Rental properties in Detroit at 50% below market value
Rental properties in Detroit at 50% below market value
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Home Page > Finance > Real Estate > Rental properties in Detroit at 50% below market value
Rental properties in Detroit at 50% below market value
Posted: May 11, 2010 |Comments: 0
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Rental properties in Detroit at 50% below market value
This is the best time to invest in properties in Detroit. Mayfair Group provides true income-producing properties in Detroit and the price quoted by the Group includes the miscellaneous expenses such as the legal costs, refurbishment cost, title insurance, project management cost, brokerage, first year property taxes and building and liability insurance cost.
Detroit stands at No .1 in Michigan in housing market
According to the 2010 Housing Predictor forecasts, in Michigan Detroit stands at No. 1 position with an annual forecast of increase in average price by 21.5% in 2010.
Detroit-based auto industries show profits
Detroit is famous for the three world’s largest motor companies.GM Motors recovered from losses of 2008-2009 and it held the No. 1 ranking position in Q1 2010.
Ford posted $2.1 billion Q1 2010 profits, which is 34% more than 2009.
Chrysler posted 24.8% Q1 2010 profits, which is 1.9% more than 2009.
Shortage of 30,000 rental homes in Metro Detroit
Over 9,000 tenants from Section 8 are searching for high quality homes on rent and 9,176 families are registered to HUD housing choice waiting list. New job opportunities in the city will attract new employees to the city, which may further raise the demands for homes on rent. Poor credit rating of many local buyers weakens their eligibility to get these low cost homes.
New employment opportunities in Detroit
New hiring in GM Motors
GM Motors announced to have fresh hiring in Detroit-Hamtramck plant. General Motor’s Chairman and Chief Executive, Ed Whitacre Jr. announced on April 21, 2010 that the company will invest $257 million in the plant in Detroit-Hamtramck and Kansas to manufacture the next generation Chevrolet Malibu.
Detroit Medical Centre investing to create new jobs in IT and health sector
In March, Vanguard Health System announced to spend $850 million for the improvement of health facilities in the city. New jobs will be created in health, IT and construction sector.
Henry Ford Health System’s plan in Detroit
In April, Henry Ford Health System announced to invest $500-million in the city, which includes work in 300-acres of residential and commercial area, retail development and constructions around the West Grand Boulevard campus.
Canada offers $550 million for Detroit-Windsor Bridge
Canada offered to pay $550 million for the Detroit-Windsor Bridgeand the offer will create at least 10,000 new construction jobs and 221,000 jobs in Michigan.
Blackstone Charitable Foundation and Wayne State University
Blackstone Charitable Foundation announced a 5-year plan to invest $50 million to support entrepreneurship in Detroit through higher education.
High standard 3-bedroom homes provided by Mayfair Group
The fully inclusive price for three-bed detached house starts from $41,495 which includes the U.S. legal costs, Title Charges, City Tax, Recording Tax, Title Insurance Fees, Bank Charges, First Year Summer tax, First Year Winter Tax, Connection of Utilities, Internal and External Refurbishments, Occupancy of Tenant, First Year Building Liability Insurance, Sourcing and Placing Tenants, Project Management Cost and Brokerage.
Purchase process for getting the hands free properties is simple and very easy. The property is managed by local partner of Mayfair Group in Detroit, which manages more than 400 properties. Three bed rental properties can provide yield up to 14% to 22%, and the rents can be paid up to 95% by the state. The investment money can be earned from 5-6 years of rentals and monthly rent varies from $800 to $1000.
For more information log on http://www.mayfair-group.com
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Questions and Answers
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If I live in America for six months and six months in the United kingdom, do I pay tax in the both countires? If I have no income in America but rental properties and occupational pension from the UK?
Is there an advantage to taking out a mortgage on an existing rental property that doesn’t have a mortgage now?
I have 75k credit card debt & just sold my house to my son & daughter in law to pay off home equity loans so the house is no longer in my name; I sold it for fair market value.can i dec.bankrup?
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mayfair group, detroit investment property, detroit property investment, detroit property, usa property, properties in detroit, property in michigan, foreclosure property in detroit
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