All Forum Posts by: Chad Novick

I am considering relocating to Detroit and would like to know which neighborhoods investors like the most.

I am looking for a place with the lowest prop taxes (low city assessed value), high cash flow, and relatively low crime.

I am also looking to buy a place to live in: something <110k, with a preference for either nice historical/safe neighborhoods or condo close to downtown with nice views.

Although I have only done research on the internet I think that Dearborn, Dearborn Heights, Inkster offer what im looking for in investing.

In terms of living I really like the homes in Sherwood Forrest/Detroit Golf/ University neighborhoods. Also the condos in Rivertown/Gold Coast.

Im going to fly out for a week to get a sense of the town...any thoughts about the different neighborhoods would really help in giving me some direction. Thanks

Im am considering relocating to Detroit to invest in RE. The only thing giving me pause is the price:prop tax ratio. It seems that in many cases the prop tax is so high than the property is in effect worth less than zero...however, it seems that the prop tax is almost arbitrary with comparable houses having a wide range of tax rate (ive seen $800-$4000 spreads). So I have the following questions.

#1- After acquiring a property, what is the likelyhood of getting a reduction in prop tax? Are there any methods that result in a greater chance?

#2- How reliable is the previous year's tax in determining what the current years tax will be? I found the city site that breaks down the previous tax....but I am curious if the tax if reassessed after a new owner purchases the property.

#3- Do the larger multi unit properties generally have a lower tax:rent ratio than SFH? I am having trouble locating tax records for some of the larger multi units.

#4- Do you have any evidence that the tax rates will be changed or home values re-assessed? I read an article about a proposed prop tax freeze during years that RE prices decline, however im not sure what has happened with this bill.

Thanks in advance for taking the time to answer any of my questions.

I'm new to real estate investing and am looking to purchase REO properties. Is there any way I can check the title before making an offer?

Thanks in advance