All Forum Posts by: Paul S.
Paul S. has started 6 posts and replied 223 times.
Post: Lawless Detroit Court System
- Posts 248
- Votes 248
I cannot believe with all the landlords and all the capital we possess in Detroit we are STILL allowing 36th district to bend us over month in and month out. How long can this go on? How long can an eviction take 6 months or longer? They say CERA is running out yet they still push it. There must be a way to fight back. I'm sure their are 50 attorneys that read these boards - throw something out there! Can I file suit in District court over loss of enjoyment of my property due to their intentional delays? Yea, 1 case won't move the needle but 500 would. I hear nothing on these boards. All the 36th district lawyers are afraid of the judges so they just go along with the insanity. I cannot be the only one tired of the law refusing to BE THE LAW
Quote from @Account Closed:
Quote from @Joe Villeneuve:
Quote from @Account Closed:
Quote from @Nerissa Minnick:
Hoping to get more opinions on Detroit for out-of-state investing. Long-term BRRR hold rentals, Can anyone can suggest neighborhoods to look into further?
Detroit is a bit like the old west poker game. Sometimes you win, sometimes you lose, sometimes you get shot.
It sure needs renovation as a city but until there is a change of political will, it's a gamble.
Would you recommend investing in Detroit for an OOS? I wouldn't think so, but maybe you think yes. My point is that if you don't live in Detroit you don't (shouldn't) invest in Detroit. Plenty of OOS investor stories on Bigger Pockets about the mistakes people have made doing OOS in Detroit. You have to have someone you trust, on the ground.
Where OOS go wrong is thinking they can find someone trustworthy to be on the ground in Detroit
Quote from @Account Closed:
Quote from @Nerissa Minnick:
Hoping to get more opinions on Detroit for out-of-state investing. Long-term BRRR hold rentals, Can anyone can suggest neighborhoods to look into further?
Detroit is a bit like the old west poker game. Sometimes you win, sometimes you lose, sometimes you get shot.
It sure needs renovation as a city but until there is a change of political will, it's a gamble.
Very well put
Post: Mayor Woodfin: "Dear slumlords...Clean up your properties. Now."
- Posts 248
- Votes 248
Quote from @Jay Hinrichs:
Quote from @Jim K.:
Quote from @Scott Mac:
Doesn't section-8 check the welfare units in Birmingham (???)
Or are these units serving the needs of people who for whatever reason can not qualify for section-8 (???)
And what about the Homeowners in the so called SLUM areas with rundown properties, will they too have to "Spruce them up" (???)
Does Birmingham have a big population of "Down and Outs" who do not qualify for Section-8 (???)
This will probably drive rents up.
And here's your daily dose of political populism from Alabama. This crap ALWAYS drives rents up.
one of my longest standing clients owns probably 200 sfrs a a few MF.. HIm and I owned about 35 together at one time before he bought me out. Hedge funds are big competition especially conrex that was noted in some of the comments.. dont know H 2 .. but we all know on BP if you have ever owned in these areas and C D class .. its a never ending fight.. landlord IE BP member out of state buys their cash flow dream rental.. You know going to live off of rents etc.. first year goes good maybe .. then they get that tenant that trashes the unit.. then a squatter then they have their house broken into and everything stripped.. condenser units stolen like crazy etc etc.. then they just give up and walk away and get blamed by the very neighbors who did not take the time to help watch their property or it was their cousin that came over and stole everything when the tenant left.. LOL.. like James Wise says this is a Savage end of the industry. And it plays out in EVERY city that has huge amounts of Quote un Quote cash flow C and D class rentals.. Its the tenant base full stop.
I see this every day in Detroit... that's why these OOS investors make me laugh. These cities need to leave us D boots on the ground owners alone and let us run the jungle we choose to buy in. The tenant base NEEDS us.
Post: Insurance providers for Multifamily near Detroit
- Posts 248
- Votes 248
Quote from @Dor Sagi:
Quote from @Paul S.:
Originally posted by @Kyle Johnson:
I have a triplex in the Mount Clemens area out side of Detroit that I am closing on in the next few weeks. I was wondering if anyone had any recommendations for great insurance providers in the area. I planned on looking online and checking out some reviews of some companies, but if anyone has any referrals/recommendations, I'd be happy to look at them.
Ugh, that better be a great deal in Mt.Clemens.... what realtor talked you into that?
@Paul S. I'm looking at a Multifamily in Mount Clemens and I'm wondering about the response above. Is that not a good area?
Unfortunately some of my responses on here can be a bit harsh depending on the day I've had lol. I'll give you my honest opinion on Mt. Clemens. Being from the area all my life (50 yrs) Mt. Clemens is one of those towns that doesn't really move... always just ho hum honestly - no value spikes/no major drops. I personally do not buy there due to taxes and unit prices being a touch high and rental rates being a bit to low. Is it safer and easier to deal with than Detroit? Yes - will you get rich? No. The rental stock is older and the tenant base is less than desirable. I see you are out of state - I would definitely endorse Mt. Clemens over Detroit for any out of state investor... but if I was truly giving advice I would say out of state investing increases risk 10 fold no matter where you go. Just my opinion. Feel free to PM me if you'd like to do a deeper dive.
Originally posted by @Chris LumLee:
I had some investments in Detroit- a SFR and a loan. Both of them I'll say that I lost my shirt. Between shady business people (what I felt to be) crooked property management companies, and some of the rumor and innuendo that I'm seeing about the outlook for Michigan real estate, is there any hope in investing in Detroit?
Unfortunately you are the VAST majority of OOS investors - most just won't post here when all goes bad.
Post: Is North Detroit (48202) good to invest in?
- Posts 248
- Votes 248
Originally posted by @Chris Webb:
"Math is Math" doesn't work in Detroit lol
Post: Looking for a reputable Gen Contractor In the Detroit Area
- Posts 248
- Votes 248
You will find 3 Unicorns before you find that GC
It's not just the vacancy rate you need to calculate today... you have to factor in it now takes upwards of 4 months to complete an eviction.
Post: What is too much for a beginner in the BRRRR strategy?
- Posts 248
- Votes 248
Originally posted by @Jake Parsons:
I am a beginner in real estate and have a good amount of cash ready to BRRRR. I am currently looking at a property in Detroit Michigan for $7k because it obviously needs repair, the seller says it should be about $25-30k in repairs and if that were the case I would still have a solid amount in reserves in case of emergency.
I have a rule that if it has foundational issues it’s not worth it. Assuming there is no foundational issues would you advise a beginner to stay away from a repair of this size, or go for it?
Any feedback would be greatly appreciated!
Jake, you are going to learn 100 times more info by DOING instead of ASKING. Let's be honest - this is Detroit and you are only talking about risking around 30k.... if you were to take an L it's no money really. If you think the property is in a decent area with other rehabs going on around it do it. All these guys out here gathering info for years on end before they buy something could have learned a ton if they just quit being soft and pull a trigger.