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Updated over 8 years ago, 07/24/2016
DETROIT and MICHIGAN (#1 Defender answers questions)
@Account Closed
I Live in Detroit. I proudly live in Detroit. But for the past couple of threads about my fine city I’ve stayed silent to see which direction it would go; but I’m back to answer any questions you may have about Detroit or Michigan. I’ll also answer some of the questions that weren’t completely answered or defended in other threads. I tagged the people that have asked me questions.
What do you think of Michigan
What do you think of Detroit?
Here is the second monthly article by National Geographic
Some Bad Some Good
This article says:
But the regional vacancy rate for apartment buildings stood at only 3%, the Realtors reported, a rate well below that reported by most other markets.
Originally posted by @Scott K.:
Originally posted by @Richard Dunlop:
@Scott K said:
Scott this one I don't get at all. There are people on this web site that post articles when a company invests $10 million in Detroit.
You don't think it's relevant to the discussion that Dan Gilbert has invested $1,700 million in the past 4 years???????
Or that the Ilitch Family (Little Ceasars Pizza ) and Penske Family have also slightly less recently invested????
Is that not good for Detroit?
No not really. What does that do for the person that invest in the east side. What Gilbert is doing has had no effect on the worse parts of the city. That is what these out of state investors are being told. How does all that money help a property at Davison/Lawton area? How does that help Joy/greenfield. How does that help John R/Nevada area. All that money has done nothing to help any of the neighborhoods I just mentioned...
Dan Gilbert’s investment in Detroit has probably benefited me personally by more than $200,000 in appreciation on the properties I own. It probably has hurt some of the suburbs, so I understand why you are so bitter.
Is it good for Detroit as a whole? Absolutely! Did it fix a burned out house in a bad neighborhood? No I wasn’t expecting it to.
It has done more for Detroit than I could have ever imagined!
Here is the Third monthly article by National Geographic
http://www.nationalgeographic.com/taking-back-detroit/see-detroit.html
Originally posted by @Richard Dunlop:
Originally posted by @Scott K.:
Originally posted by @Richard Dunlop:
@Scott K said:
Scott this one I don't get at all. There are people on this web site that post articles when a company invests $10 million in Detroit.
You don't think it's relevant to the discussion that Dan Gilbert has invested $1,700 million in the past 4 years???????
Or that the Ilitch Family (Little Ceasars Pizza ) and Penske Family have also slightly less recently invested????
Is that not good for Detroit?
No not really. What does that do for the person that invest in the east side. What Gilbert is doing has had no effect on the worse parts of the city. That is what these out of state investors are being told. How does all that money help a property at Davison/Lawton area? How does that help Joy/greenfield. How does that help John R/Nevada area. All that money has done nothing to help any of the neighborhoods I just mentioned...
Dan Gilbert’s investment in Detroit has probably benefited me personally by more than $200,000 in appreciation on the properties I own. It probably has hurt some of the suburbs, so I understand why you are so bitter.
Is it good for Detroit as a whole? Absolutely! Did it fix a burned out house in a bad neighborhood? No I wasn’t expecting it to.
It has done more for Detroit than I could have ever imagined!
HAHAHAHAHA bitter?????????????????????????? Stop spewing stupidity about nothing you know about me. I want Detroit to be better you fool.
Also that guy posted that we all should do what Gilbert is doing. LOLOL that's what I replied to. So what people from out of town do not understand is they can't get the deals that Gilbert get. The downtown authority is a small club and not easy to get into.
Since at the moment I don't realy care about REI at the moment. I have enough problems right now.
Originally posted by @Scott K.:
HAHAHAHAHAHA what a joke.
"How many more properties do you have? If you have none than you are clueless as to the real world in Detroit."
I know very little about you. I have never met you. But every time I defend Detroit you blast ME! According to your profile it sounds like you might own your house and one rental that you're letting someone stay in for free. But you hold yourself out as a Detroit expert.
