All Forum Posts by: Edward Oliver

Hi Charlie,

Thank you for that advice.  That's what I was looking into, I know it will be a costly approach, but at this point I have to do what I can and absorb the losses.  

Hi Patrick, 

Thanks for the reply.  I have 2 roads that I have been contemplating: 1) invest $20k and rent it out for about $800/mth (pay itself in about 6yrs or, 2) sell to an investor for $20k + my $20k and be free and clear of it.  

First of all this site is awesome.  Here's the deal, I own a home in Detroit that I owe $40000 and I'm guessing it may be worth around $20000 give or take.  Similar homes in the area are selling between $30000-$42000.  I moved out and came to CA a few years ago and kind of let it go and now it's with the land bank of Detroit with a default judgement pending for being vacant and a nucience.  It is boarded up, I've never missed a payment on it (18 yrs), it is still in good standing with the lender, and I have acquired really good credit over the past couple of years.  That is the main motivation for me to get this property together.  I've contacted the land bank and they have agreed to set aside the judgement and allowed me to enter into an agreement to renovate the home and get it occupied in a reasonable time.  There is no option of me letting the home go to the city.  It's not in too bad a shape, but does need some work.  I am prepared to get this done as soon as possibles. Can anyone give me some advice in the best way I should approach this both financially, legally and timely. 

Thanks so much,

Ed 

Ramone,

You sound like a guy who really has his investments in order and future priorities in tact as well.  Like I mentioned, I reside in CA for now, but Detroit will always be home for me, as I've seen the city go through its worst, as well as strengthen and rebound as it is now.  I am very interested in seeing where this could lead and maybe we can come up with something that could benefit the both of us.  I do have my property that I currently own as my priority rehab, but I do have a sufficient cash flow that could be used as an initial investment as well.  I am planning a trip to Detroit next month to get started on my property so maybe we can set up something while I'm there to see how we can benefit one another.  

Hello Ramone,

Its nice to meet you and thanks for responding to my post. I am so happy that I found this site which I hope to use as a vehicle to ramp up my investing career. As I posted, I currently reside in San Diego, Ca, but I am a native of Detroit for my entire life and do own a home there that I will be renovating for rental with the help of a good friend that lives there now. My property is located on the NW side near 8 Mile and Wyoming. I have just recently been interested in real estate so this is very new to me. What kind of properties do you currently own and can you explain the JV partnership that you may be seeking. Whatever advice, experience, or knowledge you can share would definitely be appreciated. Thanks in advance.

Ed

Hello Sidel,

Its nice to meet you and thanks for responding to my post.  I am so happy that I found this site which I hope to use as a vehicle to ramp up my investing career.  As I posted, I currently reside in San Diego, Ca, but I am a native of Detroit for my entire life and do own a home there that I will be renovating for rental with the help of a good friend that lives there now.  My property is located on the NW side near 8 Mile and Wyoming.  I have just recently been interested in real estate so this is very new to me.  Whatever advice, experience, or knowledge you can share would definitely be appreciated.  Thanks in advance.

Ed

Hello I'm looking to invest in some homes in MI (Detroit) but I currently reside in CA..is this a good ideal or not?  I do own 1 home in Detroit that I would like to rent as my first investment after a little renovation...any response would be greatly appreciated.