Archive for July, 2013

Jul 25

Why $50k & 82% Profit Margins Are Only A Secondary Perk Of Double Closings

If $50,000 and earning 82% returns is just a perk of flipping houses with double closings, what could possibly be even better than that?

According to a new 2013 Home Flipping Report flipping houses is only becoming increasingly profitable in 2013. Data from RealtyTrac shows an array of housing markets where real estate investors have turned around hundreds to over 1,000 homes in the last six months. One even boasts an average profit of over $51k and 82% gross returns.

MyCoordinator, your investor friendly title service in MI makes it even better with double closings.

Legit double closings mean eliminating risk, shaving thousands in holding, borrowing and closing costs, and of course delivers immediate cash back in your pocket.

Yet, some investors and entrepreneurs might consider this mountain of money they are stacking up simply a side benefit or perk of flipping homes in MI.

How could they possibly?

Yes, this kind of income and wealth building might come with some serious bragging rights, can be great for massaging the ego, and the toys it can buy can make you feel great for a while, but…

Once you hit a certain level of financial freedom and security, the happiness quotient more money brings you really starts to decline. That doesn’t mean slow down or you shouldn’t turn all the houses you can to fulfill your maximum potential and utilize the gifts you have. But, nothing really trumps or even touches the feeling that really helping others in needs brings.

Helping struggling homeowners and families should not be overlooked or dismissed, and the money that real estate transactions put back into the local economy in supporting local businesses, creating more jobs and enabling more people to give back more to build up communities and neighborhoods is priceless.

So MyCoordinator is here to help MI real estate professionals and investors with buying, selling and flipping houses and can accommodate double closings, but more than that we’re here to help all local professionals and business owners to lift up Southeast Michigan to new heights.

Looking forward to helping you with your next transaction soon!

 

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Jul 18

Has Southeast Michigan Finally Broken Through To Better Times?

Is Detroit’s bankruptcy a good or bad thing?

Michigan real estate and businesses have been turning around for several years, and the recent housing bubble and economic mess has been all but forgotten by many, accept for the opportunities it has left behind.

However, central Detroit has continued to suffer with vacant neighborhoods turning into warzones, public services and law enforcement becoming unreliable, and poverty a serious problem.

Efforts have been made to turn it around including new strategies involving bulldozing and rebuilding entire neighborhoods.

In the surrounding suburbs like Shelby Township, Rochester and others the woes of downtown Detroit can seem a world away, but certainly what is good for Detroit is good for the entire Southeast Michigan region.

In Oakland County new pioneers are innovating and looking to create a new generation of business startups and economic activity, while in Pontiac one beverage company owner plans to invest over a quarter of a million dollars in an art festival with goals of revitalizing the city.

While individual investors are trying to turn things around in Detroit one property at a time it’s been slow going. However, as many individuals and even giant automakers have recently seen, bankruptcy can be an incredibly positive thing. It’s a chance to reset and re-emerge in better financial shape and ready to plow ahead.

While there will be painful side effects for many, this is likely to be a pivotal moment that could truly and finally bring about a lasting rebound.

That doesn’t mean that everyone has to rush to downtown Detroit and scoop up every foreclosure home that they can get their hands on. Those that are still uncertain or who aren’t comfortable investing in the city will no doubt find that the ripple effect includes a significant boost to the surrounding economy and home values, driving up home prices, rents and increasing demand as many more are attracted to the area again or return home, inspired to be a part of the rebuilding.

The only question is; will you get in now and realize the best returns, or drag your feet and get in on the tail end once the best gains have already been had?

 

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Jul 12

MI Wholesale Properties: Finding Deals & Minimum Acceptable Due Diligence

Where are the best places for finding wholesale properties in Michigan today and what’s the minimum level of due diligence you need to perform to avoid a complete catastrophe?

Southeast Michigan has been a top spot for wholesale properties for some time but the dynamics of the local market are definitely changing, and not everyone is cut out for or wants to deal with the thrills of investing in downtown Detroit.

An industry veteran and real estate columnist from RealEstate.com recently suggested that one of the signals of new, growing areas and perhaps an important precursor to local job and house price growth could be watching coworking office spaces. This suggests both Troy, and Rochester, MI and their surrounding areas including Shelby Township may be locations to keep an eye on.

As the local housing market heats up even areas as far out as Clarkston look like they could offer big payoffs for both those flipping houses and the buy and hold crowd. Demand is up, but homes are still selling for a fraction of their previous and future values.

There are great wholesale property deals to be found throughout the Southeast Michigan region, and beyond foreclosures and non-performing notes, extended to ‘underwater’ lake front homes and those simply motivated to sell quickly as they pack up to head to Florida to retire.

However, a lack of proper due diligence can quickly turn what looks like a money making machine into a money pit. If that sweet waterfront home deal selling $400,000 under market has major septic tank and code enforcement violation issues you could be in for an expensive and frustrating ride.

Many investors have and are banking big on distressed Michigan properties without ever laying eyes on homes. However, this certainly lends some additional risk. If possible it’s smart to get boots on the ground and do a walk through to see the real state of the home and more accurately estimate repair costs. If you can’t, find someone local you can trust to do it for you. However perhaps even more important is having a title search performed and ensuring you have an investor friendly title company on call to facilitate fast double closings.

3 resources that can prove invaluable to your real estate wholesaling efforts in MI include:

  1. Home Depot’s online project calculators for estimating expenses
  2. Market Leader’s real estate lead generation calculator
  3. MyCoordinator for investor friendly title needs, searches, double closings and leads on wholesale properties in Oakland and Macomb County

 

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