General

Why are properties prices so low?

We deal in repossessed (foreclosed) properties that are currently owned by the bank. As result the bank will heavily discount the repossessed property in order to obtain a swift sale. We work directly with foreclosure specialists, asset managers and the banks in order to obtain the best investment properties for our clients.

How do we select investment properties?

We regularly visit Detroit to inspect suitable properties for our clients and liaise with our numerous contacts. Whilst in Detroit, we undertake thorough due diligence for each of our properties so you can be certain that you know what you're investing.   In addition, we only select properties from very specific locations in Detroit that represent the best neighbourhoods and greatest rental cash flow to our investors.

Are there any restrictions on non US citizens buying property in the USA?

Non US citizens can purpose property without any restrictions. So you can purchase a Detroit property the same way as an US Citizen.

What is the demand for Detroit investment properties?

There has been a strong increase in demand for investor properties as many investors have realised the great cashflow that can be generated from Detroit. As a result of increasing demand, prices are rising.

We have seen properties in Detroit being sold for a much lower price and even for $100?

These are the infamous $100 houses publicised by the media. Houses like these are often so derelict, burnt out or abandoned, have substantial unpaid taxes and water bills registered against the property (as liens), need total refurbishment and in neighbourhoods of very high crime and social neglect. After a year if no improvements are made to such properties, the city council will seize the property and may later demolish it. We do not offer such properties as investment opportunities, as they are not worth considering due to the reason above.

What is the property market like in Detroit?

All cities have bad areas and good areas and Detroit is no exception. Homes in Detroit range for sale between $20K and $5 million. The city consists of low cost apartments to grand mansions. In fact, Detroit has a very affluent market that is rarely mentioned in the media.

Buying Process

How do I buy one of your properties?

Browse the property you would like to purchase. Click on the "RESERVE” button to fill out the reservation form and fax us the completed form with a copy of your proof of funds.

What is “proof of funds”?

Proof of funds is a copy of a bank statement or any statement proving that you have enough money to complete the purchase of the property, which is submitted with the reservation agreement. This is customary and necessary for all real estate transactions in the United States.

How is property ownership transferred in the state of Michigan?

In the state of Michigan, the conveyance of property is conducted by an Attorney or state licensed Title Insurance Company. They handle the entire transaction including all of the paperwork, title insurance, registering the transfer and the transacting the funds.

What are closing costs?

Closing costs is a general term for all fees associated with conveying/transferring/closing on the property. The fees for Detroit, Michigan properties are generally about $2,000.

How long is the conveyance process?

The conveyance of property in Detroit usually takes between 7-10 days.

Property Rental

Do you offer Detroit property management?

We work with an established property management company, which has an excellent track record of dealing with investment properties in the city of Detroit. They are highly recommended and we liaise with them regularly.

What is the rental per month for the properties?

The average rent for a 3 / 4 bedroom 1 / 2 baths homes in the city of Detroit range from $700-$1,100 a month.

What is the rental market like in Detroit?

The rental market for landlords at the moment is buoyant and there are no shortages of tenants. There is a substantial demand from families seeking good-quality properties to rent.

What houses are easiest to rent?

The easiest type of property to rent is 3 bedroom / 1 bath or 4 bedroom / 2 bath, brick built detached properties in carefully selected Detroit neighbourhoods.

Property Tax

What are prorated property taxes?

In the state of Michigan, property taxes are paid in advance of year they are due. Therefore, the number of months that have been paid in advance by the seller will be collected by from the buyer at closing.

What can you tell me about City of Detroit property taxes?

Detroit property taxes can be varied and substantial. However, all of the properties that we select are pre-screened for taxes to make sure your investment will cash flow.

.