City’s New Ordinance May Threaten Your Dreams of Investing in Detroit Real Estate!!

City’s New Ordinance May Threaten Your Dreams of Investing in Detroit Real Estate!!

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Saturday, 23 September 2017
Detroit Association of Realtors

Do you own real estate in Detroit?
Do you dream of one day investing in the greatest comeback city in history?
Have you added real estate investing into your retirement plan?
Do you service the real estate industry in Detroit?

Pump your breaks! A new amendment proposed by the city’s legal counsel, Butch Hollowell, Esq., to a 1984 Ordinance from the Detroit City Code of Building and Regulations may add a few costly hurdles- if not walls – to accessing real estate!

WHO IS AFFECTED:

This may affect hundreds of retirees and individuals who count on the additional income to fill the gap left by fixed income and lower-to-intermittent wages and tenants who enjoy affordable rentals and being close to family, schools and churches.

HERE’S WHY AND HOW:

In an effort to make landlords register their rental properties (which is not new in this city – it just has not been enforced), they are requiring owners to pay stiff filing and inspection fees ranging from $200 to $5,000… at a time when most landlords profit as little as $2000 a year trying to keep rents affordable for the masses of renters throughout the city. To further complicate matters under this new ordinance, tenants may stay – rent free – until the required repairs are completed. This added cost of doing business in Detroit will result in one of two scenarios: It will force landlords to raise their rental rates to cover these costs, thereby making rents un-affordable for the average renter, or will force owners to simply walk-away all together and leaving another surge of vacant houses and sending property values to all-time historic lows. This will aid in erasing equity gained since our city’s Great Recession of 2008 and well published historic bankruptcy. Either way could leave thousands of occupants gentrified and/or homeless.

To add insult to injury, the city will hire outside 3rd parties to inspect the properties. This could further add to lengthy turnarounds causing delays and loss of income that is needed to pay for the required repairs/improvements, taxes and insurance.

Real estate is one of the greatest investments in the world and we believe that everyone should have a fair opportunity to one day own, if they so choose! And there is no better time than now for you to invest in Detroit Real Estate.

CALL TO ACTION!

Join us this Monday at 10:00 AM SHARP to show your support as we request a “NO” vote or a Tabling! This ordinance can be redrafted to better represent current and future property owners in the City an, furthermore, can better reward and prepare tenants for being responsible occupants and future owners themselves.

Location: Coleman A.Young Municipal Center, Committee of the Whole Room – 13th floor.

Please attend and Help us Help others!
Proud Members of Detroit Association of Realtors
128 years of protecting your right to own real estate in Detroit
Office 313 962-1313
Email: info@detroitassociationofrealtors.com

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