Detroit Real Estate

Here is an idea of buying Michigan foreclosures to build your retirement portfolio .  So many Americans are financailly in trouble when it comes to retirement.   Our stock and mutual fund portfolios have lost value.  We all worrying about our golden years.    Add in that many people's incomes have been reduced by the economy.  So many people are not putting away for retirement.

So what are we do?  Here is my plan.  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.  Michigan foreclosures 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 Michigan foreclosure. 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 Buying Michigan foreclosures to build your retirement portfolio.

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