All Forum Posts by: Account Closed

I've done well with boring buy & hold but mostly b/c of market timing (2011-2014). 

So many people chasing the fast transactional quick buck (flippers, wholesalers, etc.) have flooded the Detroit market pumping up prices (i.e. 1849 gold rush) that I feel it's a larger risk now than it ever was during the dark days of the Great Recession. 

Ex) Homes that were 25k-50k in 2012 are now being "rehabbed" with painted cabinets and new HWH and listed for 100k+.

I have one in Detroit. Used her for 6yrs now. Send me a private message and I'll send her contact info. Don't like to post numbers/emails in main forums b/c spammers. 

Got one. Been using her for 6.5yrs. PM me for her info. 

Thanks. The instagram photos look good as well... the before/after pic of "Floors buffed out" about halfway down looks great. 

Questions: 

1) what product did you use to glaze or paint the bathroom wall tile? 

2) what product did you use to stain or paint the basement floor? 

Well done!

Agree with @Saul L.. S8 is not for the faint of heart and it requires an excellent Property Manager willing to do them if you're out of state. 

Most of the PMs I've worked with or spoken to in the past have bowed out of Section 8 now that the economy has picked up. Likewise, many investors won't touch them b/c the damages and inability to collect for them push them into other sectors.  

If it's my personal residence, I would do a combination of both contractor's suggested fixes. 

Digging out & fix: 

Call your utilities providers to make sure you're not going to hit power/gas/water/sewer lines, then dig it out in your spare time. Time consuming, yes, but at least you're not having a backhoe banging against your foundation. Seal it with an injection system from exterior side, give it plenty of time to dry. Then apply a polypropylene waterproofing membrane over your work for added insurance. 

Interior fix: 

If your not seeing injection system material coming through, try it again from interior. Then patch up and pretty things up from the interior. 

Disclosure: not a professional but I have done this successfully in past. 

Take your pick or any combination thereof: 

1. Cost of rehab. 
2. Cost of redoing some/all of 1st rehab after vandals steal or vandalize as much as possible.
3. Outrageous taxes paid to to Treasurer, City of Detroit or lengthy time/cost to appeal those assessed tax value. 
4. Insurance through the roof.
5. Challenging tenants who know how to work the eviction laws. 
6. Then the whole Class C or Class D property ownership thing. 

I'm sure I'm forgetting more than a few but you get the gist of my argument. 

@Rebekah Keller For 48205 & 48206, a mainstream provider like Allstate or State Farm will probably quote you $1000-$2000/yr. That's a ballpark guestimate, but this is from quotes I've received over the years for homes in these areas or slightly better zip codes. 

Take a look at NREI / REI Guard. They have a different insurance model, which you can read about by searching the forums or talking to them, but the costs are substantially less for basic structure coverage & liability protection. I can give you a contact if interested. Just shoot me a quick colleague request. Don't like posting contact info in forums.