All Forum Posts by: John Knappmann

Richard, you can find good properties in all of those areas. Even Inkster.

One house I looked at but did not buy: A stack of Playboy magazines hidden in a heating vent. When the furnace was stolen, the magazines were no longer hidden. I'm kinda surprised the thieves did not grab the magazines on the way out.

Justen, I think you are wise to wonder how the previous owner could go into foreclosure One more possible answer: the owner just walked away because they owed more than it was worth and the bank did not want to do a short sale.

Or maybe the owner wanted to join the circus when it came to town and didn't have time to care about his property. Or maybe he fell in love with a woman from California and moved there. Sometimes people make emotional decisions.

Hi Sean. I'm not in the Rhode Island area, but I'm sure some others from there will chime in later. My wife also stays at home, although I occasionally ask for her to help me out on some projects during the daytime.

Good luck!

First of all, I think you need to be comfortable with where you were buying, and know the area. I also am one who thinks you should buy your rental properties where you can get to easy. I agree that much of metro Detroit is cheap. Since I live Downriver, I buy and look there and in the parts of Detroit near there.

Westland and Redford seem to be popular these days for rentals.

Hope this helps.

Hi Brian, and welcome to Bigger Pockets! You're right that there is a ton of information here, and soon enough Josh, Brandon, or someone is going to suggest some places you might want to look at.

I am downriver and am still amazed at how much I can learn here. Like you, I have a job that I anticipate retiring from in the next several years.

I like to use keywords (they alerted me to your post). Some of mine are Michigan, Detroit, and my name.

Good luck!

@Eric, don't buy a home that does not throw off enough cash to pay the bills. Look at the rent and the payments. You might want to buy something in the 50k range in a decent city, but make sure you get a good deal for that neighborhood. Remember, there will always be another house listed next week.

@Joel, congratulations! Sounds like it is going to work out great in several important ways.

Keep in mind that the 2% rule serves as a quick and dirty way to stay out of trouble if you don't have confidence in your taxes, expenses, etc. If you know these things, and can leave yourself a cushion, then you may or may not need that rule.

Matthew, no, the website may or may not be updated and I would not rely on it as definitive. This will require you to follow up with the township and the county offices. I agree that you cannot transfer title without resolving any unpaid taxes.

Welcome Chris, and I wish I had your skills! Do you plan to flip, landlord, or what?