All Forum Posts by: Brian Beadle

With the investments from Dan Gilbert (Quicken Loans) and many new businesses, the city has taken on an entirely new demographic and feel.  Its younger, hungrier and best of all optimistic. Quicken loans alone has five locations and 14,000 employees with plans to add another 1100 more just announced.   The Red Wings are building a new $627M stadium along with recently redone Comerica Park and Ford Field. If you like sports, this is your town!

The problem arises with the way the city is divided. It is very racially tense and that isnt something a new Starbucks and Cheesecake Factory location can fix. Immediately outside of downtown is where the poverty starts, and it continues for miles until you reach the outside lines where it becomes unfathomably affluent in the Bloomfield areas.

Have a look Here at this article and you can see a visual map of the demographic, truly eye opening. Detroit is still a VERY dangerous city and it will remain this way until the race and poverty issues can be solved. Unfortunately I don't see that happening any time soon. 

@Nate Wightman  Quote of the day goes to Nate! Well done Sir.

"In life we can see poop in our left hand or compost in our right... I like to see the compost."

@Account Closed  I agree. Although there is still some potential, its is not easy to find and much less profitable than it was a few years ago, especially since the entire US is aware of the housing prices in Detroit.  Cash buyers flocked here in droves to buy the famous $12k properties and some lost their shirts due to shady deals, theft, and a hoard of other odd reasons.  It is definitely not a market I would target for someone that does not have a good knowledge of the area. 

Lansing has its pockets of 'stay far far away' areas as well, but the Groesbeck area and surrounding can produce some lucrative long term properties. 

I live in East Lansing currently and I will vouch for all three area in terms of investment potential.  Detroit is in a resurgence, but as with all areas you must still do your due diligence and pick the right neighborhoods.  Detroit isn't entirely comprised of run down shacks and battlefields like everyone pictures. Quite the opposite actually.  

Be careful with EL rentals as the majority of MF units will be comprised of students. This can be feast or fammon depending on the way you run your portfolio.

@Craig Bellot Let me know if you would like me to do a drive by on any units for you. 

Here is an article describing current price to rent ratios in the US.  Interesting read. 

Thanks guys!  Looks like I'll bite the bullet and pay it. 

I just wanted to double check. 

Hello all,

My fiance and I closed on our house a month ago and I just received an email from my lender informing me that  'When the title company completed the closing statement they flipped the winter and summer tax bills for the escrow account so the escrow that they collected from you was short $929.78.'  They will graciously allow me to adjust my monthly escrow amount or pay it in full.

Am I 100% percent responsible for this bill or should the title company have some interest in this bill since the mistake was completely on their end?

Greetings Jeff! I'm right up the road in Lansing if you ever need anyone to bounce some ideas off of.

@Account Closed I just purchased a new residence and I might be needing your services in the future.

Look at all these Lansing investors!  The market here seems to be on a roll, prices are rising but there are still deals to be had. Is anyone down for a meet-up? I know a few other investors in the area that would be interested.

"Processing fee, supplemental origination fee, underwriting fee, consultant fee, administration fee"

@Mike H.@Steven Gesis

Are these fees negotiable or will they tell me to take a hike?  I understand the consulting fee is probably not negotiable but these other fees are quite vague. 

I've heard in the past and from other articles of people seeing similar numbers for their 203k CC so I knew it was going to be high but dear lord, that is alot to bring to the table for an FHA loan. Pushing 20k with my down payment and CC....

FHA allows 6% CC to be covered by the seller so that might just have to happen lol.