What To Expect When Purchasing A Detroit Land Bank Home
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- เผยแพร่เมื่อ 15 ก.ย. 2024
- I made this video to give you guys a look at what to expect when purchasing a Detroit Land Bank Property. For those of you that don't know Detroit Land Bank is a program that was started in Detroit to help revitalize the neighborhoods with the help of those interested in investing in the city. They offer rehabbed houses but they also offer homes in need of repairs many of which are going for $1000. These homes need a tremendous amount of work but some have a lot of potential. I have heard a lot of mixed feedback from investors about these homes. Many people are scared to buy them due to the cities policies on purchasing in regard to the required repairs. I made this video for anyone who has considered a land bank property and is curious to what these homes look like. I also go over a few things to consider before taking the plunge so you can decide if this is the right move for you.
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Instagram: / allhustlenocap
Would you invest in a Detroit Land Bank House?
Not sure , because there are issues with water lines being cut when your told it’s not. That could thousands if not tens of thousands.
Due to poor record keeping by the city it’s literally a gamble. I read land banks are exempt from any potential law suits because of this? It’s actually a smart hustle for the city but bad for the investor trying to get a head. What areas are good and what areas would you stay away from? Thanks for the replying
@@christopherbrooks5206 true that’s why as you maneuver you need to make connections. Investors do not pay retail price for repairs🙅🏽♂️
I do this in cali and Ohio. But tax liens or buy the land and get the property free
@@kingdre7492 you make good money doing it?
Yes
FYI, i was 28 when i purchased my Landbank house for 3k. Roof was good and only had to rehab the inside entirely. Spent about $40k. Now have been getting rent 4 years, my first year had a headache tenant right at beginning of COVID so i had to put her out but it’s been flowing ever since. Just recouped all my money this year and thinking of selling for $100k or just keep collecting rent. It was not easy but very much worth it. Sacrificed a few trips and parties but all the equity is mine. Best of luck to all. Own some shit!
you was ahead of the curve bro
Do you have a contractor that you would recommend? Or did you do the work yourself?
@@beeblu5043 I don't recommend anyone anymore. It's honestly just trial and error. I don't ever go back to any of the contractors I work with. Most of them are only about money and not integrity so I keep trying new people until I find the right one that deserves to get my service again. That's the toughest part about it honestly. I got "got" so many times but it's apart of the game
Ideally buy in an area where there’s not a lot of vacancies on the blocks surrounding the home one is purchasing and even better if the area homes are being well maintained … GOOD to see a young BLACK MAN doing POSITIVE WORK IN THE CITY and sharing his knowledge on how to improve OUR CITY 👍🏿
yea this is good advice but honestly any area can be profitable if the numbers are right but some will require you to be more vigilant
As a man with family members in the state of Michigan, I’m happy to hear about Black people who are building wealth in real estate. Much success to you brother.
Also it’s nice to have positive feedback from Michigan, not just the negative about Michigan. Great work champ!
Appreciate the love bro
Not to be a hater, but Detroit doesn't look wealthy.
@@msnos6245 i don’t think you a hater I just think you misread lol. Nobody said Detroit was wealthy, he said he happy to see people building wealth with real estate in Detroit. Detroit is building but is not a wealthy city but there are a lot of wealthy people within the city. So to clarify he was talking about building wealth through investing, he was not calling be city wealthy.
@@msnos6245Detroit has some wealthy neighborhoods you would know if you've actually been
Awesome video. I just moved back to Michigan from Texas. 12 years in home building and have my Michigan Builders License. Going to be searching for a house that needs a lot of work, gut the inside and put new exterior on to make my home for the next 10-15 years.
That’s the best way to move it’s not no shortage on houses that need to be remolded just make sure you get a good deal, you want to make sure when you done remodeling your house can be sold at a profit even though you plan on living there, it’s gon make things easier and give you more options whenever you decide to sell.
Hi, are you taking on any projects?
I've been thinking about buying a Detroit Land Bank home but that 6 to 9 months is short for us brokies, cant take your time lol. I saw one youtuber say the house just needs to be "habitable" before the DLBA will release their interest in the home. Meaning they only want to see the property clean, so landscaping done/exterior trash removed, interior gutted/cleaned, water and plumbing on and resolved (they quote up to $20k if your water line is cut), electricity on, windows and doors secured, and you have to have a tub, toilet, sinks, fridge, and a microwave. I'm not sure how true this is but it would be a relief for people interested if they don't have to do the dry wall, maybe flooring, and other construction immediately.
Lol you dont want to do things to cheaply, the best thing you can do is get on youtube and learn how to demo, drywall, yourself, the more you can do yourself the better you will be if you are low on funds.
you are well spoken man and killed me with the super crackhead comment; got a sub from me going to try to fix up a house by the Chrysler plant next month gonna be watching your content
Appreciate it, check out my latest vlog we just purchased a 2 family property on the west. And yea you got to keep your head on a swivel for them super crackheads they out here and they DIFFERENT!!