I will finish the year with more than 100 houses but I admit I'm still learning and will be for the next 1000.
I do know the "real world in Detroit" but I am still learning.
Originally posted by @Scott K.:
HAHAHAHAHAHA what a joke.
.... LOL the NYer's and Cali guys get a little skittish when I tell them its ok I have my guns with me.
I guess I would "get a little skittish" also if you told me you had your guns with you; you seem a little unstable to me.
But come down I'll treat you to lunch don't bring your guns you won't need them. I'll pay!
I'll show you some parts of Detroit that you have probably not seen before. We'll WALK some of my neighborhoods. Some of which you may have seen 10 years ago some of which you may never have seen.
Originally posted by @Richard Dunlop:
Originally posted by @Scott K.:
Originally posted by @Richard Dunlop:
@Scott K said:
Scott this one I don't get at all. There are people on this web site that post articles when a company invests $10 million in Detroit.
You don't think it's relevant to the discussion that Dan Gilbert has invested $1,700 million in the past 4 years???????
Or that the Ilitch Family (Little Ceasars Pizza ) and Penske Family have also slightly less recently invested????
Is that not good for Detroit?
No not really. What does that do for the person that invest in the east side. What Gilbert is doing has had no effect on the worse parts of the city. That is what these out of state investors are being told. How does all that money help a property at Davison/Lawton area? How does that help Joy/greenfield. How does that help John R/Nevada area. All that money has done nothing to help any of the neighborhoods I just mentioned...
Dan Gilbert’s investment in Detroit has probably benefited me personally by more than $200,000 in appreciation on the properties I own. It probably has hurt some of the suburbs, so I understand why you are so bitter.
Is it good for Detroit as a whole? Absolutely! Did it fix a burned out house in a bad neighborhood? No I wasn’t expecting it to.
It has done more for Detroit than I could have ever imagined!
@Richard Dunlop I've been reading your posts with interest. It sounds like you're having a lot of success in the city. That's great. Right now, we're focusing our investments out in the 'burbs. We like being able to walk from our house to pick up the rent! But, I love hearing success stories from inside the city, because I figure that anything that improves Detroit will improve appreciation in the surrounding cities. I'm curious about your comment that the investment in Detroit might have HURT the surrounding suburbs. Can you share your thoughts about that?
Originally posted by @Jennifer Streamer:
Originally posted by @Richard Dunlop:
Originally posted by @Scott K.:
Originally posted by @Richard Dunlop:
You don't think it's relevant to the discussion that Dan Gilbert has invested $1,700,000,000.00 in the past 4 years???????
Or that the Ilitch Family (Little Ceasars Pizza ) and Penske Family have also slightly less recently invested????
Is that not good for Detroit?
Dan Gilbert’s investment in Detroit has probably benefited me personally by more than $200,000 in appreciation on the properties I own. It probably has hurt some of the suburbs, so I understand why you are so bitter.
Is it good for Detroit as a whole? Absolutely! Did it fix a burned out house in a bad neighborhood? No I wasn’t expecting it to.
It has done more for Detroit than I could have ever imagined!
@Richard Dunlop I've been reading your posts with interest. It sounds like you're having a lot of success in the city. That's great. Right now, we're focusing our investments out in the 'burbs. We like being able to walk from our house to pick up the rent! But, I love hearing success stories from inside the city, because I figure that anything that improves Detroit will improve appreciation in the surrounding cities. I'm curious about your comment that the investment in Detroit might have HURT the surrounding suburbs. Can you share your thoughts about that?
Thanks for the question this thread was becoming a one man rant but I had hoped to answer a lot of questions that are floating around about Detroit.
You have a beautiful city and it has done extremely well for investors over the past 4 years.
I do think the investments in Downtown Detroit are extremely beneficial for all of Metro Detroit in the long run.But I was wondering if the nice communities close in would benefit more or benefit first.
