Azar said the owners originally got into the business “to flip houses just for the money.”

But they named the company Detroit Progess “because the city’s so messed up and we want to try and help it.”

Azar said the properties are structurally sound but often need work, like a new roof, new furnace or wiring.

Sometimes this is a result of the house having been partly stripped by vandals as it sat empty between owners, even though Detroit Progress does “our best to secure” them.

Azar said his company can help the city by having people buy equity in where they live and therefore rebuild neighbourhoods.

“We try and make it affordable for anybody,” he said, noting there are government programs to help poor people buy homes.

“With prices that are so low there’s really no reason anybody should be homeless.”

Since the company purchases the properties they can extend financing without a bank being the middle man.

“We own the properties free and clear so we can do whatever we want with them,” Azar said.

He said a buyer can pay cash.

Or, “if they want to do the financing and they have the funds to put up a down payment then, yeah, we can do that too.”

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The spring buying season is upon us and Detroit Progress LLC is making strides to ensure a profitable start. Detroit Progress LLC was incorporated on March 25, 2008 as a commercial real estate venture; the partnership between Edward F. Azar and David Pakhchanian will focus primarily on real estate owned (REO) homes. Our goals are to provide homeowners with the best quality home at a reasonable price, investors with the highest quality commercial properties, and ultimately benefit the Detroit, MI community.

We recently made alliances with two premier Michigan area companies. Our first and foremost concerns were assuring smooth transition of property deeds so we appointed the Philip F. Greco Title Company. The Greco Title Company is one the premier title companies in the Tri-county area. Founded in January 1972 by Philip F. Greco, it has been an exclusive agent for Chicago Title Insurance Company, part of the Fidelity National Financial, Inc, the nation’s largest family of title Insurer’s and a member of the Fortune 500. With over 300 combined years of experience within the title insurance industry, Greco Title is a leader in the Title Insurance business. With Greco Title company as our associate, Detroit Progress LLC will be able to handle a large volume of Real Estate transactions.

Our second concern was proper legal representation and corporate structure. For this concern, we have retained the services of Plunkett Cooney Law Firm. Established in 1913, Plunkett Cooney is one of the largest and widest-ranging law firms in Michigan. They offer a complete range of legal services in the area of real estate law, including purchases, sales, leasing, land development (commercial, residential and mixed use) and the financing transactions associated with such matters. Detroit Progress LLC will be working directly with two of Plunkett Cooney’s top Real Estate attorneys:

Michael J. Hagerty, University of Detroit Law School 1978, joined Plunkett Cooney’s Title Insurance Law Practice Group after spending over 18 years serving as general counsel of Metropolitan Title Company. He has extensive experience representing title insurance companies; real estate buyers, sellers and developers; and lenders in transactional and litigation matters. Michael will be handling all matters in the area of Title Insurance Law.

Scott K. Lites, University of Detroit, 1985, J.D., a member of the firm’s Business Law Practice Group, Mr. Lites focuses his practice in the areas of corporate law, banking and finance, real estate and healthcare law. Scott will represent Detroit Progress in contract negotiations that pertain to Real Estate transactions.

In the past six months, one half of the partnership has been actively involved in the property preservation business of foreclosed homes. This business has allowed DetroitProgress.com to build relationships with banks involved in low-middle income housing financed in Detroit. The relationship has in turn provided an opportunity to purchase foreclosed homes in bulk at below market values. Our strong relationship with several banks gives us the opportunity to purchase properties before they become available to the public or listed on the Multiple Listing Service (MLS).

This relation effectively puts DetroitProgress.com at the front of the distribution channels of foreclosed housing. Strong rapport with the banks also creates an opportunity for those investors who are willing to work with DetroitProgress.com in acquiring assets at below market values. As an investor you will have an opportunity to purchase properties at substantially discounted market values. Your low initial acquisition cost will ensure that you have many options at your disposal. The exit strategies range from holding on to the properties for the long term to re-selling the properties at higher margins for a short term capital gain. Here are the best scenarios for an investor:

1. Property acquisition and liquidation to other investors at wholesale prices is one of the strategies. Once you have acquired the properties you will be able to re-sell them in “as is” condition to other investors at 30-60% LTV.

2. Property acquisition, restoration, and liquidation to consumers on the retail end is your second choice. In this scenario you would completely rehab the property and make it available for sale on the Multiple Listing Service.

3. In addition to being able to liquidate your acquired properties, you can create a portfolio of high return rental units by retaining the properties which are the best long term investments.

4. As a last option you can choose to do nothing and wait for the properties to appreciate or the market condition to fall in your favor. In this scenario you would rehab at a later date and then put it up for sale.

An amazing opportunity has been created by the sub-prime mortgage meltdown; will you profit from it? Detroit has seen record numbers of foreclosures with one of the highest rates in the country. This window of opportunity provides a surplus of housing made available to you through DetroitProgress.com. Join us by investing and improving one of the United States most historic and treasured cities.

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