Posted by Blane (MI) on July 24, 2007 at 12:08:51:
Shelley,
Click on “Real Estate Clubs” on the main Newsgroup page, go to Michigan, and a ways down is a group called “Western Michigan Property Investors Assn.” located in Muskegon. Perhaps they can help. It seems to me there would be a lot of vacant rentals around there (I grew up near there) where it wouldn’t be a problem doing a lease option. Good luck.
Blane
A lease option in Michigan? Are they all gone? - Posted by Shelley
Posted by Shelley on July 24, 2007 at 09:19:09:
We are looking for a lease option in North Muskegon, MI, but it seems no one is offering this in Michigan anymore. I have tried looking for investor groups, but with no success. Is there a good resource for locating owners offering homes on lease option? There used to be a Michigan investor group that with the cash given them by the “buyer”, would negotiate and buy For Sale by Owner homes and “sell” them to the buyer on a lease option. Do these types of organizations exist anymore in Michigan?
Re: A lease option in Michigan? Are they all gone? - Posted by Eric (MI)
Posted by Eric (MI) on July 24, 2007 at 18:44:32:
I am loving the market here in Michigan. Sellers are being forced to basically give their houses away because the market is so saturated they can sit for well over a year or two. Buyers that can’t get traditional financing but have money for a down payment are everywhere as well. When I run my ad in the paper I get 40+ calls a day when looking for someone to put in a house and quite a few end up being worth working with.
are there ANY sellers in Michigan? - Posted by BigV
Posted by BigV on July 24, 2007 at 10:19:00:
Shelley,
From what I know about MI, and I don’t know a whole lot, but… the state has THE WORST RE market in the country. I’d just make L/O offers to properties that have been on the market longer than 365 days.
From what I hear, you can actually lease an executive house there and pay a fraction of what your monthly payment would have been if you bought it. There seems to be many vacant executive level homes that are sitting vacant and some owners would rather have someone occupy them then have them sit vacant. Look into it/
Exactly. - Posted by James
Posted by James on July 25, 2007 at 06:09:26:
There’s money to be had everywhere here. Other people’s problems = many, many motivated sellers.
I’m not sure why some people think Michigan is so bad for RE investments. Cheap houses = great rentals/cash flow.
Re: are there ANY sellers in Michigan? - Posted by Shelley
Posted by Shelley on July 24, 2007 at 10:38:42:
You are absolutely right, Michigan has the WORST RE market! I think your idea is terrific. Since the market is so bad, there are several hundred homes that have sat on the market for well over a year. I’ll look into that, thank you.