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GentleChief

US Investments (Detroit) - CF+, CG play

17385 Warrington (Uni dist) Purchased - 72K from owner occupiers Rehab - 6K Rent - 1000 pm Retail value - 160K (bare bare minimum) forget zestimate for Detroit, it goes only by last purchase. And a adds a % to the sale price. If in doubt, you may do a search for properties in Uni dist for Detroit.

US Investments (Detroit) - CF+, CG play
GentleChief, 2nd Apr, 2018
    • GentleChief
      17385 Warrington (Uni dist)
      Purchased - 72K from owner occupiers
      Rehab - 6K
      Rent - 1000 pm
      Retail value - 160K (bare bare minimum)
      Not being rude, but forget zestimate for Detroit, it goes only by last purchase.
      And a adds a % to the sale price.
      If in doubt, you may do a search for properties in Uni dist for Detroit.
      2nd Apr, 2018
      MTR likes this.
    • Rooky
      Hi GC,

      How did you source this property ? In how much time it took for its value to be more than doubled ?

      With regards,
      Rooky
      16th May, 2018
    • GentleChief
      Hi @Rooky

      These properties are purchased in several ways i.e. Sheriffs, Foreclosure, land bank, distressed inventory or Probate property auctions. The values are normally 25-30% under Retail market.
      Mainly Institutional investors are into them. But a lot of groundwork goes into identifying each one's back taxes, liens pending and utilities outstanding. And also to check the condition of the property and what repairs are required to get it rent ready. And then identifying which one is "actually" under the intrinsic market values - which then makes it a deal. Based on ARV.
      The transaction could be a gem of "deal" at purchase, buying in with Equity.

      Btw, It is not about the time held, but more on the strategy used at purchase.
      17th May, 2018
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