All Forum Posts by: Scott K.

in Detroit or the inner burbs?

There is a property in South Warren that has a commercial space and a living quarters with it

http://www.zillow.com/homedetails/8605-Republic-Ave-Warren-MI-48089/83655630_zpid/

Here it is.

This might be something you should be looking into.

PMI is the devil

congrats.  That's not enough of a spread for me.  You need to include upkeep in the numbers.

How old is the roof?

How old is the furnace?

You should already be thinking about replacing them

Keep looking for the deals

yes 20-30 is a good starting point for Properties.  With that starting range many times you can have a solid house that just needs some rehab.  And it won't be in a warzone.

To me the key is if the property is in a low income area that is not dangerous or a complete bombed out area that is crime infested

Naveen it was great meeting you.  I hope you saw everything you needed to see.  I just didn't feel like you wanted to see the $1000properties.  Were you able to see what was good and what was bad?

Naveen I also an going to put in an offer on that property we went into north of the city.

Yes all us Michigan Detroit people live in a hopeless wasteland.  Michigan is doing much much better.

Detroit is doing much much better.  Why would you even be interested in that type of property?.

Come on up for a visit and I will give you a grand tour.  The good, the bad, the ugly. 

Have any equity in this rental house?

@Nicholas Tarver 

I have 2 properties in Lincoln Park 1 in Roseville and 1 in Madison Heights.

So its not like I am above of investing in the cheaper cities in The area.

@Dirk Smithson 

You come for a visit I will show you where these $1000 properties are and you would not live in those neighborhoods.  It is way to dangerous.  No matter how much of an idealist or a true believer you are these neighborhoods would chew you up.

I am married but have no kids so I can find deals in safe cities but not great schools and it doesn't much matter to us,

oh and yes when you need to pay back taxes on a house that adds to the cost of the property so its not 15k it 23k.  That is filled with lead paint and old plumbing.

The problem is you start to update those properties the cost can get out of control.

Also people that do not pay property taxes do not do the needed upkeep to the property.

I like parts of the city but you can't tell people that are out of state or even the country that they can do these types of deals.

Many contractors will not even go south of 8 mile