haddington, east lothian · Member since 2012 · 5 posts · 1 vote
hi, I posted before as I bought a property through a company and paid too much for it, then paid for rehab as company had gone bust. Now I have rented out once which was not successful and have paid a lot in taxes and the property is regularly broken into. Property management company are not great, I am wondering whether to move agents or whether to cut my losses (at this point a lot) and just sell. the property is on Buckingham on the east side of the city. Not a great area, but there are worse areas. Any advice welcome!
Realtor · Detroit, MI · Member since 2013 · 278 posts · 114 votes
12y
Hey Sophie, sorry to hear about your dilemma. I am a local Realtor in the Metro Detroit Area. You may need to change property managers. Is it sitting vacant now or rented. Send me a message with more details.
haddington, east lothian · Member since 2012 · 5 posts · 1 vote
12y
hi, it is empty now and there is a bit of damage from squatters but not too bad. I have only had one tenant and they left because they were not happy with the house, but the agents claimed that they had fixed all the problems. at this point I am very close to selling unless I can find an agent who can provide good service with reliable tenants. at the moment I am with garners but I have not been happy with the service there. all in all I have lost a lot of money. do you have a website I could check out.
Investor · toronto, Ontario · Member since 2014 · 115 posts · 8 votes
12y
Hi Sophie, I am also thinking about buying in Detroit, and I get a lot of companies that buy for 5K , and sell the houses for 35K already rehabed with tenant included.
I am guessing in your case you bought before rehab done?
Real Estate Investor · Toronto · Member since 2013 · 9 posts · 5 votes
12y
Curious as well about the current opportunities in Detroit. The high crime rate and my lack of knowledge of the area are holding me back though. Looking forward to learning more. Hopefully it you solve the issues with your unit quickly.
I will strongly suggest you visit the area that you plan to buy your rental property. take a 3 day vacation. Check out the area in the morning, afternoon &/or Friday or Saturday night after 11:00PM.
@Jay Hinrichs has a ebook for out of town investors. It is an excellent source of info for first time buyer or out of country investors that are going to invest out of state. Email Jay & request a copy.
While vacationing during the three days, meet as many local investors, agents, PM , lawyers, contractors as possible. you need a strong local team to make your investment work from out of state. PM is probably one of the most important team member if you are looking for buy & Hold investments.
@Sophie Younger sorry to hear your dilemma, I personally do not know Detroit, between vacancy & trashing of property from tenants, sometimes it is a better fit to cut the loss & sell, if you are unable to locate a reliable PM. PM is one of the biggest hurdles that I experienced myself & from other investors.
Hi Scott
We also have properties in Inkster, Michigan and are looking for property managers. Can't answer your question but thought it would be great to network
We also have properties in Inkster, Michigan and are looking for property managers. Can't answer your question but thought it would be great to network
Wow so you got Detroit and Inkster? Yikes 2 hellholes in this city.
Inkster is right behind Detroit of cities not buy in. Its hard to find good PM's in the ghetto.
Good luck but I would dump them asap. Buckingham is one of the worst area's