Originally posted by @Joe Silva:
Hello everyone!
I just discovered this app which I'm delighted and relieved. I'm first time inexperienced real estate investor. Here's my story:
I didn't know anything about investing in real estate when a friend of mine told me about Detroit back in 2012. I came and felt in love with architecture and some neighborhoods, I just love historic houses. I wanted to be part of Detroit came back which I'm happy I did, property here at the time was very cheap so I bought two, cash. Once I realized how fast real estate was going up I sold my house in Miami and moved here last year, I knew it was going to be for a short period of time but the reason I moved was to be closer to my properties ( I had acquired a third) and manage the tenants cause doing it from FL was a nightmare. What happened lately here in Detroit as many of you know is that you don't find good properties in the good areas that can be flippable. ( you still can if you look harder) and the good contractors are already taken by the big investors.
I'm not going into details on how many times I was taken advantage by many contractors ( replacing one after the other) , tenants, lawyers, and the money hungry city of Detroit. I know, I was out of state and inexperienced what did I expect? Overall I can't complaint that I lost money here yet, I just think it's time to move on.
I'm ready to cash out and looking for another place I can invest. I want to be closer to a big airport ( my spouse job requires it) and want to flip and have some rental properties, in a landlord friendly, good rental market. We like Atlanta a lot but real estate still expensive, Houston /Dallas and Orlando are other options. Any advice about these places or somewhere warm would be greatly appreciated!
Joe
I have said this a few times on a few different threads.
Basically I think EVERY market has deals that can be found. Places where people are moving too are at an advantage, but I think there are always deals.
Having said that, Dallas is getting to be a really tight market. It is VERY tough to find properties worthwhile investing in. We have been looking for the last 6 or 7 months, I personally have lost out on the last 5 or 6 all cash, over asking offers my wife and I have made. Had another house we were looking at that ended up with 35 offers. (might you it had major termite issues, huge foundation problems and needed a roof.
The last house we walked thru had multiple offers and had a bathtub that had fallen thru the beams into the sub flooring.
I just dont think Dallas is a place I would move to solely because of the real estate market.
I wish you luck, and hope all goes well!!!!