As Dan Gilbert puts more of his 75 or so downtown high-rises on the rental market and attracts more and more businesses back from the suburbs, the benefit to the nice communities will be incredible.
Will thriving nice communities in Detroit slow the flight to the suburbs? Yes it already has somewhat and it will continue slowing. I do think Detroit values will increase far faster than the suburbs for the next 5 years.
If you’re driving Mack to get to the Grosse Pointes, If you’re driving Gratiot to get to St Clair Shores, or Van Dyke to get to North Warren, Grand River to get to Farmington or Fort St to get to Wyandotte, You have to drive through a LOT of garbage. Does that garbage insulate the suburbs from the progress in Detroit?
That said I do believe your community being on the Woodword Ave corridor can bridge the garbage faster than the other communities.
Give me feedback on my rational. And what are you going to do with Highland Park?
The Title says it all:
DETROIT LEADS NATION AS HIGHEST YIELDING APARTMENT MARKET
http://www.rejournals.com/2015/02/11/detroit-leads-nation-as-highest-yielding-apartment-market/
Originally posted by @Richard Dunlop:
Thanks for the question this thread was becoming a one man rant but I had hoped to answer a lot of questions that are floating around about Detroit.
You have a beautiful city and it has done extremely well for investors over the past 4 years.
I do think the investments in Downtown Detroit are extremely beneficial for all of Metro Detroit in the long run.But I was wondering if the nice communities close in would benefit more or benefit first.
As Dan Gilbert puts more of his 75 or so downtown high-rises on the rental market and attracts more and more businesses back from the suburbs, the benefit to the nice communities will be incredible.
Will thriving nice communities in Detroit slow the flight to the suburbs? Yes it already has somewhat and it will continue slowing. I do think Detroit values will increase far faster than the suburbs for the next 5 years.
If you’re driving Mack to get to the Grosse Pointes, If you’re driving Gratiot to get to St Clair Shores, or Van Dyke to get to North Warren, Grand River to get to Farmington or Fort St to get to Wyandotte, You have to drive through a LOT of garbage. Does that garbage insulate the suburbs from the progress in Detroit?
That said I do believe your community being on the Woodword Ave corridor can bridge the garbage faster than the other communities.
Give me feedback on my rational. And what are you going to do with Highland Park?
I think there are several things at play. I find that the average person will choose to live in a city with solid school districts and low crime. As the most desirable cities have rising prices, people move to the next most desirable city. So for example, if housing is too costly in Birmingham, people choose Royal Oak, then Clawson, then Madison Heights, for example. Eventually, Madison Heights prices get too high, and people start to choose Hazel Park. That trend is visible over the years. That's focusing on the trends in the suburbs. I don't think the next step is Detroit, because the desirable areas in Detroit are more expensive than the weaker suburbs.
So now we have a new trend - solidly middle class people leaving the suburbs to move to Detroit because it's the cool thing to do or because it's close to work or because they can get a better house.
The lower cost areas, including the better areas of Detroit, will appreciate much faster than Royal Oak, for example. There was a good article in Crain's about appreciation in the area:
http://www.crainsdetroit.com/article/20150615/NEWS...
Wayne county is appreciating the fastest and Oakland County is appreciating the slowest.
But to focus on your question, I think anything that improves Detroit improves the greater Metro area because there are more jobs and more activities available. So it will drive appreciation in the suburbs. The band of garbage that you have to drive through to get to the fun parts of Detroit doesn't make a sizable difference because you can use expressways to hop right past it. I lived downriver and went to Wayne State and now live in Royal Oak and frequently go to the city. I zip past the bad neighborhoods so quickly that they don't bother me.
Originally posted by @Jennifer Streamer:
Originally posted by @Richard Dunlop:
The lower cost areas, including the better areas of Detroit, will appreciate much faster than Royal Oak, for example. There was a good article in Crain's about appreciation in the area:
http://www.crainsdetroit.com/article/20150615/NEWS...
