All Forum Posts by: David Roberts

saying folks know there is an over abundance of homes there is giving them alot of credit.  The is this mentality in Detroit that has gotten alot of press that water should be a 'right"... So people don't pay.  Then they scream and get media coverage when their water is turned off.   I'm waiting for the heat and electric "right"  argument next.  Many of the homes have back taxes owed also. 

I'm only 35 but maybe I'll see a revival in Detroit in my life.  Who knows. 

I don't know if it's a seasonal thing right now but it seems like existing home values are slipping.  I don't follow real estate markets anywhere else in the country, just in my city and the surrounding ones (where I'm interested in expanding for now).  Economic data has suggested a slide in existing homes, and a continued surge in new homes.

In the long term, are the days of price appreciation of existing homes over?  Will homes ever start being treated like cars?  Depreciating item? It's an interesting thought.  I'd like to think not, but a home can be replaced, the land cannot.

So according to the new laws, if you had that exact situation happen this time, when they were gone to the store or something, you could run over and change locks, and put their stuff out on the street?  And you can't do this until after you have served 7 days, or 30 days notice?

I feel for people who are struggling to survive and my heart goes out.  What I hate are people who spend all their time trying to take advantage of someone else.   If more people would be conscious of how their actions affect the next person,  this world would be so much better off. 

its about time 

I'm refinancing my rental tomorrow.  I have a conventional.  I was just wondering what others do,  iif you opt out of the auto escrow or if you just let the lender handle it.  I Was thinking about paying my own taxes and insurance this time to be more liquid with my money.  My lender charges 100 bucks one time and requires that I have 6 months worth of liquidity on hand,  which I currently do.  Wondering what   othere do. 

so do alot of investors looking for sfr tend to avoid picking up rentals around now to avoid the risk of holding costs? 

I asked my realtor this question and she said there was no pattern.  But she also wants to sell a house,  so... 

I found my tenants on dec 21 or so of 2010 but I might have just been very lucky 

yea,  I'm going to go try to talk to a rental inspector today but I may just avoid the city all together.  It seems overly ridiculous.  

Most of the homes showing up on my radar have finished or part finished basements. 

That's why I said from a rental standpoint I am starting to think finished basements are a big liability. 

I think most people do not pull permits.  It's twice the cost to contract and permit a finished basement. 

I thiught about the rental inspection before buying but it sounds like the property must be registered as a rental,  then scheduled by the owner.  So probably not. 

The checklist said something about hard wired alarms but aid if that can't be done without removing drywall to exclude the structure it wasn't necessary.  Then it goes on to say unless you have access to attic,  basement,  etc that could allow for it.  So,  I would guess that would come down to how strict the inspectors are. 

The basement worries me,  and it will need smoke alarms,  fire extinguishers,  and gfci installed.  I didn't see any. 

After going through the checklist those are my concerns.