Detroit Real Estate

The key to flipping homes of course is to make a profit.  So many times I see first time home investors jumping in with both feet buying properties that may not make a profit.  I have seen some first time investor fail miserably.

Making a profit is not so easy.  The two biggest mistakes I usually see is: 

1.) The inability to estimate the cost of repairs correctly

2.) The over estimating of what the property will sell for.  This is important because if you are $5000 or $10,000 off that eats directly into your profit.  So when you look for investment properties be sure to know what the property should sell for after it is fixed up.

Have your real estate agent pull comps of the recently sold homes.  Don't be overly optimistic of what the house is worth.  Don't plan on selling the house for what the most expensive house has sold for.  That is what gets some first time investors in trouble.

So if you are a first time home investor estimate and re-estimate.  Have somebody experienced go with you.  Then don't plan on getting more than what recent homes have sold for.  Plan on a mid-range sales price and that will help you decide whether to buy the property or not.

                             Search Metro Detroit investment properties and sign up for the email alert list so you don't miss out on the best deals. 

Here is an explanation of what a BPO is a broker price opinion.  A BPO (broker price opinion) is when a bank or lender hires a real estate professional or appraiser to look at a property and to give their opinion of price.  It is the real estate brokers opinion of price based on recent sold homes in the area, the condition of the property, and the size and style of home.

Banks use BPOs (broker price opinions)to set foreclosure list prices.  Banks use BPOs to figure out what to sell a short sale home for.  BPO's are just an opinion.  Many times they are off.  They can vary on what the house is really worth.  It boils down to what comparables the real estate agent or appraiser is using.   Real estate agents usually get paid $50 to a $100 to do a broker price opinion (BPO).  A BPO is the major factor on how the bank sets price for the property.

I hope this explains what a BPO is.

Right now there are 47 Canton rental homes and condos for lease.  There are 13 Canton homes for lease as of today.  There are 34 Canton condos for lease starting at $875 a month.

If you are looking to lease and want to get a head start.  Here are the items you should have ready:

1. Credit report.  You should have a tri-merge credit report with all three bureaus with the three credit scores.
2. A financial application filled out detailing your work history, your credit obligations, who will live in the house, and your income
3. An employment letter stating length of employment, and yearly income.  Or your w-2's   
4. An letter of explanation for any credit issues you have had
5. Verification of rent.  If you have rented before get a letter from your landlord or have copies of your checks to prove you have paid your rent on time.
6. Bank statement 

So if you want your Canton lease to go smoothly gather up these things before hand.

Feel free to call me on my cell (313) 310-9855 or email  me at YesMyRealtor@gmail.com to get a list of the latest Canton rental homes or Canton condos for lease

Russ Ravary your local Plymouth real estate agent

Here are my positive quotes for the day!

Light tomorrow with today!

                                Elizabeth Barrett Browning

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Life is what happens to you while you're busy making other plans.

                                                              John Lennon

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Never look back unless you are planning to go that way

                                                              Henry David Thoreau

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Good fortune is what happens when opportunity meets with planning.

                                                               Thomas Edison

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Planning without action is futile, action without planning is fatal"

 

 

 

 Oakland County real estate

 Here is January's Median sale prices and the number of sales.  Now there is an interesting statistic.... the median sales price was up.  That is a good sign for the metro Detroit real estate market.

Here is more information about