All Forum Posts by: Scott K.
Scott K. has started 25 posts and replied 663 times.
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Alexander Merritt:
@Ndy Onyido I'm really glad you asked this question because I too have been wondering about Detroit. I'm thinking this might be one of those "Carnegie" moments to seize an opportunity. People talk about all the negatives; which are numerous and real. But, what about the positives. As you said foreign investors are investing there and I think now is the time to really keep an eye on Detroit and possibly be ready to invest there soon.
How much money do you have? You need big bucks to do what the Chineses are doing.
WHY DO YOU PEOPLE KEEP SAYING THAT. YOU DON'T HAVE 5 MILLION DO YOU
A lot of Chinese have lost their asses in Detroit.
Come for a visit and I will give you a real tour so you can see for yourself.
Are you scared of guns? Hope not because I carry when I go to the hood lol
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Ndy Onyido:
Well, I do not know and that's why I raised the question. But I still think that there must be something that our friends from China see that we don't see NOW...may be a few years down the line, we may.....
Am not sure the whole Detroit is a war zone as you paint it? And the few good spot you see is in 10 years? well, that sounds rather gloomy..
Anyways, you are on ground and should know better, but it looks like what you say you see there are different from what we read in the papers and watch on TV....
Do you think the Chinese are buying single properties? Do you have 2 million to spend? See this is my point the small investors can't do what the Chinese do. You are trying to compare what we the average Joe blow can do compared to multi million corps can do.
You Sir do not have the bigger pockets of the Chinese so please stop with that thought process its just silly. Start buying the vacant land behind the Motor City Casino and wait 10 years.
Stop telling me what Gilbert and the Chinese are doing. You don't have the money or power to buy what they are buying. Its near impossible getting in the downtown area.
Detroit will get better in certain area's. I am looking for the next Corktown. I think that is going to be behind the Casino. They need to connect that area to the new cass corridor Wings arena That area is going to be great. Connect Midtown to Downtown. The rail system will be a big help connecting that area
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Ndy Onyido:
@Joe Villeneuve
Using neighborhood folks for security is wise strategy that works like magic......the become your eyes and protect your interest. But beyond that, security will become less of an issue as the city picks up economically and from the way things are going, it will not be long.
HAHAHAHAHAHAHAHA oh ok. Yes people that are completely unemployable are all the sudden going to stop selling drugs, stealing, and carjacking. Yeah ok. You know that 50% of the people in the city are dumb as a box of rocks right. I drive around the city all the time. I have just given 4 tours of the city for out of town people. They are thankful that I give them the full picture.
The very same neighborhood folks you speak of are the ones helping you carry things in the front door and waiting for you to leave so they can take them out the back door.
That's ok we need believers like you. So you want to buy just a single property and think you are going to make money??????????????????/
Hey you put your money into the city. Tell me where these properties are so I can see for myself. I already said where a good spot is going to be in the next 10 years. But most people don't have the money or the time to wait for it to be
You know how many people got shot this last week?
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Also the problem with Detroit is you just can't use a magic 8ball to figure out when a neighborhood goes to garbage. What was just good 3 years ago are wastelands now.
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Joshua Woolls:
Originally posted by @Scott K.:
Originally posted by @Joshua Woolls:
Originally posted by @Scott K.:
Originally posted by @Joshua Woolls:
Take this for what is worth, as I don't actively invest in Detroit, but I do invest in stable communities on the border. I have seriously considering moving into the city lately. I don't by any means know the exact areas that are worth investing in, but I can tell you for sure that some areas are much better than others. I also think it depends on the type of investing you want to do. Are you looking for solid rental returns in neighborhoods that are not going to turn into a warzone? Are you looking to buy and sell in 12 months? Or are you playing the long game where you are buying solely for appreciation?
In my opinion, the general feel of the city and surrounding areas has changed a lot in the last three years (the time I have lived here) and things seem to be on a definite upswing. Maybe that is just me, the eternal optimist speaking...
you have a good thing going why would you want the risk? I am also in the inner suburbs and like the stability of the neighborhoods. I want and am rooting for Detroit but I still won't invest in the city. It just cost more and more headaches.
I stick to the burbs and get 3/1's allday long for 40k or so and rent for 850 with lower taxes
I'm new here. What is a 3/1? I have been typically buying in the 50-60k range and look for 950-1100 in rents.
HAHAHAHAHA out of all my post that's the question you ask. Have you ever read a add for a real estate posting? You don't know what 3/1 means?
