Detroit Michigan - Investing in Cheap Foreclosure Real Estate

Detroit is well known for it's cheap foreclosure real estate. With Michigan recently ranked as the 7th highest foreclosure state in the US and with an estimated 42% decline in values, it's no wonder investors from all over the world flock to Detroit to buy cheap investment properties. Investors are buying properties in the city in some cases for under $10,000! The idea is to renovate the properties and rent them for cash flow until the market rebounds and appreciates in value.

However, many investors are finding the process to be very challenging. Local local investor, Jerry

Norton explains why: "Non-local investors run into 2 major challenges. The first is location. Detroit has some areas that investors should avoid no matter how cheap they can buy a property. Many of these out-of-state investors don't understand which neighborhoods are safe and which are not. The second challenge is renovating the property. Most of the cheap foreclosures in the city need renovated to some degree. Many investors struggle with hiring contractors and managing the rehabs long distance." Overcoming these 2 major obstacles becomes critical for investors who are counting on cash flow to sustain the investment. Until the property is actually rented, no money comes in. Norton has been assisting out-of-state investors acquire properties in Metro Detroit since 2006 when the declining values in metro Detroit started getting national and international attention.

"We understand what investors are looking for and the dynamics of investing in real estate long distance." states Norton. "Our model is actually pretty simple. We buy foreclosed properties at a discount in good areas, fully renovate the properties, put property management and the tenant in place and then sell the investment as a turnkey package at a wholesale price." Since January 2007 Norton and his team have sold over 150 such turnkey properties in the Metro Detroit area to investors from all over the US as well as Canada, Australia and the UK. "Investors love our packages because we really do take the guess work out it," claims Norton. by visiting his website at http://www.EquityServicesLLC.com, investors will see a list of available properties along with pictures, videos and a financial analysis for each property.