All Forum Posts by: Account Closed

Hello,

My husband just noticed that there were lots of manufactured homes being built in Brownstown, MI.   The houses are really nice, lots of room, and affordable... which means we can pay cash for them.  The question is,  can we use them as rentals or can they only be bought for main residence?  I know that each state differs,  would such a home as  a rental be profitable?

I would like to learn more about investing at a later age as well as from abroad. It is too late for us to learn how to retire young.   Also, about investing in or near OZ.  

I would just say that studying personal finance would be a good start. You not only learn the terminology, but useful knowledge on  how to work and save for your goals.  Also, networking both online and offline.  Get to know people in anything connected with real estate...  make yourself useful, volunteer your time to them doing some menial tasks that could save them time.  When doing this, don't be afraid to ask questions or advice.   Most successful people are glad to offer advice or to talk about how they got to where they were.  In a way it is like flattery.  My youngest  son once treated a succesful investor out for coffee and just started asking him about he got started, and if he had any advice for him.  The investor once he realized that there was a need,  created an online platform much like this one,  for investing.

Has anybody ever had this happen? We started out thinking that a good way to start REI would be to buy a small SFH in a nice area. Then at some point felt that maybe a MFH would be best... for obvious reasons. Now after looking and not finding something halfway decent that we can afford, have gone back to where we were in the beginning... that is to buy a nice SFH in a good neighbourhood and rent it out.

I ride my bike or walk instead of driving a car.  If I have to go far, I take a bus.  We have our own garden, which has something all year round... even if it's just lettuce and green onions.  We don't buy new clothes often... but wear what we have till they wear out.  I cook at home.  Have learned to can and freeze vegetables.  Cut down on food waste by using leftovers.  We do alot of foraging for edible greens as well as gleaning fruits from abandoned orchards.  My husband walks to work when the weather permits. Gather branches from trees for firewood instead of turning on heat. This isn't new to us however. We have always been frugal. This has helped us pay the mortgage of our house,  as well as renovating it later.  It has enabled us to send our children to university without going into debt.  To pay for our youngest son's wedding.  And to now have enough to buy our first rental.

Hi again,

Just finished talking to my realator - 7,000 miles from here.  She has offered to view a 3-plex that we liked and send me photos and a video with comments on anything that might be a "red flag", as far as the condition of the property.  From there we'll see what to do next. It seems strange doing this remotely,  but she's confident that it could be done.  So now, just waiting for her finish the viewing and call me back.  As far as sticky issues.... all I can think of for now are  mold, mildew, and unusual odors that might be present. As she stated, owner will be present as well as tenants...so she has to be discreet.

Many say that Greece should have declared bankruptcy like Detroit.  Instead we were bailed out by the IMF and EU, in exchange for pay cuts and austerity measures.   Detroit has a better chance of recovering than Greece.  

When an economy goes that low, even the smallest progress doesn't show.  It has to recover first, in order to begin to show growth.  I live in Greece, EU.  We are often compared to Detroit.  Athens isn't any better, in fact it's worse. As for culture... well it's mixture of different cultures and it's unique music (Motown), left its mark on the music industry.  I still enjoy listening and dancing to it.   Regarding tourism, it depends on what type. Some people are drawn to war zones.  We see that a lot here.  

Yet inspite the problems Athens has, there has been lot of investing. Here again by foreign investors, who buy property at low prices, fix them up and rent them short term.  ie for summer, conferences, sporting events, etc.  Things are never going to be like they were, anywhere.  Can't go back only forward.... wherever it may lead.

For a city that "supposedly" isn't a good place to invest, there is a lot of discussion going on.  Not only on this forum but in others.  There is also a lot of foreign interest as well.   I read that there were "guided tours" organized through old buildings and there were lots of foreign investors.  Also many mansions have been sold cheap.  Do they see something that others don't?  Or is it that where we see ruins, they see opportunities?  Entire office buildings are rehabbed and turned into low income apartments.  Sure, it'll take time, but the city didn't get to where it is now overnight either.  Whether it'll get to where it was.... who knows. But then nothing is like it was, is it?  As investors, aren't we the ones who bring change and improvement?  As I'm preparing to make my first investment... I hope to be able to improve on the building eventually.  I strongly believe in resilient investing.   

Happy New Year to all.

Hal, 

I was there 2 years ago, exactly.  It has changed alot.  We almost did, the only thing that kept us was the declining population.