Podcast: Crazy Sh!t In Real Estate TM

Crazy Shit In Real Estate

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

Crazy Shit In Real Estate Episode 6: Kamal Cheeks

Aired on:
September 23, 2016

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...

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