All Forum Posts by: Scott K.

Well damn.  Its been a week since I was told the great news that she is moving on.  Didn't see it coming.

So here is where I stand.  we own 3 total properties 2 are free and clear and the one that we still owe on (103k) is where we let my nephew live with his son.

So she will stay in the property that we live in now.  I am getting the Roseville property that is rented out for 800.  She wants to refinance the 103k property to get the payment lowered.  So she would take ownership of that property.  Not sure how I feel about that since it is the house of my parents and I grew up there.

So best case is I have a free and clear property in Roseville Michigan just about 6 miles north of Detroit that the value should be about 70k.  Should also have about 30k cash in the bank.  And a paid off car.  My biggest problem s I don't have a real job for getting future financing will take a while.  I don't plan on stopping with rentals just trying to figure out how to recover from this.  This was not in the plan of the way I had it planned out.

Its been a week since the news and I am trying to figure out to keep the Roseville property rented out for 800.  Maybe I could pick up a cheap property and fix it up as I live there.  Is it possible to get a loan on the Roseville property of 70% and use that to get into another property?

I have not slept very well lately and I just need to make good sound decisions.  So if anyone that has been through this could suggest a few things would be great.

wow thats the first time I have put those words so I could read them.  Life will go on 

Where did you read that.  Is that some BS guru garbage being spewed.  A few years ago.  I went to the tax auction in Oakland County.  They had so many properties that it was held in a inside soccer stadium.  It was 3 days long.  The Counties make good bank on these.  Very very few properties sold for the tax bill.

I got steamrolled on every property I was trying to get.  10k tax bill never went for 10k.

HAHAHAHA I agree.  I just don't get it either.  Live at 6/Gratiot for 700 or go 3 miles north and lie there for 750.  Its just crazy.

Well this is not totally correct.  Yes people are moving into Detroit. But overall it is still losing population.  Detroit is tearing down 200 properties a week.  Think about it.  People used to lie in those houses.  Now they are all bombed out worthless shells.

People are moving downtown, midtown, corktown, and a few more stable and good neighborhoods.  Also there are thousands of fires every year.  So the list to get demolished grows faster than the tear downs.  New builds in Detroit are almost nonexistent to keep up with the losses.

So yes people are moving into Detroit but the overall numbers say Detroit is still losing population.  Also the terrible schools do not help.

errrr potholes.  I just had a blowout on 75 @Joe Villeneuve 

I crawled off the highway at Rosa Parks and went to Corktown.

Corktown is a perfect example of what can happen in the city.  But now Corktown is to costly and they are not on the market.  I walked that whole area and only saw one for sale.

Joe my best guess is that behind the Motor City Casino will be completely rebuilt.  Many of the houses are already gone.  And its right near the new Cass Corridor rebuild.  The new Wings arena will help spur the growth.  People make area's safer.  There will be people flooding into that area.  "I think" lol

Sure they should.  The suburbs are great for cash flow.  Detroit you need to have big money to make it worth it.  Not a good idea to try to by just one or two in the city.  Need to try to buy as many as you can in the same area or block if you can.

Come on out and I will give you a tour.  I have done it 5 times already with Cali people and a few Aussie's.  Let the weather get better first though.  We are going to get hit with some ice in the morning

So true Joe.  I got called out by a person on here about my Roseville property.  He said "why are you ripping on Detroit when at the same time you are investing in Detroit".  I had to point out to him that Roseville is 6 miles north of Detroit and not even in the same county.

These people just kill me.  They have no clue what 5 miles means in this area

just do a search.  Hell just look at my post.  Now you put Detroit in the title yet in the post you said Michigan.

Michigan is not Detroit.  Why do you think those homes are so cheap?

Again hit the search function.  There's only 10k threads about stupid people that are going to buy 1k properties and make money.....lol 

Ooops yes that was supposed to be bathroom.  Also agree that if the whole neighborhood has garages and the property that you own does not.  It sticks out as not as good as the other properties.

where is the 2nd bedroom?  Is it stuck in the basement or in the Master bd?  Missing or broken cabinet doors can be a pain in the arse