Do you need more money to do your deals?  we all do! 

If you are a serious real estate investor - the time is NOW!  Lenders are going to dump tons of properties on the market very soon and you will want to have the cash to buy them. 

Check this out to find out more:  http://www.michiganrealestateinvestors.com/Events.aspx?ID=Finding-Private-Money-11-0-1-9-17-2011

We also have our meeting tonight to talk about this topic also - print off a free guest pass from our website: http://www.michiganrealestateinvestors.com

248-394-0150 to find out more about Michigan Real Estate Investors

Oh boy, I am not sure what to say on this one, but I feel the necessity to post something on this topic of the Scams in Detroit

Many, and i mean many, scams are going on right now for properties IN the city of Detroit. I am not talking about metro Detroit, but in the city of Detoit there are many investors selling properties (many times in war zones) to out-of-state or out-of-country investors. 

i was recently in the UK and several investors approached me regarding some of their "Detroit" homes.  They had shared with me that they were told the values were $45,000-$75,000.  They also said the management company they had been set up with had told them the 1 home been vacant the entire time.  Odd, as vacancies are fairly low in our area if their is a good/honest property manager in place and they are asking market rental rates.

I told the copuple I would "check out thier two investments" in Detroit.  I had 3 people drive by both homes - BOTH are rented and one is in a very dangerous - bad area (see the picture of this gem below).  Hmmmmmm   So I decided to call the company that sold them the investments and ask some questions. I never told them whose homes I was checking on. I told them who i was and that i lived here and was checking out these investments for a few people.  I asked them where they got the values from.  Of course, they said they would not discuss their information with me, but only thier UK investors.  Go figure.....

Today, I was discussing with one of my Private Investigator buddies what he has been up to lately. He said dealing with a bunch of "scams in Detroit".  I said, "really? Like what?"  He proceeded to tell me about a huge ring going on and with several well known seminar gurus (one of whom is an attorney).  There are title, appraiser and property management companies involved.  ALL scamming people out of their money and investments. I won't mention companies or names, because some of it is currently under investigation with the FBI.

There are stories after stories I could share with you.

Now, with that said, I must say, not all deals in the city of Detroit are bad.  I do not personally invest in Detroit because it is too far away and there is a lot of crime.  The management intensiveness of the city is not for my style or portfolio.   I have also sold to properties to out of state investors in Michigan based on cash flow (since we have the best in the country - in my opinion) BUT each of my homes I personally purchased knowing it could end up in my personal portfolio (and some have).  I also hand pick them one at a time.  I only pick them in areas that are safe.

If you are thinking of investing out of state or investing in Detroit, I recommend you VISIT the property and see the area for yourself.  Do references from others that have purchased the homes.  Make sure they have been in the deals for over a year.  This way they have a better track record to share with you. Do not rely on a sales person to emblesh on the truth. It is YOUR hard earned money, so invest it like it is.

Here it is - the "$45,000 - $75,000" valued home sold to a UK investor - worth about $100.00

Can you really flip commercial deals? 

Recently my friend, Jerry, put a commercial deal under contract that I wanted to buy.  I had no idea it was Jerry until a few months passed.  He bought the deal for 285k and sold it for 350k and NEVER PAID one dime!  Thursday night Peter Conti and I are doing a webinar on how he does this also.  He works with Jerry on many deals. 

You can register here: http://www2.onlinemeetingnow.com/register/?id=ae1d6ac946  for no charge - Thursday night 9pm EST.  If you can't make it you can register anyway and get the replay link sent to you a day or two later. 

Chat soon!

Are you having a problem getting off ground zero?  Getting started on anything?  especially your real estate investing?

Join me and my special guest to learn:

* How to get off of ground zero
* How to stay motivated
* How to begin playing to your full potential
... * and much, much, much more

Tuesday night 8pm - register here for the webinar http://www2.onlinemeetingnow.com/register/?id=f0dae5cd07

Wow in July our event is going to be a HUGE summit with lots of vendors doing demos (Home Depot and Sherman Williams) and many speakers - 30 minute sessions - and a LARGE silient auction of real estate courses - that will be bid off that night for our charity of choice - Christmas in Action - YOU will get the benefit of buying very expense real estate training for great discounts! 

