Westland, MI

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.

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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!!!

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Yes short sale scams are in full swing here in Southeastern Michigan. I know of one agent that does some short sales. When the bank does the BPO he tries to influence to a low ball amount. If the bank does a low BPO and then accepts that low number, the property now has a below market price that the real estate agent knows about.

Then the real estate agent has his "partner" put in an offer at the low ball price. Of course the bank accepts it. The partner buys it. Then the agent re-lists it for the "partner" after some repairs. The agent has become part of the transaction by influencing the banks appraiser for a low price and then having somebody he knows buy it at that price.

Gone are the ethics of a real estate agent. We as real estate agents are supposed to work to get the best price for our clients. The banks in short sales are our clients too. Not cheat them by having a friend of ours buy at a low price we influenced the bank to take.

THIS IS UNETHICAL. THIS IS FRAUD. This agent made $30,000 off the first deal and is in the process of making $50,000 plus off his second deal. I'm sure he will continue to do it as he is not breaking any laws. But he sure isn't working in the best interest of his clients. I'm just glad he doesn't represent me.

Here is a quick explanation of what a Michigan bi-level home is. Basically it is a home that the basement is half out of the ground. A Michigan bi-level home is two stories. The bedrooms are usually on the top or second level.

The bottom level or 1st level is finished and counts as square footage. There is no basement in a bi-level home. The furnace, the water heater is on the first floor and takes up part of the space. When you come in the door on a bi-level home there are steps up or down. You don't come straight into any floor.

When you compare a bi-level home's square footage I always say it is not square footage. Let's say a in the MLS a ranch home has 2000 square foot listed and a bi-level home that is 2000 square foot. The ranch home actually has more square footage. The ranch homes basement is not counted in the MLS square footage. So when you add up the ranch homes basement to the 2000 square foot, the ranch homes total square footage will be much more than the bi-level's square footage. Simply because the bi-level counts the "basement" (1st level) as square footage.

So when buying a Michigan home remember a bi-level's square footage is not "true" square footage. A ranch, a cape cod, a tudor, a colonial that has the same square footage will actually have more living space when you count their basements.

I hope this explains what a Michigan bi-level home is?

If you have more questions about split level homes or Michigan bi-level homes feel free to give me a call or email me.

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One of the keys to being profitable when flipping Michigan homes or Westland homes is buy homes that need the least for the less. Sounds simple doesn't. Get a rundown house at a very cheap price that has the major items done. Fix it up more to appeal to buyers and sell at a profit.

What I mean by that is you want the big cost items or the majority of the big cost items done. Or in good shape. The six major items you should be looking at

1. Roof
2. Furnace
3. Windows
4. Basement
5. Updated Kitchen
6. Updated Bathrooms

A roof even for a small Redford house is going to cost $3500 and up. A furnace for a Westland or a Redford home is going to range from $3,500 to $4,500.

Updated windows are very important. Wayne County home buyerswant good windows. You can figure at least $250 - $300 for a standard size window. Doorwalls can cost $1500 - $2000. Large picture windows can be expensive.

A dry basement is important. There are two main types of basements in the metro Detroit area. Block basements and poured wall basements. I think a poured wall basement is best. They are usually easier and cheaper to fix. Rod holes cost $25 - $50 a hole to fix. Cracks in the wall cost about $450 - $500 to fix. Sometimes block basements are so damaged that you don't want to buy the house. Block basements can be leaning in and need major bracing. It can cost $5000 - $10000 to get block basements fixed. So buying a Redford home or Westland home with a good basement is very, very important.

Of course when flipping Michigan homes or flipping Westland homes an updated kitchen or updated bathroom is a extra bonus. Especially a kitchen. Look for newer kitchen cabinets.

Other items that are nice to have are:

• a newer hot water heater
• a good/decent driveway that is not heaving or all cracked up
• a deck or patio in average condition
• hardwood floors are easily sanded and refinished
• carpeting in good condition

Remember every thing you don't have to buy or re-do when flipping a Westland foreclosure or Redford foreclosure is a bonus. It is money in your pocket. So create yourself a check list when out shopping for a good house to flip. I hope this gives you a little information on what to be looking for.

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Flipping Michigan homes - Michigan real estate investing part 1

Flipping Michigan homes - Michigan real estate investing part 2

Flipping Michigan homes - Michigan real estate investing part 3

Flipping Michigan homes - Michigan real estate investing part 4

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My thoughts for gifts this Christmas - this one comes from my son when he was younger. With money being tighter sometimes the best gifts come from the heart. Years ago my son made a coupon book up. So my first suggestion is a coupon for a game night with the kids or a movie of your spouses choice. If you want to jazz it up then get the favorit snack of your gift recipient.

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