The housing market in Detroit, MI, is booming for smart investors. There is no better, surer, or safer way of making money than in real estate. The great news is, you don’t have to have a great deal of money to invest in this market when you are a part of the investment club. Why become a member of the club? Many people who would like to invest do not have enough money to do it alone. Many people lack the knowledge to purchase and make the property profitable, and for many who would like to invest they are not in the area to do the labor and oversight needed. All these reasons are why the investment club was created and will function to fill in all those gaps for Member Investors.
How does this work? To become a Member Investor, complete an application and submit with fee ($50 when submitted before March 30th, 2018. Afterward, the fee increases to $100.) There will also be an annual membership fee of $120 due upon membership approval. [These fees may change at anytime club deem necessary].
Once the membership application is approved the Member Investor can start investing. The minimum investment toward a property is set at $1500. There must be a minimum of 20 investors to purchase and renovate a property or a minimum of $25,000 in the pool. Each property target, will be placed on this site. Each property will be displayed on the site from purchase to either sold, or rented.
How Member Investors will make money on their investments. After the club purchase, renovate, and then sale a property the Member Investor for that particular property will receive a ‘equal share of the profit’ once the costs, fees, and taxes are paid. Payment and documents of the sales will be submitted to that investors within 30 days or less from closing. Current research show that depending on the amount of renovation needed for selected house, the progress could take anywhere from 6 to 12 months. This is the renovation to sold time. Properties will be inspected by the City of Detroit Inspectors and all required permits obtained. These services are fee based.
Properties will not be left unoccupied. Working along with the agenda of the city, to make sure renovated properties are occupied. Houses that do not sell right away will be made available for rental. When this occurs. Members Investors will be paid each January once the property taxes, costs, fees, and any expenses are paid. Once a buyer have been secured the sales process above will apply for payments.
Once a Member Investor has been paid in full for the investment toward a invested property and does not have an active investment ongoing he/she must reinvest the minimum ongoing investment funds to continue to make money on another property.