Your numbers are good why would you even need to go in the city? Why deal with the city and all the headaches that come with it. It a tough business already why make it tougher.
Yeah, I realized as soon as I left... I was thinking you were referring to a type of ARM or something.
Not all areas of Detroit are the same. Yep, some are beyond help and won't be better until they are leveled. Others are not that bad and some are actually pretty nice. I am not looking to buy $1000 properties and try to be a slumlord. But I do believe that the city is going to be on an upswing, and some areas will see the benefits of this before others. The thought of investing in these areas is somewhat appealing. It is not like I would jump into it without research and thought though. I work hard for my money.
That's good to hear. But do you plan on investing enough to make a difference? Buying a house here and a house there is not going to cut it. If you are looking to buy land and knock down properties and just sit on them I would look going behind the Motor City Casino and buying in the area. I see that land getting completely cleared and rebuilt. That would connect with the new Wings area that is getting built. That keeps you close to downtown that should be cheap land.
Most small investors just can't sink the money or have the time to wait it out for that type of investment. You are doing great in the burbs.
You like many of us are enjoying the high rent low cost properties that the burbs provide
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Mark Forest:
Detroit has the potential to be a nice city with views of the river and some nice old houses. However, crime is a large issue. How are going to protect your job site and the people who work there? Frequent break ins will ruin you fast.
yes crime is a huge problem. You can always fix the properties but you can't fix the people that live there.
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Joshua Woolls:
Originally posted by @Scott K.:
Originally posted by @Joshua Woolls:
Take this for what is worth, as I don't actively invest in Detroit, but I do invest in stable communities on the border. I have seriously considering moving into the city lately. I don't by any means know the exact areas that are worth investing in, but I can tell you for sure that some areas are much better than others. I also think it depends on the type of investing you want to do. Are you looking for solid rental returns in neighborhoods that are not going to turn into a warzone? Are you looking to buy and sell in 12 months? Or are you playing the long game where you are buying solely for appreciation?
In my opinion, the general feel of the city and surrounding areas has changed a lot in the last three years (the time I have lived here) and things seem to be on a definite upswing. Maybe that is just me, the eternal optimist speaking...
you have a good thing going why would you want the risk? I am also in the inner suburbs and like the stability of the neighborhoods. I want and am rooting for Detroit but I still won't invest in the city. It just cost more and more headaches.
I stick to the burbs and get 3/1's allday long for 40k or so and rent for 850 with lower taxes
I'm new here. What is a 3/1? I have been typically buying in the 50-60k range and look for 950-1100 in rents.
HAHAHAHAHA out of all my post that's the question you ask. Have you ever read a add for a real estate posting? You don't know what 3/1 means?
Your numbers are good why would you even need to go in the city? Why deal with the city and all the headaches that come with it. It a tough business already why make it tougher.
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Joshua Woolls:
Take this for what is worth, as I don't actively invest in Detroit, but I do invest in stable communities on the border. I have seriously considering moving into the city lately. I don't by any means know the exact areas that are worth investing in, but I can tell you for sure that some areas are much better than others. I also think it depends on the type of investing you want to do. Are you looking for solid rental returns in neighborhoods that are not going to turn into a warzone? Are you looking to buy and sell in 12 months? Or are you playing the long game where you are buying solely for appreciation?
In my opinion, the general feel of the city and surrounding areas has changed a lot in the last three years (the time I have lived here) and things seem to be on a definite upswing. Maybe that is just me, the eternal optimist speaking...
you have a good thing going why would you want the risk? I am also in the inner suburbs and like the stability of the neighborhoods. I want and am rooting for Detroit but I still won't invest in the city. It just cost more and more headaches.
I stick to the burbs and get 3/1's allday long for 40k or so and rent for 850 with lower taxes
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Ndy Onyido:
One thing I have always appreciated about your BP responses is that they are blunt and direct and I love it that way..
That said, with boots on ground, either directly or in partnership, what area of Detroit will likely make the the fastest recovery?. Have you seen any form of government encouragement to prospective investors that will likely turnaround the city? The city does need full injection of funds to rebuild the failed and failing infrastructure.
Thank
you need to follow the young hipsters that have no children. People with kids are leaving the city at a record pace.
Corktown is kind of nice. Hamtramak (sp) a city located in the City of Detroit is full of these types. Lots of duplexes for sale in that area.
Stop looking at all those bombed out 1k properties. You will not make money with those. Not with out being here
Post: Offer Price Etiquette
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
don't offer 85% under. That's just stupid and it makes you to look like a joke.