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Forums » Property Wanted » Looking for cashflow properties in SE Michgan / Detroit

Looking for cashflow properties in SE Michgan / Detroit Subscribe to Looking for cashflow properties in SE Michgan / Detroit

8 posts by 5 users

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Karim Shah

Real Estate Investor · Farmington Hills, Michigan


Forum_avatar_avatar-propertytrader

Feb 28 '10, 07:42 AM

Hello all,

This is my first post on the forum and hoping to make great contacts.

I am looking for cashflowing SFH or MFH properties under $40k in the Detroit area.

If you have any properties that meet this criteria please contact me.

Thanks,

Shah

Edited: 06/26/2010 at 11:51AM


Gregory Rankel

Real Estate Investor · Dearborn, Michigan


Forum_avatar_avatar-modrei

Feb 28 '10, 09:02 AM

Are you looking for any to rehab?

Edited: 06/26/2010 at 11:51AM


Karim Shah

Real Estate Investor · Farmington Hills, Michigan


Forum_avatar_avatar-propertytrader

Feb 28 '10, 04:02 PM

i will consider rehab properties, providing they are in the better neighbourhoods.

Edited: 06/26/2010 at 11:51AM


Tim W.

Real Estate Investor · Indiana, Indiana


Forum_avatar_avatar-timwieneke

Donor

Mar 01 '10, 11:04 PM

Go into Detroit and throw a tennis ball. It will hit 3 properties that fit your criteria before it stops bouncing.

This is no joke. You need to do some deeper research into Detroit to know exactly what area you are going to invest in and don't deviate from it. Detroit's the kind of city where you will buy a house for less than a blackberry phone and be on the hook for a 6k tax bill.

I'm not advising against investing there, just advising you to pick your areas there very specifically. I have a very good friend who didn't, and he crashed and burned big time.

Edited: 06/26/2010 at 11:52AM


Karim Shah

Real Estate Investor · Farmington Hills, Michigan


Forum_avatar_avatar-propertytrader

Mar 02 '10, 12:28 AM

I wasn't planning to throw a tennis ball in the 'hood', chances are they'll hit one crackhouse, one fire damaged house and a vacant lot. So clearly that wouldn't meet my criteria for cashflowing houses under in the better Detroit neighbourhoods.

Hence, my requirement for cashflowing properties in the better neghbourhods

Edited: 06/26/2010 at 11:52AM


Alvin Brezzell

Real Estate Investor · Detroit, Michigan


Forum_avatar_avatar-abrezzel

Mar 02 '10, 12:51 AM

I have a property that fits your requirements. Purchased Feb 2009 and refurbished and in a good neighborhood. The taxes were paid when I bought it. Comps show it at 53k. Terms available. Photos & details on request. :wink:

Edited: 06/26/2010 at 11:53AM


Tim W.

Real Estate Investor · Indiana, Indiana


Forum_avatar_avatar-timwieneke

Donor

Mar 03 '10, 04:10 AM

Wasn't talking about the hood so much as factory worker neighborhoods that look decent enough. Tough times there. Very tough times. And the worst part is the old tax assessments are based off old real estate prices.

Edited: 06/26/2010 at 11:54AM by Tim W.


Demos Loizides

Real Estate Investor · Dale City, Virginia


Forum_avatar_avatar-demosl

Mar 10 '10, 10:59 AM

I have cheap cash flowing houses in Detroit in good neighborhoods.

Edited: 06/26/2010 at 12:00PM




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