All Forum Posts by: Carson M.

Thank you for the reply. Also, if anyone in Metro Detroit, or even better SE Oakland county knows of any good real estate CPA, a name or number would be greatly appreciated. My partner and I plan on contacting a CPA for the '14 taxes, but want to avoid the expense if it is unnecessary in '13.

My partner and I renovated a home in 2013, but it will sell in 2014. We are wondering what to do with all the expenses accumulated in 2013 as tax season is upon us. Can the costs (receipts) be rolled over to the 2014 tax season, as the sell will not be until 2014. Are they added to the baseprice of the home?

My partner bought the house 100% in his name through a conventional mortgage. There is no LLC put in place, so everything is a personal tax situation. He will, in turn, 1099 my share to me.

I'm guessing it's a 3/1 brick ranch? If so, I would guess 5-7K, depending on how many layers of shingles are currently there. If you have a due diligence period, I would strongly suggest calling a roofing company to give you an estimate if you think the roof will need replacing. If you need a recommendation, let me know.

Good luck, Kevin. Make sure to let us know how it goes.

I would agree with Rob. Personally, with MH, anything south than 11 1/2 mile I would be very hesitant. I believe the tenant selection you would get in Madison Heights from a home near 13 mile vs a home near 11 would be very, very different. The school district bonus is an intangible asset.

Congrats, @George P.

Where in Michigan do you invest? Based of the taxes, I'm guessing Oakland county.

In case your acquaintance, or anyone looking to invest in a high risk/far off area, gives it another go, I would like to recommend city-data.com. They have excellent breakdown in income and education levels from tiny sections throughout any city. Also crimereport.com is great to get a sense of what goes on in the neighborhood, and lastly google maps to view the blocks. Best of luck

@Jay Borowsky

I am currently a student at a big (50,000 kid) university. there is a lot of student housing right off of the main road on campus. A few points I would like to make in hopes of aiding in your decision:

-At my school, it is a dog eat dog fight every October when all the management companies open leases for the following year. Most people looking for a home get boxed out and have to settle for an apartment

-Make sure the home is close to campus. Here, a home a block or two from campus/downtown have rents 1.5-2x the amount than a home 4-5 blocks away. Big difference

-I would not worry about not being able to fill a 6 person home. Sure, there are less 6 person groups looking for homes, but there are a whole lot less 6 person homes available. Even this year, I was looking for a 6 or 7 person home and was not able to find a single one available.

-Even though school is 9 months, every home and apartment here is a 12 month lease. kids either eat the cost, sublease, or live here in the summer

-Parents pay all of housing for almost everyone here. Make the parents co sign and be responsible for payments. Also, a lot of management companies here give a tiny discount for paying 3 or 4 times a year, that way kids don't need their parents to send a check up 12x. easier on everyone

-Every single property here tacts on a $200-500 cleaning fee for the end of the year.

If I can help clear anything up from a students perspective that has gone through the process, please let me know. Carson

I live under 2 miles from Detroit, as a matter of fact, 2 miles from one of the worse neighborhoods in Detroit (8/Woodward state fair grounds) yet my city's average home price is over $220k with THE highest millionaires per capita in Michigan. Goes to show how 1) the perception of Detroit and it's surroundings are so skewed to the outsider and 2) how both economically and ethically segregated metro Detroit is. Even one block over from my home, when you enter another city (oak park) the median income is cut by over half.

@Naga A.

As someone who is from the area and went to school just a few miles north of the Barton-McFarland area (7 mile and Wyoming) I am sorry to say this is NOT a good part of the city, or even a decent area. Some, if not many, streets in the Joy to Plymouth and Schaefer to Wyoming area is what many on here would classify as a war zone. Youll find homes here sub 10 and 5k. It is very poverty stricken and high crime area.

I personally cannot see a home being wholesaled here. One- you can already buy a home that is not vacant for sub 15K and 2) you will not find many, if not any, investors that are looking to invest here.

I wish my opinion could be more positive. Detroit does have some areas that may merit investment, but very very few.