@@LegendaryLivesGone they come in all varieties
Your channel should be and will be 100k no cap. You stand on business and teaching the game when all these other channels all hype
Thanks bro
Hey bro,i got a house in Highland park that needs demo down to the studs. Do you know anyone? My name is Mike
@@michaelsimmons9613 yea fam I do it hit me on IG @allhustlenocap
Awesome!!! Great work rejuvenating the city!!!
✅✅
These small houses, seem like a good beginner project. especially if you find them with the brick, roof, and foundation is good. I would rip that vinyl off and paint the brick it's cheaper, and has the same effect. it does suck that the house probably needs 15k in windows and ac/heat alone though. Other than that good bones.
I actually don’t feel like this is good for a beginner because without some previous knowledge the scope of work might be overwhelming. On this house that brick was actually fake, they are like panels a few of these houses are like that. The house bones are good on this one for sure very sturdy!
Love of God don't paint the bricks just pressure wash them. Hit them with masonry sealant if anything but you will regret painting bricks.
If you did pick up a project like this I'd do the insulation drywall yourself.
Window companies will install with warranty.
Look for suppliers with financing you could get this done yourself for not much down
Doing windows isnt that hard either if you can do drywall and insulation you can put in windows, personally I would try to do as much of the work myself especially if I was just starting with limited funds, also I like to have hands on experience in most aspects so I know what to look for when hiring out, but....Plus I liked to be informed when talking to professionals to make sure im not getting scammed
lol @@Rays_Bad_Decisions
@@AllHustleNoCaplove the feedback in the comment section i'm just soaking up all the knowledge brother keep doing your thing🎉🥳✊🏽
@@kellykelly5128 thanks love
👄Good information THANKS👍🌻
Thanks Luv
This was a great help bro. Exactly what I was looking for
Glad I could help
Hell yeah
@@7m75. fa sho
He said it won’t keep the super crackheads out 😂😂😂😂😂😂 great video b
It won’t…😂
6-9 months for a "normal" sized house isn't bad. You are putting yourself at risk if you discover something real bad (like a new foundation that requires probably scarce labor), but it sounds like the city does give some grace if you're making progress. I did see on the land bank website where it says that it either needs to be livable in 6-9 months OR demolished. On the City of Detroit website, they have a timeline of over 12 months for the average demolition, but I think that's just for when the city does it?
City drags their feet with demo so the numbers are just a rough ideas lol
Ty for the video.
Thank you for watching
“ it a keep a regular crackhead out “😅😂
yes crackheads are not created equally
Yeah
yes sir
Appreciate the video, looking into potentially buying one in the future but it’s not a ton of relevant videos on it.
I’m glad I could help
Great info, thanks for the video!
Glad I could help
Good looking iNeeded this video
Don’t forget to sub
Not a huge fan of pex, but at least scrappers will realize there isn't any copper to steal
I like pex because it’s cheap and easy for the plumbers to work with so they can get in and out of repipe jobs, also in the cold Michigan weather pex is able to expand so if has a lower chance of a pipe bursting. Copper does add value to the home tho.
@@AllHustleNoCap -- i'm just wondering what we're going to find has been leaching into our water 50 years from now from all of these plastics. I don't mind it for showering and washing dishes and flushing toilets. I'm still a little bit wary of drinking water and cooking water that has gone through pex tubes. But since I don't really have much of a choice, and even buying bottled water still means it's been sitting in plastic, what I do is let the cold water run for a minute to flush out anything that has been seeping in, and then I fill the cooking pot or glass after that
@@TakenTookcopper is a hard metal … it leaches into the water as well
@@CoggsB -- But copper is actually an essential mineral for proper metabolism in humans and most other animals, bacteria, etc., It is used by our bodies as a cofactor for several enzymes. Plastic doesn't have any legitimate use inside the body, and has some detrimental effects.
@@TakenTook I agree with this however the only thing we can do is filtrate the water, I’m wondering if the water companies are using this material internally as well 🤔
In Pittsburgh Pa if one buys a house through the city that person will have two years to bring it up to code.
Seems like a similar program
Thank you for the content. I’m from Detroit also and considered purchasing from the land bank. How could I reach out to you?
Follow me on IG you can DM me @AllHustleNoCap
@AllHustleNoCap can I send you a follow up Maybe you can help me. I have some questions if you don't mind.
Great content!
Appreciate it
1:23 😂😂😂 funny but true
But true
let me know if you need a good electrician in detroit. loved this vid haha
I appreciate you for even watching it. What them prices like? Follow me on IG we can always network!
