Sunday, September 18, 2011
It has been a few months since I last updated the Blog, and wanted to take a few moments to update/thank everyone who we’ve partnered with over this summer. It has easily been the busiest summer we’ve experienced in 7 years. We’ve met several new clients, placed more than 40 tenants, and uncovered more unscrupulous “sellers” stealing honest people’s money in Detroit.
We’d like to welcome two new family members to our office. Some of you may have already met them, Rachel and Jennifer. Rachel will be helping us maintain our internet presence, running our tenant placement ad’s, answering the phone lines, processing tenant bills etc.
Jennifer is working directly under Kristina to process new tenants in addition to helping chase Section 8 and government payments. Just last week, we uncovered nearly 11,000 in payments, that a unlicensed “Detroit Property Manager” had stolen from an out of state client.
It’s been a fantastic summer for us and our partners. We saw home prices come up slightly, proving that capital appreciation is ever present if properties are purchased at the correct price. Rental rates have remained very strong. And we’ve even returned to doing traditional fix and flips with a few of our partners.
Mainly wanted to take this opportunity to say thank you to all of those people we work with. We’re very lucky to be friends with our partners. The mutual benefit we receive by working with owners and tenants alike that trust our decisions is invaluable. We look forward to this upcoming winter and what we anticipate will be our busiest buying season yet.
Our projection is, we will see home prices come down slightly, and hopefully, supply go up. After seeing the bump in prices over this past summer, I think we’ve seen a microcosm of what’s to come in the near future. When prices take off in earnest the bottom will come up quickly, and we will be priced out of many of the amazing deals we’ve seen the last 3 years.
This winter and spring will be an opportunity to add as many units as possible, for the clients of ours that are poised to take advantage of the typical winter slump. We’ve been preaching for months, our area has a natural cycle. Prices go up slightly in summer, back down in winter. In the past 3 years, we’ve seen that cycle fall flat. I think this year; we saw a return to that cycle of old.
We’re also expanding further and further out from our core areas. We have recently moved into Wixom, Walled Lake, Armada, Monroe, Lincoln Park etc with great success. Over the winter, we will continue to look for new opportunities, and hope to announce a new Northern Michigan office in the near future as well. We've spotted some amazing deals in Northern Michigan for both traditional rental properties, as well as vacation rentals. Of course, more to come on this in the future.
Thanks again for a fantastic summer of 2011, and we look forward to closing this record year out strong. We expect even bigger numbers for 2012!
- Summit Consulting
- Roseville, Michigan, United States
- Detroit Property Management - www.MetroDetroitRentals.com. - www.DetroitRealEstateInvesting.com We are one of the fastest growing Investment and Management Companies in the area. We have a unique blend of talents, that no one else can match. A licensed, Appraiser, Builder, Realtor, our insites into the market have allowed to double in size, during the "worst real estate" market of our lifetime.