All Forum Posts by: Naga A.

All,

Thank you for your responses. I will speak to my acquaintance and get back to you soon. Looks like this house was not a good investment after all. I will have him contact some of you so that he can move it.

A foreign investor friend of mine (or more like just an acquaintance) wants to sell a house in Detroit. This is a typical sad story for a foreign investor: bought a house from a "turn key" company, had to evict a bad tenant, property tax being too high etc. He just wants to get out of this mess and sell the house. Since he speaks no English, I might have to help him with a fee. So, if I help him, I will have to wholesale it. I know nothing about the detroit area or wholesale process. Can someone walk me through about the wholesaling process? Is there any Detroit realtor here who can help me?

MODERATOR: THIS IS NOT AN OFFER TO SELL THIS PROPERTY. OFFERS TO BUY IT OR HELP SELL IT HAVE BEEN REMOVED.

@Jay Hinrichs

I do not manage properties but hire a property manager to manage my properties.

Although I agree that cheap properties in a rough area is not for an out of state investor, I prefer investing cheap properties in a blue collar working class neighborhood because that is where you can make most money. I admit the line between war zones and blue collar working class neighborhood is difficult to figure out for out of state investors.

Olga,

Sorry to hear that you had a terrible experience with the property manager. I had a similar experience in the past. Being an out of state investor, we are susceptible to bad PM taking advantage of us.

As far as going after that PM goes, I suggest that you would not hang up on this too much. This kind of claim is difficult to prove, and with all the efforts required to go after the PM, you probably will not see any money anyway. I would suggest that you report her to an organization like NARPM and move on.

Good luck!

@Pyrrha Rivers

@Pyrrha Rivers@Manesh Hardeo who is its general manager in Atlanta is a regular contributor here.

By the way, our conversions on BP were disappeared for some reason. May be we should start it all over again.

Good luck

@Pyrrha Rivers

Hi, this is interesting. I also invest in ATL (one of my properties is in Stone Mountain) while I currently live in Japan. May be we get together in Tokyo over coffee to discuss our investment sometimes.

@Trevor Lohman send me a personal message. I have some insight on Jason Hermann's turn key properties.

Except for 2010-2012 when the market was at bottom, I don't think you can find a property at 40k that can rent 915 a month now.

Silas Frazier Realty

Silas charges at a reasonable rate (8 percent) and gets the job done.

You can tell him you got a referral from "Naga".

Just to give you an update on this insurance situation. My insurance company, National Real Estate Insurance Group, told me that they do not have to cancel the policy on the house after all. So, we negotiated and agreed that they provide the coverage for only ACV on this house, which is fine by me. Tim Norris, the CEO of National Real Estate Insurance Group, who frequently comment on BP, stepped in and found a solution for me. Thanks Tim.