Posts Tagged ‘Detroit Real Estate’

Winston: Before and After pics

Wednesday, May 26th, 2010

This property is typical of houses that need renovation, in that there will always be more work need doing than first thought. And why it is a wise move to leave this risk to us, who deal with such issues every day of the week.

The bathroom looked OK from a short inspection, but later, when our work crew got to work, we found that water ingress from the bath and shower, with  poor ventilation had rotted timbers in the wall. These had to be pulled out and replaced, along with a new floor, new wall surfaces and completely new sanitary units installed.

This work could have run into thousands for the ordinary owner who didn’t have permanently employed and experienced refurbishment personnel to hand.

Lots of other work has been done too:

- The plumbing has been revamped, with new boiler installed.

- Check and make sure electrical system makes Code, including fit new lights where necessary.

- Replace drywall in top floor bedroom

- Replace flooring in kitchen and new sinks, counter tops, new splashbacks and general makeover

- Re-point defective brickwork

- Sort out damp cupboard

Clean and varnish floors

- Re-decorate all house, walls and ceilings

- Trim trees and clean up yard

- Plus numerous sundry jobs

All this done and the property was still sold for 50% less than local unrefurbished prices! Another owner who nows owns a decent property ready to rent. And who will, given some time, pocket handsome profits.


US076; Just a reminder…

Tuesday, April 6th, 2010

Of how the property looked BEFORE it was fully renovated. Just about everything in the property needed redoing; from the plumbing to full redecoration. Now the property is unrecogniseable and will make a great home for someone.

US076: Job Done!

Tuesday, April 6th, 2010

April 5th 2010

This elegant, Tudor style property has now been restored to its former glory.

A wide range of jobs have been done: Hardwood floors shine, walls are repaired and look smart with new paint. Kitchen is new and bathroom looks great. Plumbing and heating are restored. Plus a range of smaller bit essentail repairs, such as new light fittings, new carpetting and sockets.

All now looks new, from repainted basement to roof. The owner is now in possession of a valuable property.

We estimate its value as now nearly DOUBLE what the client paid just a couple of months ago, with room for price to go further over next couple of years and beyond. If that isn’t a cracking investment, we don’t know what is!

We keep repeating the mantra – this is a once only opportunity to buy good American property for…peanuts. It’s very much for real, as this project illustrates. The key is to select a bargain like this house and let us take the hassle of refurbishing it. That way lies big profits.

US073 Cheyenne; Work well under way

Tuesday, March 2nd, 2010

This nice house is shaping up well. After removal of old carpets, repairs and painting has commenced. Repairs include replacing of old lights with smart new ones. Making good damages to walls and sundries, such as air vents and doors, and some plumbing - making sure everything will function properly.

Stairs to the basement have been covered in hard wearing tiles. And down there, further work has been done on the furnace. It’s proving a tricky machine to get running as the model isn’t common. However, we’ll find a suitable replacement.

Last major job is fitting the kitchen. The previous owners left in midst of refurbishing their kitchen and we have a “bare canvas” to work with. Once done, this will finish off a super house that will provide an excellent home for its tenant and good income for its owner.


US077 St Mary’s

Thursday, February 18th, 2010

Tidy Up

The crew have pushed on well and just about finished this off now. Kitchen is looking very smart with new plumbing and decoration.

The hallway and staircase have been laid with very hard wearing green “grass” like material and the stair tread in non slip rubber. These material could be used outside such is their resistance, but inside they should protect the floor from hard use.

That’s one of the main points about renovating for tenants as against just for resale – reducing future maintenance is important. Keep paints and carpet neutral (hence beiges we typically use for carpets) and put down low maintenance surfaces like vinyl tiling.

Blinds have been put up (a lot of windows!) as required for general renting and work items are now being cleared for city inspection and tenant viewings.

US077 St Mary’s; Works almost done!

Wednesday, February 3rd, 2010

Photos from 27th Jan 2010

Great progress has been made on this property in the past two weeks; it’s really unrecognisable as the same place.

