the current mortgage/foreclosure crisis.

Don't miss this GREAT opportunity for homeownership. For further information please contact the Community Development Department at  313-387-2786.

If you don't qualify for any of these programs and still are looking to buy a home in Redford give me a call on my cell (313) 310-9855 or join my VIP club to get the Latest Redford foreclosures and home listings.

Livonia Real estate and homes for sale

 

Whitmore Lake Northfield Township MI

Here are the current Whitmore lake homes for sale in Green Oak Township as of April 25, 2010.

 

LIST PRICE	STREET NAME	SQUARE FOOTAGE	BEDROOMS	BATHS.LAVS	YEAR BUILT
$220,000	KENTON	1090	3	1.1	1950
$222,000	E SHORE	900	1	1	1956
$289,900	EAST SHORE	1550	3	2.1	1924
$399,900	SHORE	1950	3	2	1993
$549,900	EAST SHORE	3378	5	3	1945

Whitmore Lake information

•Whitmore Lake is an all sports lake that is 677  acres.  The deepest spot is 69 foot deep.  There is a public access on the north side of the lake.

The 667-acre Whitmore Lake was named by Jonathan F. Stratton, a surveyor, after Luke H. Whitmore, a local landowner around 1825.

Whitmore Lake Fishing  Here are some of the fish that live in the lake.  It is a good fishing lake when it is not being over run by power boats.

• Walleye
• Northern Pike
• Rock Bass
• Smallmouth Bass
• Largemouth Bass
• Blue Gill
• Black Crappie
• Green sunfish
• Hybrid sunfish
• Pumpkin sunfish
• Yellow perch

There is even a bait shop right on the lake.  Rick's Bait Shack ‎9815 Main Street, Whitmore Lake, MI 48189-9438(734) 449-8210‎

If you would like to get the latest Whitmore Lake waterfront homes for sale sent to you by email or Whitmore Lake lake access homes emailed to you weekly or monthly join my Whitmore Lake Waterfront homes for sale Club!

Whitmore Lake events

The Whitmore Lake Harvest Festival is a two day event that occurs annually at the end of September, and was first established in 2007. The primary function of the 2009 Harvest Festival was to adopt a pet or donate money towards that cause

Lakefront homes for sale

Usually there are a few Whitmore Lake waterfront homes for sale.  They are a mixture of colonials, ranches, bungalows, and even split levels.  Most of the homes on the lake are under 2000 square feet.  A good number are under 1000 square foot.  The price range of Whitmore Lake waterfront properties range from a $100,000 to over $400,000 depending on the size and location of the home on the lake. 

Many of the homes on Whitmore Lake were built during the years of 1920 - 1950's.  I did notice one home that was built in 1870.  There have been many that have been torn down and new homes rebuilt where the old ones stoods.  Some even as late as 2007. 

Location of Whitmore Lake

Whitmore Lake straddles the Livingston/Washtenaw County border.  Whitmore lake is east of M-23 expressway, south of Nine Mile, west of  East Shore Drive, and north of Seven Mile.  The near town is Hamburg which just east of the lake.  Part of the lake lies in Northfield Township and part in Green Oak Township.

 More Livingston County lake front homes for sale

        Portage chain of lakes homes and lake information

        Brighton MI information

Looking for a South Lyon massage or South Lyon body waxing, then I have a great place for you to visit.

 

 

They do a little bit of everything there, from Chemical peels that decrease or remove wrinkles, to Body waxing.   They do a wide variety of massages from Swedish, Hot stone, Deep Tissue, Medical.  They also do Body Wraps, Scrubs, Body polishing, to Ear Candling.

There are 4 Massage therapists available.  They also have an Esthetician who does all the facials and skin care.

                     

They have a Facebook page that they run a lot of good deals on, clients just need tomention the ad or the website ad to get the deals. The have a website Healing Solutions Massage South Lyon Massage. 

Their hours are from 12-5 monday - Sat. for walk-ins but we make appt. for anytime that is convenient for our clients outside of walk-in hours.

 Healing Solutions Therapeutic Massage
555 S. Lafayette
South Lyon, MI 48178
248-446-2639

                                

So if you are looking for a massage in South Lyon or body waxing in South Lyon Michigan stop in and tell them Russ sent you.

I was teaching a class on how to blog and about social media and I wrote the previous post.  I wanted to show how quick an active rain post shows up on Google.  Today I did my good deed and helped teach about 8 people from Remerica real estate companies about blogging and social media.  I didn't have a big class but I was share what some of what I learned at ActiveRain camp on Monday.

The key to learning anything from a seminar is to implement at least one thing.    None of us can start over and implement everything from a seminar.  So instead of doing something many times we don't do anything.  So the key is to take one thing you have learned and implement it.  Stick with it.  Keep doing it for a period of time.

That's what blogging and social media is all about.  There is no one way to do social media or just one way to blog.  Do it your way, and just keep at it.  Many times just being a honest, real person readers will identify with you.