All Forum Posts by: Scott K.

Jeeze, 34% is a a staggering number, but in no way am I surprised. I believe (I think you can back me up) that a lot of this price increase has been seen in the lower to moderate neighborhoods/homes. The Ferndale, Oak Parks, Hazel parks, lower end R/O and Berkley. My question is with this astounding stat, what are you going to do? Are you going to change your ideal market and buy lower end homes like a hazel park? Or do you chase the prices? We have a little different stragegy with flipping vs buy an hold, but similar none the less. My goal for the next 3-5 years is to buy a home every 9-12 months. I am starting to doubt if this will be possible in the market we are in

Carson I am thinking of going into Hazel Park. No wonder we can't get into these properties with all this crazy prices. Damn I wish I had the money I have 5 years ago.

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Originally posted by @Bryan H.:

Depending on your strategy and if you bought right, it may be time to be a seller.

Well I want to be a flipper. I have another house but I am living in that one. And I am still underwater on my other property.

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http://www.detroitnews.com/article/20140317/BIZ03/303170101

wow this is why I am getting killed out here trying to get some properties. People are bidding way over asking in the Detroit Michigan area

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Originally posted by @John Knappmann:

@Scott K. and @Carson M. , no argument about the school system from me. The state's solution to take schools away from DPS and let a state-appointed group run them mistakenly thinks that the biggest problem is the school board. Problem is that you have students who are only there because their parents can't get them somewhere else or don't care enough to move them. Kids can't learn under the current conditions,and it does not matter who their school board is. The change needs to be in the neighborhood around the school before the school gets better.

I also agree that the neighborhoods are generally as bad as can be, but I see signs of that turning around, slowly. Right now, you have to be careful and know where you are investing.

I don't and would never invest in those neighborhoods. I go there for my work. The only way to fix Detroit is to move all the people in the neighborhoods to different cities. So really that is no help at all. All it does is transfer the problem to another city.

All these pie in the sky plans cannot change the people. Until the people wake up and want to be better people and do the right things. Detroit will always be a hellhole.

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I am with Carson on this.

I am not the normal suburbanite that sees downtown and thinks everything is doing better. I go into the heart of the dragon and see the chaos that is going on down there

The neighborhoods are garbage. They are tearing down not just houses but blacks of houses. Now you will have the Detroit apologist come in here and say different but that's not the reality I live. When I stop finding dead people and getting shot at I will change my tune. Until then I say Detroit is a hellhole

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Originally posted by @Britt M.:

@Scott K.

As an ethical wholesaler, I don't agree with approach as it damages a relationship which hasn't even begun with a buyer. My approach is to have a "real deal" and pitch it to sellers. This seems to work well and my partner and I have a good reputation within our REIA and with our list.

The ghost ad to create a buyer's list is a farce IMHO.

I agree, that's why I called him out. No need to be dishonest right from the start. I asked him why would I trust him from this moment forward. I told him to lose my # and never call me.

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Originally posted by @Dean Heyboer:

Newbie from Holland Michigan. Looks like a lot of great people here. Can't wait to connect with some of you. Ready to learn and start investing. Thanks

You are on the good side of the state. Good luck to you and welcome

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what a scumbag thing to do. Make an add for what sounds like a great deal.

He even put in there it needed a cosmetic rehab and was an estate sale.

Used one of the best cities outside of Detroit that would be an easy rent or flip.

I told him its not a good start for us with him being dishonest. He mumbled all his words making it very hard to grasp what he was saying.

Well Jerome you made yourself look like an ignorant person that has no clue what you are doing.

I said I have cash and don't like getting played and not into BS games. I told him this is why many people think wholesalers are scumbags

So if you guys who wholesale don't want to look like dishonest fools don't do this. All this shows is you are not very good at what you do

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The property gets inspected for ready to sell. As soon as it is ready to sell it gets listed. So the listing date is the start date for DOM.

Can you see the acquisition date? Do you have access to Yardi P260 System?

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Originally posted by @Max Householder:

Also, I'm interested in the landlord's perspective on dishwashers. As a tenant, I had a dishwasher in every apartment I ever lived in. I only actually used the dishwasher in half those apartments though because the other ones were either so old or lacked service/maintenance that they weren't even worth using. Nothing would get clean by running it. That said, I never really considered it a huge downside since doing dishes for one person doesn't take that much effort.

If you were starting from scratch would you add a dishwasher to a rental unit or just skip it? Do you find that people will choose a unit with a dishwasher over one with similar amenities, location, and price that doesn't?

well if its gut for the kitchen and you are starting over. I will add a dishwasher if its 2 or more bedrooms. A dishwasher will cost about the same as a cabinet that would be in its place. If you want to rent to families a dishwasher would be a huge selling point. Just like with washer/dryer hookups

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All Forum Posts by: Scott K.

Scott K. has started 25 posts and replied 663 times.

Post: Michigan prices are going up

Post: Michigan prices are going up

Post: Michigan prices are going up

Post: Barron's article on rise of Detroit

Post: Barron's article on rise of Detroit

Post: wholesalers using ghost adds

Post: New From Holland Michigan

Post: wholesalers using ghost adds

Post: Determining DOM for HUD

Post: 3-5 Features, which set Urban Rental Apart. Thoughts please?