All Forum Posts by: Saul L.
Saul L. has started 8 posts and replied 221 times.
Post: Pharmacist from Metro Detroit
- Specialist
- Kiryat Motzkin, Israel
- Posts 266
- Votes 159
Welcome Nathan,
Definitely reach out to local REI groups. I went to two for the first time on my last trip to Detroit, and the leads, connections and networking have already helped me tremendously.
@Tom A. hosts a local group.
You should also maybe talk to @Jeff Rabinowitz - looks like you two share a profession as well as an interest in RE. There are some really great guys involved in your area.
Good Luck.
Post: Seeking Great Home owners Insurance
- Specialist
- Kiryat Motzkin, Israel
- Posts 266
- Votes 159
I use Chris Moshier at Simplified Insurance, (248) 996-8904 - believe he could give you a good quote.
Post: Detroit Property Manager
- Specialist
- Kiryat Motzkin, Israel
- Posts 266
- Votes 159
Hi Wilmar,
I can recommend Castle: You can also contact @Tim Dingman on BP.
They manage 4 of my properties and have a slightly different business model to other companies.
Best of luck,
Saul
Post: Building
- Specialist
- Kiryat Motzkin, Israel
- Posts 266
- Votes 159
Great Post Jon,
I can only agree fully.
Welcome to BP- It is an awesome tool- I am also relatively new and its changed the way I invest allready.
I would say walk away.
I wouldn't buy a used car without seeing it, or having someone on my team see it, never mind a property.
Post: Detroit proper or the suburbs?
- Specialist
- Kiryat Motzkin, Israel
- Posts 266
- Votes 159
To get back to @Jeff Rabinowitz original post, after initially investing in properties within the city (Zips 48223,48235) for long term buy and hold, and experiencing firsthand all the unforeseen complexities that go with that strategy in Detroit, I am taking a step back and reconsidering - looking for cleverer routes with the right partners on the ground.
I think that both the suburbs and the city proper have great opportunities (and am considering further opportunities in both) but not necessarily the same strategy. They are different markets. What works in the city wont necessarily work in the burbs and vice versa. (Not sure how the @Joe Villeneuve BRRR strategy would work in the city without the stability of the burbs or if @Richard Dunlop 's strategies for the city would work with the higher priced properties in the burbs)
In my opinion, the burbs or city debate all comes down to the area you are familiar with, your strategy, and for an out of state investor - who you are working with on the ground.
Post: DETROIT and MICHIGAN (#1 Defender answers questions)
- Specialist
- Kiryat Motzkin, Israel
- Posts 266
- Votes 159
@Janann Chan; @Richard Dunlop; @Jennifer Streamer
Richard- you are so right about better ways to invest in Detroit.
Jaanan, believe me, as a foreign investor like yourself, I've been there and nearly made those mistakes. ( In fact from your questions, I wouldn't be surprised if its the same turn key company trying to sell you this property, that I used for my first 2 properties. I wont be going back to them.)
Be very careful, Detroit is a not for every investor and definitely not for every foreign investor. Richard defenitly saved you a whole lot of money and heartache.
Post: Metro Detroit Window Company Recommendation
- Specialist
- Kiryat Motzkin, Israel
- Posts 266
- Votes 159
I have used H&R - http://hrwindowrepair.com/ They seem pretty professional.
Post: Best Buy-And-Hold Markets Long Term
- Specialist
- Kiryat Motzkin, Israel
- Posts 266
- Votes 159
Originally posted by @Kevin Yoo:
You are going about looking for a market to invest in by looking at the market which is not my way and which I find to be flawed. There is really no bad market. There are only bad real estate investors. All markets are good markets.
Your success in a market does not depend on employment, industries, locations, etc, etc. It depends on your real estate team. You can loose a lot of money in Vancouver but make a ton of in Detroit depending on who your partners are in that market. Spend a lot of time investing in people and not in learning about a market. You will NEVER become as well versed in a market than someone who is actually living and investing there.
I cannot agree more with Kevin's advice.
I have been involved in the Detroit market, long distance for the last year and a half, and until I found the right people, in the right places to work with, it was generally downhill. And I dont mean only the PM. A good PM is vital but it isnt enough- definitely not in Detroit. The success of any investment depends on the people involved as much as the asset invested in.
Post: Anyone ever found one of these in their fridge???
- Specialist
- Kiryat Motzkin, Israel
- Posts 266
- Votes 159
Originally posted by @Michael Hicks:
@Eric Hrlbock, I purchased a foreclosure about 10 years ago. Everything had been cleaned out except for a 6' long chest freezer. Of course the power had been off for over a year. When I tried to lift it I could tell it was full. I knew better than to open it so we tied a strap around it and used piano dollies and 4 people to lift it. We could feel whatever was inside sloshing as we carried it. We got to the truck and began to lift. The contents inside shifted and someone dropped their corner. The strap popped off and it went everywhere. I won't describe what happened next but we all got sick and left. I called some scrap metal guys and they picked it up a week later...they got sick too. Good times
That sounds like it could have been a scene straight out of Dexter.
Hope it wasn't a body in the freezer. LOL