Michigan foreclosures, Metro Detroit foreclosures, and Wayne County foreclosures

In the last 2 days I have seen over 40 homes and sorted through over a 100 Michigan foreclosures with an out of state investor.  One of the keys in buying right is buying a foreclosure in the right neighborhood.  There are more desirable neighborhoods than others in Metro Detroit because of long term appreciation.  There are many Michigan foreclosures, Detroit foreclosures that will bring good rental income and solid appreciation in all areas of Metro Detroit in the years to come.  Whether you are looking in Farmington Hills, Detroit, Dearborn, Inkster, Livonia, or Westland there are plenty of foreclosed homes to look at.

You can find hundreds of Michigan homes under $60,000.  With prices like that you should be able to get positive cash flow on your Wayne County or Oakland County real estate.  The key is to find quality neighborhoods that will regain their value and foreclosed homes that will appreciate in the years to come while providing positive cashflow. 

I did a comparable for a woman this year in a home in Detroit along Outer Drive.  She bought the home in late 2006 for $140,000.  One her street we 2 Detroit foreclosed homes that were over 1500 square feet that sold for $40,000.  Those buyers got a great deal.  A nice brick colonial in a solid Detroit neighborhood for $40,000.  A good deal in Detroit real estate. 

JUST BECAUSE A HOME IS $30,000 MAY NOT MEAN IT IS A GREAT DEAL IT MAY HAVE WATER DAMAGE, IT MAY BE NEXT TO A BURNED OUT HOUSE, A FACTORY, A HIGH CRIME AREA.    You want to buy a home in a neighborhood that people will want to rent in and live in.  Location is still key in buying a rental home or investment property.  Forget about the low price look at the past sold home comparables.  Look to the future.

I have seen $50,000 homes in Westland that one was in a rental area and one was in a residential area.  The home in the rental area will not appreciate as much as the home in the residential area.  It was not as nice, the neighborhood in the rental area was not kept up.  My investor could tell whether it was a good area by the way the homes were kept up and past comparable sales in the area.  We as realtors can pull past sales up and give you an idea of what the homes were selling for.  That could be a good idea of the return on investment in the future.

If you are looking for Michigan foreclosed homes go to my website www.RussRavary.com or email me at Info@RussRavary.com   Tell me what you are looking for, what cities, how many bedrooms, price range and I will send you a list of of Michigan foreclosures whether it is in Livingston, Wayne, Wastenaw, or Oakland County.  Search over 60,000 Michigan homes for sale on my website.   For more home buyers tips or home sellers tips visit my website over a hundred articles to help you.