All Forum Posts by: Paul S.
Paul S. has started 6 posts and replied 223 times.
Originally posted by @Mariano Marco:
Thxs MIchael, same here, some tenants applied but never start paying yet. Really difficult.
Ah! I know that building very well - great shape after all the rehab. The issue is all the landlords that don't know Detroit or work with a garbage Management Co should know how to evict without the courts by now! These rats are getting the fat unemployment and have the money to pay - they are just using the system to hose you. As soon as they don't pay you NEED to cut the gas, water, power to the unit.. they will pay or leave eventually. And I don't want to hear the "That's illegal" BS from the tree hugging crowd lol - as soon as someone decides not to pay the first thing they yell is TAKE ME TO COURT! An illegal eviction is a CIVIL matter - if they don't like it they can pay or TAKE ME TO COURT!
Post: Horrible experience investing in the Detroit/Flint Area
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Originally posted by @Trevor Aydelott:
So people think that real estate is passive, I can tell you it certainly is not.
I have properties that I thought were rented out, come to find out they are not. I got properties that are rented out that I haven't received money on. I got properties that are not selling. It is a horrible experience when people play with your money.
Especially when you're so far away.
Now my quest would probably to either find a new real estate company or something like that. What are your thoughts on this.
This is the experience for the MAJORITY of OOS investors in Detroit/Flint. If you don't have YOUR boots on the ground don't buy. There is a reason **** is so cheap here.
Post: How is the Detroit Eviction Backlog?
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Anything new? anyone filing? Getting results?
Originally posted by @Ericka Williams:
There are many very distressed properties on the land bank. I work with wholesalers and sometimes just spend a little more money to get a cashflowing, turnkey property. I am at 7 properties currently in detroit and 1 in cleveland. Working with wholesalers, property management for certain areas.
Have you bought many from the Land Bank?
Originally posted by @Account Closed:
@Paul S. Wow I didn’t know that. I can’t even finance just the rehab?
Unfortunately not with traditional lending. There are some hard money guys out there that MIGHT take the risk on a LB property... you would have to look around.
Originally posted by @Account Closed:
Hello everyone! I’m looking for advice on purchasing property in Detroit from the Detroit Land Bank. Is it a good idea to purchase a property from the auction with cash and then take out a loan to rehab? Has anyone had any success worth this strategy? Also, where did you find money for the rehab? I’m looking for investors willing to teach me and help me learn as well.
When you buy from the land bank they hold title til the rehab is complete - you don't own it - you cannot finance it.
Post: Help! My tenant is a drug dealer.
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Come to Detroit - all the tenants are drug dealers lol. If he isn't bothering anyone leave him alone
Post: Buying Prefabricated houses from China with Alibaba, a good deal?
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Originally posted by @Jeffrey Anderson Gil:
Recently I received an ad showing that PTH (www.putianhouse.com) is selling pre fabricated houses and ships them from China. Does anyone have experience with this? I'm specifically interested in their light steel villas and container houses for assembly in the US for multifamily or single family houses/apartments.
Alibaba sells them (https://putiangroup.en.alibaba...) for an approximate range of $150- $250 per Sq meter, it sounds like a great deal but wanted to ask if anyone has ever done something like this and what was your experience?
Interesting for sure. We have a tiny house community here in Detroit but they are crazy building them for 60-70k and basically giving them away (govt money). These would be sweet for the thousands of small vacant lots we have.
Originally posted by @Travis Biziorek:
Originally posted by @Paul S.:
are you local? Budget?
No. $5,000. Can you plz help?
I have the perfect property for you Travis! I just need you to bring $5,000 and 5000 bricks...
are you local? Budget?