Engineering Detroit's comeback – Speaker Herb Strather
The great recession hit Detroit harder than perhaps any other major American city. When Detroit's major employers took a hit, the city lost middle class population and the real estate market went into a free fall. Detroit's neighborhood real estate values is now sitting at 10-30% of it previous value. Now that the economy is getting better and jobs are returning; how do Detroit and other cities get property values back up?
This is a catch 22 question. It's like squatting to leap and getting cooked in the squat. Appraisers rely on comparable but banks are still dumping properties at 10-30 cents on the dollar and buyer and seller cannot close deals that they have agreed upon because of the value issues There are very few good comps that appraiser can rely on.
How can you get good comps and property values stabilized again? I say by foregoing appraisers and using temporary seller financing.
For starters, most comparables in the "D" and many other cities are less than $30,000 which is the minimum loan amount for FHA and most conventional sources, therefore you could have trouble getting a mortgage because chances are you will not get a good appraisal to support the mortgage; furthermore banks do not want to make mortgages anyway because they have to put up cash reserves for each mortgage.
Smart sellers and buyers can get together and both share the upside. How you ask? Come to this special real estate investor's network event to get the answers!
Learn how to structure a stabilized value deal and put the equity put in your pocket –TAX FREE!
This approach has several benefits, namely:
- It stabilizes market values in the community
- It enables people whose credit is challenged, time to bounce back
- It allows the seller to get a fair price and
- It structures the deal for the buyer to pull out future tax free cash
Now comes CITIBANK with great financing to allow the above to happen more easily, consider this:
- 30 year mortgages as low as $10,000 (no points)
- Refinance existing balance after 90 days
- Refinance 75% after 12 months
- Scores as low as 580
Come and learn from an expert who is succeeding today --- get the low-down on financing real estate and closing profitable deals in today's economy.
| Event Date: | Thursday Aug 15, 2013 |
| Event Start Time: | 6:00 PM |
| Event End Time: | 9:00 PM |
| Location: | Wayne County Community College Cooper Conference Room 5901 Conner St Detroit, MI, 48213 |
| Primary Phone: | Mark Maupin 248-939-6232 |
| Primary Email: |
Real Estate Investing and internet Marketing resource sites:
http://www.MegaEveningEvent.com Real Estate Investing Michigan
http://www.meetup.com/MegaEveningEvent-com Event site Michigan
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