Rental Property Investor · Honolulu, HI · Member since 2019 · 3 posts · 5 votes
I am a resident in Hawaii purchasing a few SFH in the Detroit area as investment rental properties as replacement properties in a 1031 Exchange. I am taking title in my and my wife's name. The title company I am working with told me they are not able to do a warranty deed and file it in land court to put the properties back into our trust unless it is a separate RE transaction. I have invested in other states like TX, HI, and IN where the title company simply prepares a subsequent warranty deed into our trust 1-2 days after closing. Has any Detroit investors experienced this? I am looking for resource experienced with Michigan/Detroit laws who can assist. Any advice or recommendations?
I think this question would be better addressed on the Metro Detroit Real Estate Investors Facebook group. Couple thousand people are part of that group and only deal with Detroit, good resources there
You may know this already, but as an absentee investor there’s a lot of things you’ll have to consider for Detroit that’s different than other cities. For example, the Detroit land bank is cracking down on vacant properties owned by out of state investors. As in, they’re actively searching for owners out of state, checking to see if their properties are vacant, then immediately slating them for demo at your expense.
Hi Matt, thanks for your feedback on the FB group. Properties have been repaired and rehab to get them on the rental market. The issue is the title company, that does not or can not do a subsequent warranty deed the property back into my trust.