Wayne county is appreciating the fastest and Oakland County is appreciating the slowest.
Thank you That is an excellent article! And it makes the points I've been making since I started posting on BP
Wayne County (Mostly Detroit) 43.1 % Appreciation in past year
Originally posted by @Scott K.:
HAHAHAHAHAHA what a joke.
#1 yes you have a big house. What neighborhood is it in? That house is worthless as a rental house. You bought that house to live in. That's not an investment that is where you reside.
#2 Detroit is good for flippers. Not for rentals. The house you live in would be a nightmare for a rental property. Why would someone rent that huge house and have to pay to heat it in the winters.
How many more properties do you have? If you have none than you are clueless as to the real world in Detroit.
The second picture looks like its in Corktown to me. Corktown is completely different type of neighborhood compared to Detroit.
I have been the opposite of you. I have saved BP member thousands in the last year. I have invited them in and have given them tours of the good the bad the ugly. I also show them our great suburbs when you can buy a house for 35-40k and get 800-900 a onth for rent. I know that for a fact (I Have a few of them)
I show them just how much 3 miles means in these types of cities. LOL the NYer's and Cali guys get a little skittish when I tell them its ok I have my guns with me.
How many people have been killed this last week. I lost count after 10. You can't even cut your grass or get gas in the city without getting shot.
I speak the truth. This is the way it is. Crime is out of control in the city. The biggest problem with Detroit is the Detroiter's.
I am glad you picked up a good deal and its good for the neighborhood that you are living there and giving it a go but don't blow smoke up people's rears.
I would buy all the vacant lots up behind the Motor City Casino as I think that's the next section that would be easiest to rebuild
Detroit is a definitely a beast that need to learn how to work in. I worked for years on the street parking cars in the middle of downtown before Dan Gilbert bought half the buildings on Woodward. It was crazy, I witnessed everything you can imagine over those years. Looking back it was foolish on my part, dodged too many bullets, too many cars stolen, countless fights... young and dumb, but it was fun! Much of what people hear about Detroit is true and there are absolutely safer places to invest in the area. For the experienced risk taker, profits can be made as new money pours into certain areas. I feel sorry for those out of town investors who are just looking at the bs numbers and are paying 10x's or more than what the property is actually worth without working someone they trust here on the ground!!
Originally posted by @Bill Bodziak:
Originally posted by @Scott K.:
HAHAHAHAHAHA what a joke.
Detroit is a definitely a beast that need to learn how to work in. I worked for years on the street parking cars in the middle of downtown before Dan Gilbert bought half the buildings on Woodward. It was crazy, I witnessed everything you can imagine over those years. Looking back it was foolish on my part, dodged too many bullets, too many cars stolen, countless fights... young and dumb, but it was fun! Much of what people hear about Detroit is true and there are absolutely safer places to invest in the area. For the experienced risk taker, profits can be made as new money pours into certain areas. I feel sorry for those out of town investors who are just looking at the bs numbers and are paying 10x's or more than what the property is actually worth without working someone they trust here on the ground!!
Bill I hope you take the time to read the whole thread. I have answered point by point most of the objections Scott K made. I have a couple more points I will address but didn't want to be only answering his rants.
Do you agree with my answers?
I was on the run last night when I acknowledged your post but I did want to answer your questions in more detail. I agree with the points you are making and they correlate well with the points I have been making.
The article you posted has the best proof I’ve seen so let me pull out all the numbers to illustrate the points you made and that I have been making.
One Year June 2014 to May 2015 gains in Median Sales Price
Wayne County (Mostly Detroit) 43.1% from $80,000 to $114,500
Macomb County 9.6% from $123,000 to $134,825
Livingston County8.6% from $197,950 to $215,000
Oakland County5.9% from $193,600 to $$205,000
Originally posted by @Richard Dunlop:
I was on the run last night when I acknowledged your post but I did want to answer your questions in more detail. I agree with the points you are making and they correlate well with the points I have been making.