Mark your calendar and be there.  If you have not attended yet - print your guest pass on our website and invite a few friends.  If you have attended and are not a member, you will want to join on our website.  It is only $97 for an entire year of education, networking and investor discounts.

visit our site:  MIchigan Real Estate Investors Website

Call our office to find out more:  248-394-0150

If you are a Michigan Real Estate Investor you need to be at these meetings!  Tonight we have a MERS attorney talking about the recent cases.  We also have a tax attorney that will review your returns (2009 and 2010) FREE!

Lease Options and Land Contracts - the pros and cons of each will be the main topic.

July we have an expo and August we have a short sale panel.

http://www.MichiganRealEstateInvestors.com to print out your free guest pass - to attend the next meeting.

We meet the 3rd Thursday of each month in Troy at the MSU center.

The meetings are for real estate investors and real estate agents that work with or want to work with investors.

Shortsale seminar all day for real estate investors with Shaun McCloskey

find out more here on my site - to get the details and a video from Shaun

What works in today's market and how you can do shortsales as a real estate investor Shaun is the best of the best.

Mark your calendars to be there.

Tax reduction workshop on Feb 19th in Troy - all day.

John Hyre who is an accountant, tax attorney and real estate investor will be teaching an all day class. He owns the largest tax practice in the country for real estate investors. He is funny and entertaining on stage, but is fierce when it comes to fighting the IRS.

Visit the Michigan Real Estate Investors to find out more about this event and visiting the evening of Feb 17th for a preview.

Visit the site and print a free guest pass to visit the night of the 17th, but mark your calendar for the 19th.  You will want to be there, I gaurantee it.  Also that night will be Judy Trepeck sharing how to fight your tax assessment in Michigan. Bring your assessment with you. 

The event on Saturday -

Call the office to find out more 248-394-0150

Assignment of Mortgages? What are they and how do they work?  The latest HYPE in the real estate investing world.

I have been asked a lot in the past few weeks about the topic of assignments of mortgage.

There is no real such term "assignment of mortgage" as far as the mortgage industry is concerned (well there was many years ago)  There are VERY few mortgages that would allow an assignment at all in today's market.

The hype you are hearing about is nothing more then assigning a subject to deal.  You take the deed to a home and then assign it or sell it to someone else. That is it!  Check out my article on subject tos to learn more on how they work and differ from lease options.

I will tell you what I do NOT like about the idea.  I feel that unless EVERYTHING including all of the risks are outlined and signed off by the seller, that it is really a very risky thing to do.  It is risky for the owner and they have no clue on how risky it is. Heck, lots of investors have hurt homeowners when doing subject tos that they couldn't pay on.  Now turn  over the deed to someone already in trouble?  Yikes!!!!!!

I wouldn't touch them with a 10 foot pole unless the seller had an attorney or did the final approval on the buyer. You think cooperative lease options are risky for the owner?  Try one of these....the seller has zero recourse (unless a provision has been put in there for it).
One way to protect the seller is to have the seller or their attorney hold a quit claim deed from the end buyer (that you assigned it to) back to the seller if the buyer doesn't pay them or defaults in some way.

Now, I do buy on subject to and wrap the property to an end buyer, but I always stay in the middle of the deal to be the protection for the seller or old owner.

Read my book on Investing with Lease Options and Subject Tos before considering my course or anyone else's on subject tos.

Thoughts?  other input or things I might not have heard about with the latest hype on this technique?

Michigan Real Estate Investors is starting tomorrow night at 6pm EST in Troy, Michigan.

Learn how to make money in Michigan or the mid-west right now!  What is working and what is not?

How do you find private money?

Not in or near Michigan?  Tell your friends who are.

You will not want to miss this meeting. Check out the website to find out more and to print off a free guest pass.

If you don't have a printer, then you can fill on in at the door, but to save time, print it out before you get there.

http://www.MichiganRealEstateInvestors.com

See you tomorrow night!!