All Forum Posts by: Marisa R.

@Kenneth F.

Inventory is shrinking

Yes, all about team on the ground

Be interested on your experience in this market

Thanks

@Diana Tian

This market  is  unique , unlike for example the  Atlanta market where its easy to work out comps.

Price ranges vary significantly, a word of caution, if prices are very low beware of Quit Claim Deeds, (QCD) they will come with liens, back taxes and rehabs. 

Warranty deed with title insurance is what you need, the market is at around $70-90K retail in decent location, and a whole sale deal perhaps $40-50K..... and rising.... ouch

Banks are now lending to home owners, I see lots more upside.

Marisa

more... photos

more photos

@Rush Wall

Hi Rush

The only variable may be maintenance costs? these are older homes, however, I have a strategy with regards to repairs, I have people on the ground, my own crew, and creative, using second hand where possible. This is Detroit, for me its not necessarily the cash flow I am after, its also the growth. 

This is my recent purchase its a foreclosure, in Bagley a neighborhood which is up and coming/soaring, high demand.

I am considering flipping this one. Comps around $140-150K. This is approximately 1600 sq ft home and I can add an additional bathroom to this

Leverage always makes sense when markets are appreciating.

All the best with this. 
I think give it a go, worst case scenario you have Plan B

I would do Whatever is the least pain...…. financially NOW.

You mentioned it is favourable to hold off as it is winter. Look at releasing in 6 months if it means it will be far easier to rent out at this time. This makes sense

Marisa

This is the property in Rouge Park

Its a perfect storm at the moment.

I am  not just chasing cash flow, I am after growth. Similar to what achieved in Atlanta in 2011, following the booming cycle.

Just to give you an example. This property in first week had 14 offers on the table

I secured this one at $35,000, its in sort after Rouge Park.

I think its probably worth closer to $60,000 once rehabbed, but after all costs would not make sense to sell.

The strategy here is its a rising market, houses are appreciating. The world is buying, my point is hold on to these assets you will make more money in 12 months time. Buy as many as you can and sit on them. They are cash flowing...… just don't buy in rubbish neighbourhoods.