The article you posted has the best proof I’ve seen so let me pull out all the numbers to illustrate the points you made and that I have been making.
One Year June 2014 to May 2015 gains in Median Sales Price
Wayne County (Mostly Detroit) 43.1% from $80,000 to $114,500
Macomb County 9.6% from $123,000 to $134,825
Livingston County8.6% from $197,950 to $215,000
Oakland County5.9% from $193,600 to $$205,000
O ne quibble - I wouldn't say that Detroit is most of Wayne County. In 2014, Wayne County's population was 1,764,804 vs around 700,000 for Detroit. So a million people in Wayne County live outside of Detroit. Wayne County is 612 square miles and Detroit is around 143.
Whenever I look at pricing statistics for housing, I try to do a reality check by tracking several individual houses that have been bought and sold in that time frame. A large number of distressed homes suddenly being sold could pull the average price down. As the distressed homes are being cleared from the market, non-distressed homes are what remains, increasing the average sales price.
Hmmm... not sure I'm explaining myself well. I'll try this - A nicely updated 3/2 ranch in Trenton, Michigan may have sold for 114,500 on average this year. It probably sold for 112,500 last year. It may sell for 116,500 next year. That particular house, in an updated condition, would never have sold for 80,000 (last years average for Wayne County). So that house did not experience 43.1% appreciation, but rather 2%. The large number of distressed homes sold in past years pulled down the statistical average selling price for the region.
I have doubts that Wayne County (outside of Detroit) will appreciate more quickly that Oakland County on an individual house basis because few high income earners deliberately relocate there. We're a good example. I grew up and lived in Riverview for most of my life. My husband and I lived there after we got married. Riverview has great schools, beautiful parks, and houses cost half what they do in Royal Oak. But there are very few jobs in our fields within a 15 minute commute. Sure, there are doctors, lawyers and teachers scattered around. But it's a pretty blue collar area, overall. So we moved north of the city to save on commuting time.
All that said, it's still possible to do well with buy and hold in Wayne County. I have a friend who owns homes in Lincoln park. Every 18 months, she brings in enough rent to cover the entire original purchase price of the home!
But since we're focusing on Detroit in this thread, I'll try to bring my focus back there :-) But the context of all the surrounding areas is important! I would without a doubt live in downtown, midtown, or Palmer Woods, or Boston Edison over and above Lincoln Park, Hazel Park, Eastpoint or Ecorse. I'd use the money I saved on housing to send my kids to Cranbrook. (I'll talk myself into it if I'm not careful!)
Is Trenton a good example of my earlier question "Do the garbage areas insulate Trenton from the progress in Downtown Detroit?" The Down River communities have to contend with SW Detroit, and then River Rouge and then Ecorse as insulation.
The numbers above do not represent appreciation (related yes) but are an increase in the median sales prices. (one half above / one half below)
The numbers I do want to call attention to is Wayne County Median $114,500.00. That is not a desolate wasteland. (there are definitely sections that are desolate wasteland)
When someone from out of state sees a house for $5000 or $15,000 or even $25,000 ask why.
If a house in a $50,000 neighborhood needs $75,000 to put it back together, how much is it worth? Today?
Originally posted by @Jennifer Streamer:
Originally posted by @Richard Dunlop:
... because the desirable areas in Detroit are more expensive than the weaker suburbs.
So now we have a new trend - solidly middle class people leaving the suburbs to move to Detroit because it's the cool thing to do or because it's close to work or because they can get a better house.
The lower cost areas, including the better areas of Detroit, will appreciate much faster than Royal Oak, for example.
(Disclosure/Nondisclosure: I have no connection to the property I mention in this post I am not the owner and do not know the owner.)
