Livonia, Michigan (PressExposure) September 25, 2007 -- Metro property suppliers is turn the Michigan Market upside down with its great investor buys of subsidized rented properties, with property management in place. Boy is this getting the attention of the competition.
Metro Property Suppliers is always looking for new partners in the business that can bring something to the table. From investors who are looking for a fixed rate of return that may need to utilize a 1031 exchange to first time buyers with exceptional credit and income but no down payment. They have the resources to cover any situation including but not limited to new construction, commercial development and multifamily to projects as simple as rehabbing a single family home. They have working relationships with all types of people in the business. New and rehabbed construction, management and financing we can assure the most efficient transaction possible. They will coordinate the whole deal. Metro Property Suppliers will have you covered from beginning to end that is what sets apart. Contact Tarik about available joint venture opportunities.
Metro Property Suppliers offers property management to all of its existing and future clients. They do this to insure all are clients properties are handled with the up most professionalism. For more details about this service please contact are office to be put in touch with are property Management staff.
Mark Maupin of National Real Estate Network LLC, one the largest real estate investor clubs in Michigan said âthe program they are offering is great for experience or first time investors, Where can you go to get property Management, great buys, and property that rented with Section -8 Tenants (14% Cap Rate). These homes are a great value for anyone who is interested in owning single family home rentals that are already occupied with quality tenants. Most of the homes have 'Section-8' renters as tenants. The 'Section-8' program is a government subsidized housing program for individuals who need assistance but have a good rental record. The check comes directly from the government to the landlord. Most of these tenants have been in the homes for over a year and would like to remain as renters. Section-8 guidelines for rental homes is strict, the homes have to go through a yearly inspection. This assures the new buyer a quality, inspected, up-to-code home. There web site for Metro Property Suppliers is: [http://MetroPropertySuppliers.com/Programs.htm]
Program Buyer Criteria:
The have designed this program to meet the needs of the investor/buyer who wants quality cash-flow rentals with as little out of pocket as possible. Although the costs are kept low, there may still be expenses that the buyer needs to think about before considering this program. The minimum criteria include:
1. Minimum credit score of 660 (Exceptions can be made if borrower has more money in the bank & other assets).
2. Buyer must show at least 5% of the purchase price in assets (Savings/ checking account as well as retirement accounts are acceptable).
3. Buyer must pre-pay for the following: $500.00 Earnest money deposit (this will be used towards closing costs), Termite inspection (Lender Condition), Appraisal Fees, Insurance & Presale Inspection.
Cost of Homes:
the price of the homes is based on a percentage of APPRAISED VALUE. This figure ranges from 85-90% depending on the borrowers mortgage parameters as well as the amount of homes purchased. Example, based on a borrower who is buying 5 homes at a time and is getting a price of 85% of appraised value, a home appraised at $70,000.00 would cost $59,500.00. This would leave the buyer with immediate equity in the property- in this case $10,500. The buyer can then decide if they would like to keep the equity in the home or use some of it at closing to cover more of their costs.
This program is bring Arizona, Californian, real estate investors, and give those investing in real estate high returns on performing assets with one site management. If you have any additional questions that have not been answered in this package, please feel free to contact the office at: Contact Tarik 248-519-2324.
Web site; [http://MetroPropertySuppliers.com].
This Press Release has been submitted by PREasy.com