A door now separates the two apartments, with the staircase refurbished (see rubber treads for a neat utilitarian finish) and the whole place finished in a lovely white/cream decor which sets off the elegant interior.

A number of new lights have also been fitted and the usual overhaul of the electrics to be ready for code inspection.

Quite a bit of work has gone into the kitchens, which have been rubbed down, repaired and painted. They will now look attractive to renters, as does the whole place.

And the new beige carpet finishes it all off.

We really like this property now. To be frank, we aren’t fans of split levels. They tend to be in seedier areas of town. We made an exception with this one as it’s in a good location and was basically a really good property. All that it needed was a thorough makeover and now we’ve done this, the owner can look forward to double rents and a much more valuable asset.

Furnace replacement: Wrestling with a 500lb gorilla

Wednesday, January 6th, 2010

It might seem a straightforward job – replacement of old furnace. It might be if the new furnace was the same size as the old. That is didn’t weigh 500 lbs. And you didn’t have to take it down a narrow staircase!

A refurbishment job on a 3 bedroom house on Haverhill Street, Detroit included replacement of the old furnace. You can see from the picture of the old piece of kit how old it was. Circa Titanic era, by the look of it! It left a trail of rust on removal.

To save the property owner a couple of thousand dollars, a good, second hand modern style furnace was acquired. A really heavy duty one that is incredibly heavy. Luckily, our contractor is a muscular 15 stone guy and with his work partner, they slid it down a ramp made over the stairs. It took a whole Saturday afternoon just to get it down to its new home in the basement.

As you can see from the pictures, there was a lot of work fitting the replacement. After making a level base, the old flue pipe had to be replaced and so too all joining pipework . This means quite a number of expensive valves and joints. It’s a big job and matching new to old is always tricky.

Pictures are unfortunately on the small side but should give a good idea:


US061 Mansfield; Job Done in a Month

Monday, January 4th, 2010

The crew have finished up in this property and it’s looking a whole lot smarter than when they arrived.

New front door with step. Windows and shutters painted. Inside, the hardwood floors look really good sanded and varnished.

All wall surfaces newly painted in light shade. In kitchen, revamped and is now fine for renting (or selling). New sanitary ware, and very importantly new heating and hot water system.

All in, a job well done, quickly and without hassle. And the proof of this in a tenant snapping it up as soon as offered. We tell our clients there is big rental demand in Detroit. Yes, there is, BUT, it’s got to be the right sort of property. Better houses in decent locations, like all the houses we process.

And what tenants scramble to rent, will sell for a nice price later on for sure.

(In the photos the boards are still on the property as these pictures were took last just before the tenant moved in. We usually leave boards on until tenants move in).


US018 Somerset; Project Update

Tuesday, December 29th, 2009

Here are some updated photos that have happened so far on this Detroit property:

US060 Somerset; Finished quickly

Tuesday, December 29th, 2009

After a very pleasant Christmas break, it’s time to update on some of our USA building projects, starting with a job that has been completed in short order and to budget.

A look through the new pictures below shows what a smart place it is now. Nice sunny paint job, new plumbing, new electrics, brickwork repairs to the chimney inside, refurbed bathroom and kitchen (note the new cabinet knobs).

And not to forget the brand new roof on house and garage!

All has been sorted out, down to fitting a smart brass effect lamp and new post box to side of front door.

That this is a very desirable property now is confirmed by the ease with which our rental manager found a good tenant.

All in all, a successful project. The owner had bought with the building works included in the contract of purchase. They have got exactly what they ordered and quickly. Probably no longer than if you were buying a house without works.

We often say this, but it’s always worth repeating. To buy a property like this NOT renovated at this price is a bargain. But to buy full refurbished and with tenant lined up is HUGE VALUE FOR MONEY. Given a bit of time, our clients stand to make big profits.

The exit strategy is clear – sell to USA families or investors, as they can pay more due to being able to access mortgage finance. That plus the rise in prices on these giveaway properties over next year or two, and the capital gains should be very significant.