All Forum Posts by: Scott K.
Scott K. has started 25 posts and replied 663 times.
Post: First time home buyer flipping a house 15 year vs. 30 year loan
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
money is dirt cheap. I would do 30yr and build up the savings. You want to pay it off you just do it early.
Post: Top rental markets are also the most dangerous cities?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Wayne Tam:
Just came across this list of most dangerous cities in America: Forbes 10 Most Dangerous US Cities and to my surprise many of the top rental markets spoke of by the other members are on the list! Detroit, St Louis, Memphis, Birmingham, Atlanta, Baltimore....is this why the saying higher risk=higher return? I've been reading on investing in Memphis and now I'm not sure if that's a good idea....can investors from these areas please chip in?
In Detroit the key is the Metro Area is no Detroit. I just had a rental on the Market for all of 4 days. Rented to a great couple with great scores. All these cities is in rough shape but I bet the metro areas of the inner suburbs is the place to get great cash flow.
Remember that there are good working class folks that are leaving the ghettos of the inner city. These people want out and just want to live in peace.
Post: What are your thoughts on this $20,000 rental in Detroit?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Tanya Jackson-Brown:
I was born & raised in Detroit I relocated 9yrs. ago to South Carolina I will admit that some of Detroit is rough but you have to go and take a look for yourself at the house & the area & check with neighbors and also check with Section 8. You have some really decent families that are looking for good homes to rent. Please don't judge a book by its cover & please check it out for yourself before you take others word on what it is.
Always A Blessing,
Tanya
Ah yes and here it is. The typical "block" comment. You know how crazy and silly that sounds. LMAO "block" So Detroit has turned into such a garbage hole that we have to worry about the "block". So in other words the whole area is a dump but there might be a good "block" HAHAHAHAHAHAHAHA
This is why I laugh at you people.
Just how many properties do you own in the city of Detroit?
Stop sugar coating it. Also why would not the section 8 person take the voucher to the inner burbs like Warren, Hazel Park, Roseville, East pointe. I wouldn't want to rent to anyone that chooses to live in the ghetto that is dangerous for their children. That tells me all that I need to know about that renter. To raise their own flesh and blood in a crime ridden area is child abuse.
So please stop with the "block" nonsense and really give some thought of how stupid that sounds. Blocks get worse in Detroit. They don't get better. This area will not be turning into Corktown ever
Post: What are your thoughts on this $20,000 rental in Detroit?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Mike Purvis:
Originally posted by @Scott K.:
Come for a visit and I will show you the good and the bad of Detroit and the inner suburbs. This is not set up like Canada.
LOL something really cheap like that but you somehow think it will have low vacancy. Do you see how silly that sounds for a 20k property
I have basically no experience in the US market so no. I'm not really sure why you would laugh at that? I'm just trying to figure out what I can expect in different markets in the US by asking questions.
Sorry for laughing but there has been hundreds of these threads about these dumpy ghetto properties. You do not want to buy these. They will never go up in value.
Again I have given 4 BP members FREE tours of the Detroit area. You come here and I will show you. I will not BS you and sugarcoat anything. We will go into the ghetto's of the city and you can see.
I will also show you where the nice parts are also. You don't have the money for those. I will then drive 5 miles north, west, or south and show you nice cash flowing 3/1's you can pick up.
Post: What are your thoughts on this $20,000 rental in Detroit?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Wilson Churchill:
Originally posted by @Scott K.:
Originally posted by @Mike Purvis:
http://www.trulia.com/property/3084334009-PALMER-G...
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
that is not the NW part of the city. That is a bad spot. No need to get involved with that drama. Add 10k and go to the burbs
LOL. Sorry, I didn't mean to imply that it was the NW part. I don't really know because I have no interest in buying in Detroit. This is only what I have heard from others that do.
He can buy a bd/1 in the Heights for 25-30k. I will never understand the love for these ghetto houses in the hood. It just makes no sense.
Post: What are your thoughts on this $20,000 rental in Detroit?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Come for a visit and I will show you the good and the bad of Detroit and the inner suburbs. This is not set up like Canada.
LOL something really cheap like that but you somehow think it will have low vacancy. Do you see how silly that sounds for a 20k property
Post: What are your thoughts on this $20,000 rental in Detroit?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Mike Purvis:
http://www.trulia.com/property/3084334009-PALMER-G...
NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO
that is not the NW part of the city. That is a bad spot. No need to get involved with that drama. Add 10k and go to the burbs
Post: Advice needed on funding.
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Account Closed:
Hello, I am trying to break into the real estate rental business however funding is my road block right now. I have a plan to buy cheaper housing around Cleveland, OH and doing modest rehabs. I want to provide affordable housing to my fellow lower class and middle class Clevelanders.
I will be doing the rehabs myself with the help of my friends and family, so I save on labor costs right there. I plan on buying budget materials and doing quality work myself. I have fair credit, a sizable down payment, but I do not have verifiable income; I am earning money myself through various odd jobs and helping friends/family.
I need to find funding, but have no clue where to go because a bank won't approve me without verifiable income. I am kind of stuck right now and feel like I am treading water. I really want to go forward with this, but don't know how. Any advice would be great.
Thanks
well for one get a real job that you can prove wages.
Hmmm free labor from family and friends???????????
You need a real job or start your own business and set it up so these "odd" jobs get paid to your business. And soon you will have documented income.
Post: Don't Buy $30,000 pigs in Ohio (or Mid-West)
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Wilson Churchill:
If anyone owns cheap properties in Oakland County, MI that they are looking to sell, let me know.. I am local and can manage them.
hey me first lol
Post: How do you make your flip look finished?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
I agree. I caulked so damn much in my last property. Every seem everywhere needs to be sealed and painted.
I walk through plenty of houses and you see people just paint the trim the same color they used for the wall. Geez a $25 for a gallon of off white paint will paint all the trim. Stop being cheap and lazy. Even cheap rentals should look nice.