All Forum Posts by: Alvin Neal

Here is a video from the Detroit Progress website. 

I wanted to share this video with people that haven't seen some of the great areas of Detroit.

@Frank Gigliotti. I think you are right about Chicago going the way of Detroit. Detroit was the blueprint for other major cities to file for bankruptcy. 

I think you should invest in the area that makes the most since to you.

As @Chris L. stated you don't have to where you buy as long as you have a great team in place.

No, I have never tried to farm land here in Detroit. Its a lot of areas close to the city that you can farm on. There are alot of out of town investors that are buying properties for the land. There are going to be some development in the future and these properties are a buy and hold strategy.

Hey Peter send me some details. I may have a buyer.

Hey @Mike Cowper  You can try www.bni-mi.com. Check out different groups to find a coach in you area.

 @Mike Cowper Welcome to BP. I am a local arealtor in the Detroit area and I also live in Farmington. I am available to connect anytime. I am sure that we can learn something from each other. 

@Michael Baradell 

As @Account Closed stated you should check your state laws. You can require a letter from their previous landlord. I would run a nationwide background check, and eviction history and they pass those and they are the only qualified tenants I don't see a problem.

If you are going to rent to them directly ask them to meet you for coffee and talk to them for a while to get a feel for who they are and what they plans are for the future.

Also require them to get renters insurance and if you are going to provide applicances make sure they get a warranty on them.

There are also ways to collect the rent by direct deposit into your bank account. This also will show payments on their credit report. You can offer them to get into a credit repair program as well.

There are many ways to help tenants re-establish themselves. In this way they will take better care of the property .

@Tereal Wilsonn

There are a lot of great responses here. I am a local Realtor in the Detroit Area. My best advice is to use a buyer's agent. If you didn't sign an agency relationship or disclosure form then the listing agent doesn't represent you. 

As @David Zamarron stated there is a something called procured cause meaning that if the listing agent showed it and the buyer submits an offer with another agent technically the listing agent is entitled to both sides of the commission. 

I would contact the listing agent and explain that you have an agent on your investing team and that he or she is going to take you back through the property and then you will decide then if you will submit an offer. 

@Frank Curtis 

I like the idea of going all or nothing. I am predicting 2015 to be a great year for me. As Warren Buffett stated "Be fearful when others are greedy and greedy when others are fearful."

There are always going to be a great time to invest in any market. With the right price and terms you can always get a great deal.