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International Frequently Asked Questions

We specialize in helping international investors successfully invest in Detroit properties. The following are some frequently asked questions from our international investors.

How is property ownership transferred in the state of Michigan?

What is title insurance?

Who pays for title insurance?

How long does it take to convey or close/settle on a property?

What is an earnest money deposit (EMD)?

Are there any restrictions on non US citizens buying property in America and specifically Detroit, Michigan?

How do I buy a Detroit property as a non US Citizen?

What is a HUD-1 statement?

What is a purchase and sale agreement?

What is a “proof of funds”?

What are closing/settlement costs?

What are prorated property taxes?

What’s the catch?

Short answer: There isn’t one.

Long answer: There isn’t one. We buy properties. We rehab them to rent or rent to own. You invest in them. We both expect to make money.

How do I buy one or more of your properties?

Contact us by the method of your choice, telling us the type of property you want to consider, and we will send you a selection of properties presently held within our portfolio which meet your preferences.

What do I get when I buy one or more of your properties?

When you buy from us you not only get a property in an excellent neighborhood, you also receive:

A property free from liens and back taxes with a marketable title

Rental agreements and paying renter

A final water bill readout

A secured property

A completed City of Detroit ACR

Title Agency representation

Access to our exclusive contacts including contractors, property managers, mortgage brokers, insurance agents, and other professionals considered the best in the business.

What is a City of Detroit ACR?

ACR stands for Affidavit of Compliance Responsibility. It is a mandatory City of Detroit house inspection that must be completed every time a house is sold. The city inspects the property to determine what repairs need to be completed to make sure the property is rehabbed correctly and safely. The buyer has six months from the purchase date to complete the repairs and get the house reinspected.

Unfortunately, this list is far from comprehensive, which is why we include our own rehab checklist and contractor estimate. This will ensure that you are certain about what repairs need to occur. We coordinate all of the inspections and leg work for getting the ACR from the City at the Coleman A. Young building in Detroit.

When and where do I need to submit my Earnest Money Deposit?

When we accept your Purchase and Sale agreement you will overnight your certified funds to our title company. We will contact you with the address information.

Do you own these Detroit properties?

Yes, we buy our houses from banks, investors, and homeowners to resell. We obtain a clear title for each property we are selling.

What payment methods do you accept?

We Accept:

Cash in the form of a wire transfer

Investments from Self-Directed IRAs like Equity Trust Company (ask us for more information)

How are you providing such great deals?

We provide such great deals on Detroit Investment Properties because we have such great contacts with Foreclosure Realtors, asset managers, and other sources not available to the average investor. Our focus on the best areas in Northwest Detroit and Warrendale at prices that create the greatest rental cash flow to our investors makes these the best deals available.

What can you tell me about City of Detroit property taxes?

City of Detroit property taxes are inherently high and will make the difference between you having a cash flow investment property and an alligator that you have to pay money on each month. All of the properties that we purchase are pre-screened for taxes to make sure your investment will cash flow. Property taxes are calculated on the SEV (State Equalized Value), which is approximately half of the assessed value. These SEV values can vary greatly from house to house even in the same neighborhood so make sure you do your homework.

Who collects the rent?

Our management team collects the rent each month and remits your income minus 10% management fees

Do you just offer another company’s Detroit foreclosure list?

We own all of the properties that we sell. Many Detroit foreclosure lists that we see sent around contain sub-par houses and usually have many people in between you and the seller.

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December 2nd, 2011
Topic: DEVELOPMENTS PROJECTS, Money & Investments, REAL ESTATE Tags: , , ,

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