For Sale (refurbished) $44,900
Est. Value to an American getting a mortgage: $101,000*
* Estimate by Zillow.com
It may be hard to believe, but certain American properties are available for prices that are way below the cost of building the property. Even below the previous mortgage held on the property. Yet these houses have tenants waiting to rent them at $775 to $850 a month!
Even though it’s a great market for bargains in USA at present, selecting the right property is still very important. That’s where our work and expertise pays off. We know exactly which properties offer best value. Like this steal of a property in Detroit.
Chosen to give you a highly profitable Exit Strategy
We really like this area. A better sort of place that tenants love. Also, very importantly, your future buyers will be happy to pay up for - giving you an excellent exit strategy.
We make an extra effort to get quality houses. Ones that will sell well in the future. A good rent is fine, but most of our clients are looking for a big payday in the not too distant future and that’s what we focus on.
Please do not confuse our properties with other stuff you might find on the internet at what appears a cheap price. We always win hands down on quality bricks for your buck!
Plus, we refurbish and line up tenant. Yes, that’s included in the price! All these houses need work to bring them up to Code, which is a City requirement in Detroit before renting. Including building works is a huge benefit too as getting work done well and at a reasonable price is a challenge anywhere. All hassle is taken away from you.
Rent payable around $775 to $850 a month!
From day one, the investor receives income from their property. No long drawn out process of trying to work out the right property to buy, finding reliable builders, finding efficient rental managers – all this is swept away and you earn from day one!
This particular house is just perfect for the rental market. Apart from being in a nice area, it looks pretty and isn’t too big. Some tenants are nervous about heating bills – aren’t we all these days! And it’s near schools and all facilities.
The Property
An attractive, chalet bungalow style brick built detached family residence:
· 3 bedrooms
· 1 bathroom
· Lot 5,227 sqft
· Built in 1938
· Living room
· Dining room
· Kitchen
· Full size basement
Property is sold with all works included to get past Code (rental condition).
The opportunity
This a clear opportunity to buy at far under market value. Please bear in mind that the same properties in same street can be on sale for a lot more than what you are paying here.
This direct from the Bank property has had a large mortgage written off on it, at a loss to the American taxpayer, providing you with this unique profit opportunity.
As you are buying under market value and supply of such foreclosures is dwindling, the potential for BIG capital gain is obvious. And in the meantime, you will earn good rental return.
Clear investment exit strategy:
Option 1: Flip by selling at a higher price to local US market who can access mortgages (often subsidised by US government). Streets we pick are typically selling now for twice what we sell for.
Option 2: Buy, rent and hold, then sell for much higher price later. We recommend 3 to 5 years for maximum benefit.
Option 3: A variant of option 2, except mortgage the property. As you’re buying below Bank valuation, there is a good prospect of taking out all or more than capital put in, and still hold for maximum capital gain.
|
US094 - Purchase Costs |
USD |
|
Price (inc renovation & occupancy fees) |
44,900.00 |
|
Notary/Legal Fee |
800.00 |
|
ITIN (Tax Number) |
200.00 |
|
Total Costs |
45,900.00 |
|
On-going Income vs. Expense |
USD |
|
Rental Return (year) |
9,600.00 |
|
Property Tax (per year)* |
1,826.00 |
|
Rental Management Fee (10% of income) |
960.00 |
|
Building Insurance (approx) |
1,000.00 |
|
Annual Cash Profit |
5,814.00 |
|
Return NET yields (Cash profit/Total costs*100) |
12.66% |
|
Estimated Current Market Value Now |
101,000.00 |
|
|
|
|
Estimated Market Value in 5 years |
130,000.00 |
|
Estimated capital growth over 5 years |
84,100.00 |
Credit is available in America, as long as you have good security in your property. Deals such as 5% fixed for 30 years are available! (Subject to status). Frankly, this is a no brainer for borrowers.
This attractive house is ideal for financing as only these better quality type of property interest banks and you are buying well below market rate. It’s entirely possible that you will recoup your money. Even take cash out! So owning a good property at no cost to yourself!
We don't expect you to take our word for it about how cheap this property is. Most of our clients buy at distance and we understand they require accurate information. So have a look at the valuation profile for this property:
And here is a snap shot of recent real sales of comparable properties nearby (not cherry picked, but fair selection to show you what this house is really worth!)
Prices are rising now
Don’t think this situation will last long. It won’t. Prices are springing up from the absurdly low levels. We have noticed a sharp decline in supply of cheap property from the Banks and there are bidding wars on many such bargains. Local and foreign investors are buying up such property Prices are now, in our estimation, sharply on the up.
Please note: it’s not really the wider housing market that is pushing the prices of these houses sharply up, but the dwindling in supply from Banks. With Government support to banks ending soon, Banks will have to charge a lot more to reclaim more of the written off mortgages. Get these houses whilst you can!
To secure this property Contact us now!
To purchase refurnished and let
Step 1: $2000 deposit + Notary fee of $800
Step 2: Payment $36,000 2 weeks later
Step 3: Final Payment: $6,500 after another 4 weeks (about 6 weeks from paying deposit)
Purchase price $44,500. No extra charges. (The conveyance charge of $800 is paid at beginning with deposit.) Clear Freehold purchase.
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