All Forum Posts by: Account Closed

The title of this post comes from a song sung by Carley Simon called "The Big Yellow Taxi".  The entire verse is " they tore down my house and put up a parking lot."   

I had a similar experience a while back, when out of curiosity one day, I got my birth certificate and put the address of the first house that I lived in as  a child in Google Maps.   I wanted to see if it was still there, what condition it was in and whether anyone lived there any more. I wanted to show my husband where I was born.   Unfortunately, all I found was an empty lot, that was fenced in and various auto parts were kept.  

Even though a voice inside my head was saying "What did you expect? It was over 50 years ago.". I still felt sad.  It was as if a part of my past was gone.  It was where my grandparents had lived and there were so many memories there....  

They tore down the house, and put up a storage facility.

Hi,

Sometimes I'll see a listing where there are 2 or more rental properties offered as a package. Some will state that you can buy each separately or together, others will say only together.  One that I saw recently listed 3 properties as an "investor special"- for about $92,000, but didn't state whether it was for all 3 or for each. (We assumed the latter.)  But just how much of a deal is it? Has anyone ever bought property like that?  Why would someone try to sell all of their rentals like that.... unless, they were tired of the whole thing and wanted out... or it wasn't profitable anymore.

Estelle

Jordan, I know what you mean. Every time I see a foreclosed house, I wonder what happened. It really is sad.  But we can't afford to let our emotions get the best of us... or else we'd end up like them.   I'm new to this, and I have to be extra careful.  

Hi,

Most of what I've read on this site and others about REI seems to relate more to those who are young and want to retire early or make a lot of money, by buying and renting or reselling property.

For us it's more than that. It's the thin line between retiring comfortably and not having to worry about whether our pensions will be enough to cover our living expenses or spending the rest of our lives counting pennies and worrying about getting sick or ending up in the hospital.  

We don't want nor expect to get rich....  nor do we wish to own alot of property.  One or two rentals would be good.  

We have already done most of what is advised before investing.  We have paid off all dept. We own everything we have. We have some money put aside for emergencies.  We're as frugal as possible, without over doing it.    

We live in Greece, which still hasn't recovered from the economic crisis,,, probably never will.

The constant austerity measures, with the necessary wage and pension cuts, has made retirement something to dread instead of something to look forward to.   

I think about REI as helping everybody involved with the house. They all profit from it. You give some people a source of income. You help the local economy. You improve neighborhoods and cites.

When you visit a place you've never been to before and instead of going to tourist attractions, you prefer to drive through neighborhoods looking at houses. 

Thanks for the warning Matt. We are hoping to find something between EMU and U of M.  Also, we like the downtown area of Ypsilanti as well.  We're aware of the taxes, but hope to set the cost off by putting a larger down payment on the mortgage.  

Thanks,

Have been looking into neighboring cities as well. Specifically, Ypsilanti.  Any suggestions on property managers in the area?

Hi Iryna,

Thank you!  I'll be sure to contact you when we're ready. Presently, we're in the process of preparing to sell my parents house in Riverview, Mi.  It has to be inspected first before listing, and also since my dad had a will, it will probably go through probate court.  I intend to use my share of the money from the sale of the house to re-invest.  Hopefully, that will be soon so that we can proceed. 

Estelle

HI Keri,

Thanks for replying.  I am originally from MI and have been there many times, the most recent a few months ago for Christmas holidays with my family. We loved it and that is why we thought of investing there.  I am aware of the problems, but also in the potential and feel that as first time investors it's a good place to start.  If we were to start fresh with an empty duplex, would we be able to find tenants easily?   My husband was a carpenter when he was younger and is good with DIY, so there would be no problem with any repairs, etc.  

Estelle