Your statement was made real to me about eight months ago with this property:
http://www.zillow.com/homes/14235-Reeck-Rd-Southgate-MI-48195_rb/
14235 Reeck Rd Southgate MI 48195
I was returning from Sam's Club and stopped at a yard sale at this house. In conversation I discovered they were selling the possessions of their recently passed mother because they had just sold the house.
A beautiful house on a full acre on the Golf course. I timidly asked the sales price and was shocked to hear $100,000. In a desirable area of Detroit it would have been a $225,000-$275,000 sale. (there are no apples to apples comparisons) I was again shocked when I got home and saw that that sale was in line with the market.
Originally posted by @Richard Dunlop:
Is Trenton a good example of my earlier question "Do the garbage areas insulate Trenton from the progress in Downtown Detroit?" The Down River communities have to contend with SW Detroit, and then River Rouge and then Ecorse as insulation.
The numbers above do not represent appreciation (related yes) but are an increase in the median sales prices. (one half above / one half below)
The numbers I do want to call attention to is Wayne County Median $114,500.00. That is not a desolate wasteland. (there are definitely sections that are desolate wasteland)
When someone from out of state sees a house for $5000 or $15,000 or even $25,000 ask why.
If a house in a $50,000 neighborhood needs $75,000 to put it back together, how much is it worth? Today?
I firmly believe that progress in Detroit will drive appreciation in a city like Trenton. If someone prefers the suburbs, then nice suburban cities within a commute of Detroit will become more desirable. The same would be true of any big city - Westport, Connecticut is high priced because families can enjoy the suburbs and still easily access work and recreation in the city. If you have to drive past some rough areas, it makes no difference. When I lived downriver, I never took Fort Street into Detroit. I always took the expressway. That doesn't take away from the good things happening in Detroit - it adds to them. Plus, if it becomes important to live near Detroit, cities that have been declining (like Southgate in your next post) will start to improve, too.
YES - if a house is under 25K, in Wayne County - including Detroit - proceed with extreme caution. There is probably something very wrong with the house or the neighborhood. Not every area will bounce back. Some will spiral the drain forever. Especially in Detroit, because the population would need to increase by nearly a million to fill in every neighborhood!
We're all over the place with this.... To answer your comment about a house in a 50K neighborhood needs 75K in repairs, walk away :-) In my house hunting, in general, I'm finding that turnkey homes are a better value than fixer uppers. I looked at two houses last month in Royal Oak. They were on the same street, within a block of each other. The first house was 135K (house A) the second house was 140K (House B). They had identical floor plans. House B was on a slightly better lot. House A needed 25K in updates. House B needed 5k in updates. After the updates, Either would sell for around 155K. We closed on House B last week. Both homes sold within 24 hours. I assume an owner occupant bought house A!
Originally posted by @Richard Dunlop:
Originally posted by @Jennifer Streamer:
Originally posted by @Richard Dunlop:
... because the desirable areas in Detroit are more expensive than the weaker suburbs.
So now we have a new trend - solidly middle class people leaving the suburbs to move to Detroit because it's the cool thing to do or because it's close to work or because they can get a better house.
The lower cost areas, including the better areas of Detroit, will appreciate much faster than Royal Oak, for example.
(Disclosure/Nondisclosure: I have no connection to the property I mention in this post I am not the owner and do not know the owner.)
Your statement was made real to me about eight months ago with this property:
http://www.zillow.com/homes/14235-Reeck-Rd-Southgate-MI-48195_rb/
14235 Reeck Rd Southgate MI 48195
I was returning from Sam's Club and stopped at a yard sale at this house. In conversation I discovered they were selling the possessions of their recently passed mother because they had just sold the house.
A beautiful house on a full acre on the Golf course. I timidly asked the sales price and was shocked to hear $100,000. In a desirable area of Detroit it would have been a $225,000-$275,000 sale. (there are no apples to apples comparisons) I was again shocked when I got home and saw that that sale was in line with the market.
Southgate is an interesting area to look at. My family lived there for five years when I was in my teens. It was decimated during the recession. Where there once were gift shops, now there are pawn shops. But the prices seem to be slowly bouncing back.
