When people think of Detroit, they think of a failing auto industry, no jobs, and lots of foreclosures. Even though things may look bad from the outside our state is still providing opportunities for investors, entrepreneurs , and business professionals alike. Let me begin by sharing some of my personal experiences doing business in Michigan. There are a lot of talented entrepreneurs out there whom have made the best of our tough economic times. I own and operate a small real estate investment company and while times are tough I have been able, (lord willing), to keep my company going as well as keeping my investors happy. I guess in these times you have to stay positive, even when situations go against you. In regard to the real estate market, we have opportunities for all types of investors. Currently, I manage 20 properties and plan on seeking additional investors for 2010 which will create more business for many people around me. The point is, there are new business opportunities for everyone. For example, many banks are in need of good competent agents to sell their REO properties. The banks are not in the property management business. Additionally, if you're a good contractor or have a trade you specialize in, rehab investment firms or individual investors are in need of your service. In the mean time investors like myself buy these bank properties to lease out to a family in need of housing. More and more families are looking to rent homes because they lost their previous one due to foreclosure. Until they can repair their credit, they still need a roof over their head and by human rights should. With credit and bank loans being so hard to get approved for these days, we have a lot of investors in Michigan willing to sell homes on land contracts or in some cases, buyers can enter into a option to buy from the owner at a later date and a set price. This can help out people while giving them ownership in a property. Other buyers who can get a mortgage, (and they are still out there), buy from investors who take risk purchasing, rehabilitating and selling their newly crafted house on the retail market. This type of investing known as real estate speculation, helps the market to stabilize because these properties are resold at fair market value. Now, for some cash investors or private lenders, which most times are silent partners in deals, whose capital could be sitting on the sideline, they might be searching for the next area to invest it in. Michigan should be that place. In state, or out of state investors considering Michigan, need to find a dedicated, hardworking, ethical and trustworthy investment firm or individual who knows the market with a good track record to find deals and turn over their money. Professionals like that are good for investors that don't necessarily want to get involved with the operations of real estate investing, but are looking for a high yield returns known as ROI. Our best real estate guys are paying anywhere from 8% to as high as 20% on cash. Needless to say, I believe Michigan is still a good state to invest your time, money or ideas. Thank you.
