  Downtown_remix Member Username: Downtown_remix Post Number: 506 Registered: 03-2007 |
does anyone know when the next house auction in Detroit takes place? I really wanna get in the game. Also does anyone know info on the tax break offered for certain neighborhoods ? | ||
Belleislerunner Member Username: Belleislerunner Post Number: 373 Registered: 12-2003 |
There are a few commercial auctions coming up in Detroit -but not specifically the "residential" you were requesting... Oct - Tranzon http://www.tranzon.com/search. aspx Oct 15 - Hudson & Marshalls: http://www.hudsonandmarshall.c om/calendar.asp As an aside, has anyone been to "The Auction Block" on Greenfield in Detroit? Curious if good buys can be found. http://www.theauctionblock.com / | ||
Track75 Member Username: Track75 Post Number: 2630 Registered: 10-2003 |
If you're looking for a bank-owned home like those being sold at auction periodically there's no need to wait for an auction. There are thousands available right now and there are realtors who specialize in them. And from what I've seen the prices are better on bank-owned homes on the MLS. The auctions seem to attract a lot more potential buyers and that, along with the whole auction environment drives prices up. Also, there's a buyers premium at auction which increases the price 10% - 15% over the winning bid amount, and the bank usually reserves the right to refuse a winning bid if they think it's too low. | ||
Ndavies Member Username: Ndavies Post Number: 2794 Registered: 10-2003 |
There are also properties listed on the City's web site. http://www.ci.detroit.mi.us/pl andevl/realestate/Sales2006/Bi dSalesIntro.htm | ||
Downtown_remix Member Username: Downtown_remix Post Number: 507 Registered: 03-2007 |
great info. A buddy of mine from L.A came to visit over the summer and was blown away at our stock of homes available and at such "rediculously" cheap prices. We went on a hunt for the perfect 1st house we could flip and prep it for rental. We found an awesome 2500 sq for less than $50,000 just a few blocks from Boston Edison . Last week a family of six moved in (section 8 voucher, guaranteed rent, no other way for us.) Now were curious about what type of tax breaks are available, further luring us to buy more. | ||
Ndavies Member Username: Ndavies Post Number: 2796 Registered: 10-2003 |
The tax breaks available for a home are the neighborhood enterprise zone and Historic tax credits. The NEZ is available in certain neighborhoods and on new and rehabbed large developer projects. It's main target is primary residences. To get a project NEZed you need to NEZ 10 contiguous plots. Very hard for a small boot strap developer. Best to look in areas already NEZed. Do a search for NEZ here on the forum. There are a number of threads on the subject. http://www.michigan.gov/docume nts/2704_packet_113571_7.pdf There is also the state historic tax credit, if the home is in a recognized historic district. This requires renovation and the renovator to keep the property for a certain period of time. The credit goes away if the property ownership is transferred. http://www.michigan.gov/hal/0, 1607,7-160-18833_18873-54166-- ,00.html |
