All Forum Posts by: Michael Smythe

Why national?

You think they'll be better with the offshore VA's most of them use? How about their higher than average pricing?

All caps will definitely make a difference in how many people read your post...

@Farah Tatis would advise doing a few local flips as learning experiences, before trying an OOS flip.

If you're looking for a buy & hold market, check out some of the great things happening in Detroit in 2024.

https://michiganchronicle.com/2024/01/03/major-developments-that-will-define-detroit-in-2024/

@Ryan Tongue what part of Michigan are you looking in?

The most important protection is to get a professional home inspection with sewer camera. But even these will only find 90% of the potential problems. Many are hidden unless you have x-ray vision!

The inspection should give you an idea of the condition of all the main systems. You can also check permits at the city building department.

Not mentioned so far, is functional obsolescence: rooms with low ceilings, pass-thru bedrooms, too steep stairs, no place for appliances, etc.

The challenge will be finding balance between an agent telling you any inspection issues are no big deal and freaking out about little things.

@Daniel Suarez Who told you making upgrades is going to get you higher S8 rent?

S8 rates in our area are only based on the number of bedrooms. S8 doesn't pay more for basements or even garages.

You may want to check into that before wasting money on upgrades.

Regarding what to do, do NOT do anything until you find an investment path that will exceed your current ROI.

Not understanding, "I am trying to find roommates, but that is something I want to overcome"?

@Erik Dofelmier people do strange things, so don't fret.

What LIVE feedback are you getting during showings?

Be sure to ask open-ended questions to avoid worthless words. Be sure to employ pattern-interruption also.

@Ray Williams It is impossible for a PMC to get liability coverage on a property they have no ownership interest in.

So, just like your mortgage lenders, we need to be added as, "additionally insured". 

This alerts us to any changes, including cancellation, to the policy.

@Jesse Kassel surprised this property made it to DLBA auction!

Most of the good properties mysteriously never hit the auction.

Keep an eye on it...

@Chris Seveney the Detroit Land Bank sells tax foreclosed properties that Wayne County sells to the City of Detroit (more or less).

These are NOT lender foreclosed properties.