Crazy Sh*t In Real Estate with Leigh Brown - Episode #6 with Kamal Cheeks

Summary:


Meet Kamal Cheeks, the man who’s reinvigorating the metro Detroit
real estate market one property at a time. Listen as Kamal takes
us through dark days of Detroit real estate, when properties were
selling for as little as ONE DOLLAR, to the brightening horizon
of today’s market.


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Time Stamped Show Notes:


00:30 – Today’s guest is one of the leading realtors from
Detroit…please welcome Kamal Cheeks to the show
00:44 – Also the current president of the Detroit Association of
Realtors
00:55 – Focused on preserving property rights in the Detroit
area
01:05 – Detroit has been through some craziness unlike anywhere
else in the nation
01:20 – Currently in the recovery stage, but struggling
still
01:45 – Defining how Detroit is struggling
02:05 – The majority of properties are WAY less than you’d see
across America
02:25 – Brick, 3 BR houses are selling for $500 to $1000 in
property auctions
03:00 – How a foreclosure auction works
03:10 – Many of these bids are sight unseen—it requires a lot of
caution
03:37 – Hire a realtor to do the due diligence
04:05 – In one block you can go from a nice neighborhood to what
amounts to a demilitarized zone
05:00 – What due diligence looks like in Detroit
05:20 – Always serve a realtor who knows Detroit, specifically
metro Detroit
07:35 – When shopping for property in Detroit, find a realtor
that is plugged-in politically as well
08:30 – Right now there is a ton of money being invested in
Detroit because the market has been so depressed
09:49 – Talking about the “Dark Times” of Detroit
10:08 – Tax foreclosure homes were selling for (literally)
$1
10:35 – The Detroit Association of Realtors partnered with the
Wayne County Treasurers Office to help get these homes sold
11:55 – Whatever doesn’t sell in the September auction goes to
the October auction
13:00 – Get in touch with Kamal via Facebook, or Google the
Detroit Association of Realtors, or call him at 586-298-1229


3 Key Points


Don’t quit on Detroit!

3 and 4 BR brick homes are STILL selling for as little as
$500 to $1000.

If you’re going to shop around Detroit, you NEED to partner
with a realtor who’s familiar with the metro area. This is a
MUST.



Credits


Audio Production by Chris Mottram

Show Notes provided by Mallard Creatives

Cover Design by Two Minds Design

Original Music by Rimsky Music