Summary:
Meet Kamal Cheeks, the man who’s reinvigorating the metro Detroit real estate market one property at a time. Listen as Kamal takes us through dark days of Detroit real estate, when properties were selling for as little as ONE DOLLAR, to the brightening horizon of today’s market.
Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting The Leigh Brown Experience.
Time Stamped Show Notes:
- 00:30 – Today’s guest is one of the leading realtors from Detroit…please welcome Kamal Cheeks to the show
- 00:44 – Also the current president of the Detroit Association of Realtors
- o 00:55 – Focused on preserving property rights in the Detroit area
- 01:05 – Detroit has been through some craziness unlike anywhere else in the nation
- 01:20 – Currently in the recovery stage, but struggling still
- 01:45 – Defining how Detroit is struggling
- 02:05 – The majority of properties are WAY less than you’d see across America
- 02:25 – Brick, 3 BR houses are selling for $500 to $1000 in property auctions
- 03:00 – How a foreclosure auction works
- 03:10 – Many of these bids are sight unseen—it requires a lot of caution
- 03:37 – Hire a realtor to do the due diligence
- 04:05 – In one block you can go from a nice neighborhood to what amounts to a demilitarized zone
- 05:00 – What due diligence looks like in Detroit
- 05:20 – Always serve a realtor who knows Detroit, specifically metro Detroit
- 07:35 – When shopping for property in Detroit, find a realtor that is plugged-in politically as well
- 08:30 – Right now there is a ton of money being invested in Detroit because the market has been so depressed
- 09:49 – Talking about the “Dark Times” of Detroit
- 10:08 – Tax foreclosure homes were selling for (literally) $1
- 10:35 – The Detroit Association of Realtors partnered with the Wayne County Treasurers Office to help get these homes sold
- 11:55 – Whatever doesn’t sell in the September auction goes to the October auction
- 13:00 – Get in touch with Kamal via Facebook, or Google the Detroit Association of Realtors, or call him at 586-298-1229
Key Points:
- Don’t quit on Detroit!
- 3 and 4 BR brick homes are STILL selling for as little as $500 to $1,000.
- If you’re going to shop around Detroit, you NEED to partner with a realtor who’s familiar with the metro area. This is a MUST.
Credits
