Upcoming Foreclosures

How do I find a foreclosure (fixer upper apartment) in Detroit, Michigan?

I want to buy an apartment, fix it up and rent it out. Where do I find one for around $20,000?

Public Comments

1. There are about a million of them for sale around Detroit. Open the newspaper. It will definitely be a fixer upper but you will do fine. $20,000 will cover the cost. Save a little for the repairs.
2. You can check out the foreclosure listings at the closest courthouse if you are local. Or you can go to www.preforeclosure.com and get the free trial just cancel before the seven days (they do require a credit card). I have done this before and they dont charge you if you cancel. (cancellation is easy) What I did was set an alarm in my phone just so I didnt forget. Another site ie www.all-foreclosure.com but the first one has more info.
3. Wow, do they have properties that cheap there? Find a real estate broker that works with investors. They can make sure you get information on distressed properties that meet your criteria.
4. Claudio, Everybody is looking for the same deal! Here are some suggestions. 1-4 unit apartments can be found at http://moveinmichigan.com this is not my website, but is the public one for Wayne County and most of southeastern Michigan. For other apartment buildings, you will have to look on a commercial website. Foreclosures on this site will be indicated by "corporate owned", "bank owned", "third party approval", or sometimes "as is". Before even looking, and this is very important, you will need to know something about building to perform repairs. If you have to hire out all repairs, this might eat away too much of your profits. You need to determine, how much you will need to rent out the apartments for and if the property you choose can support those payments. It makes no sense to me to renovate a building and rent it for a loss. You will need to know the laws for the city you purchase. Most cities require the building pass an inspection prior to occupancy. This could potentially stop you from renting any of the apartments. Also, some cities have yearly inspections that must be passed. I suggest by researching the process thoroughly before contacting a real estate professional or property management company.