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.
Archive of posts filed under the Real Estate Investing Tips category.
The trickiness of investing in Detroit real estate
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 [...]
Restoring Heritage and Historic Homes
Detroit was founded in 1701, over 3 centuries ago. Naturally, we are bound to have older homes. And some would be categorized as “historic” or “heritage” because of their age and/or architectural significance or association with historic figures or events. Heritage, or historic, property in Detroit can be a unique real estate investment.
Heritage properties suffered [...]
Tax Credits for Historic Property in Detroit
Detroit property that meet a certain criteria in age and/or importance are eligible for tax credits that make investing in these properties even easier.
At the federal level, you can apply for a Federal Rehabilitation Tax Credit of up to 20 per cent of a restoration. If your property has not been certified, you can apply [...]
Just because it’s foreclosed, doesn’t mean it’s unoccupied.
Freep has an interesting story about how one can still be in their home even when it’s being foreclosed.
For starters, you don’t have to move right away. And if you work out a payment arrangement with your lender, there’s still a chance you can stay in your home.
Helpful information for those in trouble. Good information [...]
Your Foreclosure Real Estate Investment Team
A solid foreclosure investment team consisting of the following members:
Real estate agent
Real estate attorney
Mortgage broker
Accountant
Title company
Home inspector
Contractor
Now, with a solid team in place, you take on the role of manager and major decision maker and can create an efficient system that minimizes risk while maximizing profit.
Why You Need a Team for your Real Estate Business
I love reading things by wealth-builder Robert Kiyosaki. And one of the things he is ALWAYS advocating is building a team. Don’t try to do everything yourself. You can’t possibly be expert at everything. You can be knowledgeable – a preferred – then you hire someone who is expert to do the things they are [...]
Free foreclosure list – 11/01
Ask Michelle your Detroit real estate question and see your answer posted here.