Detroit Foreclosure Investors

Free foreclosure list – 11/01

Anne — Mon, 02 Nov 2009 12:21:00 +0000

Latest free foreclosure list.

Click here to download.

Free foreclosure list – 10/31

Anne — Mon, 02 Nov 2009 00:16:56 +0000

Latest free foreclosure list.

Click here to download.

Free foreclosure list – 10/30

Anne — Sun, 01 Nov 2009 20:14:10 +0000

Latest free foreclosure list.

Click here to download.

Free foreclosure list – 10/29

Anne — Sun, 01 Nov 2009 14:10:19 +0000

Latest free foreclosure list.

Click here to download.

Economically viable historic home preservation

Anne — Sat, 31 Oct 2009 15:57:45 +0000

If you are interested in restoring foreclosed historic homes, here is some good information on how to make historic preservation economically viable from Crain’s Detroit Business.

Renaissance Zones -tax free areas of Detroit

Anne — Wed, 28 Oct 2009 15:53:01 +0000

The Renaissance Zone program is a collaborative effort between the City of Detroit, the County of Wayne, and the State of Michigan to give tax incentives to residents and businesses. The City of Detroit has designated sixteen areas as Renaissance Zones. This program works to encourage economic stability and development within the eight designated areas of the City. The resident or business must be physically located within one of the sixteen sub-zones and must be qualified.

These tax incentives include a waiver of city income and utility users taxes, most city property taxes, county property taxes, and state income tax or single business tax. The program applies to participants who live, own property, or businesses conducting business within the area and are not delinquent in any local, county, or state taxes.

Since this program involves the exemption of tax and applies to businesses and residents alike, it is crucial for participants to apply and qualify, through the Renaissance Zone Processing Center, for these tax benefits.

Once qualified, the resident, business, or property owner will enjoy the exemption throughout the duration of the program without reapplying. However, if the resident, business, or property owner changes his/her status in any way, they must notify the Renaissance Zone Processing Center.

The sixteen sub-zones and their expiration dates in the City of Detroit are:

Sub-zone	Expiration Date
I-75 American Axle Building Only	12/31/2013
Atwater	12/31/2017
Campus Martius	12/31/2017
Central City	12/31/2008
Harridon Terminal	12/31/2012
I-94 Industrial Park	12/31/2017
Jefferson Ave.	12/31/2017
Livernois/Intervale	12/31/2008
Lynch Road	12/31/2008
Marathon-Ashland Oil Company Property Only	12/31/2017
Michigan Avenue	12/31/2017
Next Energy Only for those who are creating alternative energy. Not for Residential Property.	12/31/2023
Old Packard	12/31/2008
SW/Delray	12/31/2011
Tiger Stadium	12/31/2012
Woodward Ave.	12/31/2017

For a

The trickiness of investing in Detroit real estate

Anne — Tue, 27 Oct 2009 05:55:51 +0000

This recent Reuters article exemplifies several attractions and pitfalls of investing in foreclosed properties in Detroit.

Take this for example

Wallace, 27, said he did not want to leave his fiancee and two children with a mortgage before shipping out to Iraq later this year.

“I still have student loans and I’m trying to be responsible. I don’t want to leave debt,” he said.

Wallace waited for the auction to roll around to Detroit’s Boston-Edison district, a once stately area that was home to boxing legend Joe Louis and Motown founder Berry Gordy.

But he was quickly outbid. An unidentified investor at the front of the room who had scooped up several dozen properties took the home Wallace wanted for about $15,000.

“Why am I competing against a bank?” he said later. “It would be common sense to have a separate process for people who want to move back to the city or it’s going to stay empty.”

As an investor, note

there are people who want to live in the city
you can’t just buy and hold and SIT in the real estate market in Detroit, You have to buy with a plan. Otherwise, you don’t have an investment, you have a liability.

Read the rest of the article here.

Not all Detroit Foreclosures are in Detroit

Anne — Tue, 27 Oct 2009 04:20:48 +0000

Hazel Park, Eastpointe and Pontiac all had higher rates than Detroit, according to a Free Press analysis of metro area foreclosures over the past 3 1/2 years.

Read the rest of the story in the Detroit Free Press

Don’t Believe All the Hype About Detroit

Anne — Mon, 26 Oct 2009 01:07:43 +0000

The Detroit real estate market and Detroit foreclosures and the is in many places in the news, all around the world. But just because you see something in print on Web, of course, doesn’t mean it’s true. Question the source. I read this article on The Denver Website (yes Colorado) about Detroit foreclosures. What do they know in Denver about foreclosures? They could know something: say they had a source here or had a writer who had just moved from Detroit. But they don’t know.

Some of the generic things they say had a strain of truth (Detroit has seen more unemployment than the rest of the country) but then they start throwing in assumptions that are stupid, simplistic half-truths (the area’s unemployment is due to layoff’s from one company, Ford–yea right) to weird phrases a Detroiter would not recognize (the 30th Street area, a couple of miles from City Center–this area is NOT called “City Center” and their is no “30th Street area”).

Basically, know your source.

Not Everyone Hates Detroit

Anne — Sun, 25 Oct 2009 20:30:58 +0000

Beautiful photo mosaic, click to see

I Will Stay If…