Podcast: Crazy Sh!t In Real Estate TM

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.

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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:

1. Don’t quit on Detroit!
2. 3 and 4 BR brick homes are STILL selling for as little as $500 to $1,000.
3. 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

• Audio Production by Chris Mottram
• Show Notes provided by Mallard Creatives
• Cover Design by Two Minds Design
• Original Music by Rimsky Music

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