The house where my family lived was a lovely, 1500 square foot brick bungalow on a beautiful street:
http://www.zillow.com/homes/12753-Catalpa-Southgat...
Zillow doesn't go back this far on this house, but they paid 81K in late 1993. They sold for 160K in 2000. It most recently sold for 45K.
I don't know if the areas that went downhill during the recession will really turn back around or will continue to decline. Warren is similar to Southgate, on the North side. Will the revitalization of Detroit help? Probably.
@Jennifer Streamer Rentometer.com puts rent on that house at $1,000 a month.
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@Account Closed
completely disagree there is now no neighborhood in SF that is abysmal period.
when I worked there in the late 70's yes you had the hunters point projects ,, Portero hill projects ( were OJ simpson was raised) you had the projects out by the cow palace etc etc.
that stuff is gone and ALL of SF Is high dollar RE.. there are NO abysmal areas in that city .
I worked in Detroit for 4 years loaning money so I understand Detroit I have been there probably 20 plus times and spent many many days touring and looking at my loans.
There is nothing in the SF that comes close .. not even in the bad days.
Detroit and many of the industrial rust belt cities are just what they are.. too many houses for to few people. that's the only reason you could buy a home like shown above for 16k that house in SF would be 16 million... LOL
- Jay Hinrichs
- Podcast Guest on Show #222
Originally posted by @Richard Dunlop:
@Scott K.
Wow!
First off thanks for participating in my thread
I purposely tagged all the people I could that have criticized Detroit. Your post raises a lot of issues so I’m going to answer them all (about ten) one at a time.
I guess the obvious answer is I'm glad you hate Detroit. I'm glad lots of people hate Detroit. I would wish you could forward your post to every bank in the country. If I can keep the REO disposal agents at the bank hating Detroit then I will keep making lots of money.
I will make more than $1,000,000.00 in the next year because lots of people hate Detroit. I couldn’t do it in any other market in the country. I proudly live in Detroit. Detroit has been very good to me
The fearful look for risk, difficulties and the issues. They cloud their mind with fear. The trailblazers... we look at the risk and potential issues but we persistently hunt for that spec of opportunity. We see that there is a great deal of money to be made in the city. Each scenario is different. You have to stay on your toes to win in this city. You have to watch your back at every turn. I love the thought of resurgence and revitalization. It doesn't have to remain the slum of big cities that many see it as today. It takes us to change that.
Also, Scott, I think you said you spend 40K to make 900 a month? I just spent 12 to make 750.
hi Richard,
I enjoy reading your post where I learn more about the city.
I am totally new to bigger pockets and physically out of Detroit, may I ask very specifically if (Birwood street) in Belmont is a safe place and good(not bad) location to spend 45k for a renovated house for ling tern rental income?
As I research online, the property tax in Wayne is 10% of the assessed house value. Am I right? That would be a lot for the running cost.
Hope you can shed me some lights here.. Thanks a lot!
Originally posted by @Janann Chan:
hi Richard,
I enjoy reading your post where I learn more about the city.
I am totally new to bigger pockets and physically out of Detroit, may I ask very specifically if (Birwood street) in Belmont is a safe place and good(not bad) location to spend 45k for a renovated house for ling tern rental income?
As I research online, the property tax in Wayne is 10% of the assessed house value. Am I right? That would be a lot for the running cost.
Hope you can shed me some lights here.. Thanks a lot!
Now I’m speechless. I am flattered that your First, Second and Third post are all in my thread.But please read the entire thread.
Earlier I posted that if you bought from a Turn Key seller you probably gave away More than 80% of the deal without even knowing it.
I d be happy to look at the specific property you are interested in, if you send me the address by Private Message.
Be VERY CAREFUL! DO NOT SEND ANYBODY MONEY without knowing the full details of the Title!
In Detroit you need more than just a Property Manager!