I need a licensed electrician
@@ruvimbejan2147 send me a message on IG
You got a subscriber
Thank you love 🙌🏽
good info dude
Appreciate it bro
It takes time and money for a full rehab who got it like that
You’d be surprised it’s a whole lot of money in Detroit I work with people all the time that buy these consistently. But if you don’t have money you can always get private loans. What I don’t have time for is going to work at a 9-5 for 40 years
@AllHustleNoCap I'm not trying to sound smart but who is going give me 50 or a 100 thousand dollars
@@nyyt854tufc private investors as long as you pick a house that’s worth it. They do it all the time. Like every single day! You just have to have a property that is worth it because if you don’t pay it they take your house. The home you pick is the collateral, so if you end up not paying you would end up losing the house and any money you put into it but if you do it the right way you shouldn’t have any issues
Please pick up your feet when you walk, Lol!!!
They don’t pay me enough for these videos yet 😂
@AllHustleNoCap it's all good, appreciate the video. Who did you use for roof repair, if you don't mind me asking?
@@redmor1516 I don’t have a roof guy fr. We do most work except roofing and concrete. I am looking for both of these people but good people are hard to find.
If you need gutters, I can supply seamless gutter material. God bless
Thank you I will keep this in mind
How did you get around the possibility of the water line being cut before purchasing your investment? There have been a lot of problems with this since the city kept very poor records ,and people purchasing these houses being told the water line was never cut but found out after spending tens of thousands of dollars on rehab work to find out that wasn't true and your stuck with 10k or less and some cases more? Thanks 👍
Wonder what the ballpark square foot cost is to do a minimum Code renovation of this house.
This is probably going to be 40-50k renovation.
How to we contact the people for these-Georgetown SC
I only know about the Detroit area
“Super crackhead” 😂
But if you ever need help selling one of your flips, you can get at me or if you need funding for repairs
Hey Micah always looking to network hit me on IG @allhustlenocap
good morning are there any kind of government loans to help purchase materials or help with a loan to fix it up??
not sure, probably so but Im too lazy to deal with loans and grants
Omg thank you I want to start buying detroit land bank i have money for the purchase but not for the repair. Do you know any provate money lender will work with first time investor?
Most of them will for them it’s about if the property is worth the value more than your experience because if you don’t pay them they will just take the house and sell it but if your first flip I recommend finding a more expensive house that needs less work as a starter project for example it might be better to find a house that’s 25k that needs 10k worth of work vs a $1000 house that needs $50k worth of work. A lot of times you can come out better not buying landbank plus you also won’t have the restrictions
@@AllHustleNoCap okay thank you for the advice.
@@tamarathomas6380 no problem🙌🏽
I would be able to a lot of the work my self like demo, electrical, plumbing. If I get a home owners permit would I be able to do all of that kind of work my self and the inspector be okay with it?
Yes if the work is done correctly the inspectors are not that bad to work with
Okay, one of my biggest concerns is permits, I dont know about them at all. all I have ever been used to is doing work at a house and trying to hide all that work so that nobody from the city comes by to see a permit. What I wanted to know was if I had a home owners permit would I be able to do any sort of work like plumbing and not get fined for it.@@AllHustleNoCap
@@AllHustleNoCap50- 60k
But what's the comps of that area
@@theman-kq2uj I’m not sure of these specific comps, this is a house that I was working on for another investor that works with land bank homes, hopefully they ran some comps
any other ways to find funding ? other than saving
yep there are a few ways other than traditional loans, you can look into Hard Money loans, and private investors, or maybe a like minded group of friends could save money together but I don't recommend this unless you got the most solid friends the world because this works better when you do it alone in my opinion, or atleast when you are first starting out.
How many of these have you done?
@@Topsquadjapan I have worked on over 50 of these homes at this point for various investors
If you buy one do you have to fix it all up right away???
Really as long as they see you making progress they willl be fine but you should actively be working on it you cant let it sit for 4-5 months before you start back working on it
Good info my man ! 👌🏾
Appreciate it!
Hi and how are you or how everything going there bout your house work please
Hey this wasn’t my house, I work with people who buy the homes to help with repairs but personally I have never bought a landbank house I can usually find better deals that need less work, watch my other video about the 2 family property I bought a few weeks ago
You saved me bro! I was thinking of getting one, but I didn't know you had to repair it within a few months.
What are good neighborhoods with cheap homes?
Man really it’s not about what neighborhoods got cheap houses, it’s about finding a good deal wherever it may be if that makes sense. Imma do a video on how I find deals real soon!
They’ll usually give you an extension if you’re making responsible progress
@@MsChubbyface this is true too
I need your help! Wya?!?!
instagram.com/allhustlenocap send me a DM
Can investors from other states buy from the Detroit Land Bank? No websites have the answer to this. I want to buy and sell houses in Detroit and I live in Las Vegas.
Yes you gotta go threw an application process that takes a couple months. Maybe form a company there I can't remember exact requirements theres other videos on it if you look
thanks for the info
Super crackheads😂😂😂😂😂😂
Its levels to it.
The biggest thing is needing a contractor who is fair and does good work. I see that you gave someone your IG handle but I don’t have IG. Do you have an email address that we could reach out to you?
IG the best way to get me