All Forum Posts by: Saul L.

@Caroline M. - you need to flag @James De Silva if you are reaching out to him and you would like a response -(especially on a post form over 2 years ago). 

I can tell you that I used Castle when I was invested in Detroit and our relationship ended after they mismanaged one of my sec 8 properties into abatement, lost the tenant and thereafter simply walked away from the mess they had created (simply informed me that they would no longer be managing the property). 

Unfortunately I cannot recommend them or any other PM in Detroit- I went through 3 of them and all were disasters. Have since exited the Detroit market and couldn't be happier.

Thanks for sharing @Rivy S.

I never used Royal Rose- but used 3 others in succession when I was in the Detroit market. In the end they were all disasters. I have said before that if there is a good PM working in Detroit I havent found them . Now that I know all too well what owning C-D class properties in Detroit entails- I also understand why there are no decent PM's- It cannot be done properly and profitably- its one or the other. After a long and hard learning experience I do not believe that SFR investing can be effectively done in Detroit from out of state.

Take a look at this thread and suggest doing a search for the many others on BP relating to this exact topic. 

I would not recommend Castle. A while back they mismanaged a sec 8 home of mine into abatement, lost the tenant and just walked away from the entire mess as if they had nothing to do with it. 

I am certain there must be good PM's in Detroit, but unfortunately I didn't find any in the 4 years I was investing there.

Can only agree with whats been written above- stay away from Detroit as an out of state new investor.

As for the Shea Show- its ok if you are bored and looking for entertainment on Youtube but do not use his services . A few years ago he placed bona fide criminals (with online records) in one of my properties, which I discovered only when I had to evict them.  He didn't understand why I thought that was incompetence.

@Joey English - Just two corrections to your post- 

1. There is no hebrew month of Abib. The current Hebrew month is Nisan. (Abib may refer to Aviv which is the season - Spring  - not a month.)

2. The Hebrew new year has been celebrated on the first of the Hebrew month of Tishrei (which is around Sept - Oct) and not Nisan for thousands of years - at least since the Babylonian exile. The current month of Nisan is the month of Passover- but is not celebrated as the new year.

@Gail Greenberg recommend reaching out to @Brent Maxwell - He is all of the above.

@Jean-jacques M. As a foreign investor myself, I completely agree with @Alan Grobmeier. I have had my fair share of experience with lousy companies in Detroit (Turnkey and otherwise). Detroit is not a market for investing long distance. You were wise enough to have an inspection done- I know a lot of people who weren't. 

At this point I would recommend doing everything you can to get your earnest money back but if you don't manage to,  then walk away from it and consider it tuition fees. Believe me  - the cost will be far less than what you would have lost if you had bought this property. 

If you would like a reference to the attorney I have used in Detroit - PM me. 

@Yehoshua Kahan - As far as I know Israeli Tax authorities do not treat foreign real estate investing as they would Israeli Real Estate. A real estate holding overseas is treated like any other investment and taxed at 25% of profits- exactly as if it was a stock or bond held on a foreign stock exchange. I use an Israeli CPA who is licensed in the US and handles all my annual tax returns. PM me if you would like his details.

Welcome @Petya Spencer,

You might want to take a look at http://thepropertyhub.net/.

IMO a poorer UK version of BP but they also organize and manage meetups in the UK.