All Forum Posts by: Brent Maxwell

@Josh Arras thank you

I bought a property with non-paying tenant all the time. I add $10-$15,000 in rehab costs plus another 5k to cover carrying costs & the BS to get them out. It's literally the worst situation possible on a buy, so you've got a distressed sale & you can help out the seller if they're willing to take the loss and get rid of their headache. Then you have a headache. 

Drew is a great guy to know in Detroit. 

I can vouch for Carson, he is solid. 

@Thomas Enright over a year on a short sale acquisition. Unfortunately it didn’t close.

@Brynn Ungerleider I am certainly a fan and a champion of Detroit. There was just a study I was reading about millennials moving in and population increasing, compared to the flat demographic transitions of other rust belt cities. There is an energy in Detroit that is contagious and wonderful. 

Hi Alan,

It is all about location. It is difficult for an out of market investor to do well in Detroit without a strong team on the ground...or even better a local partner. 

I'm in Detroit and I work with international and out of market investors. I would advise either partnering with a local who is on the streets and on the same side of the table as you, or buying in better B areas. Trying to get 25% ROI on a $15,000 house in the hood from abroad is possible, but highly unlikely. The only people making good in C and D areas are either strongly seasoned pros, or local grinders. Partner with a local you like, trust, and respect.

@Todd Douglas The one you sent to me a month ago with all the vacant and non-performing assets, with clouded title, carrying thousands of dollars in back taxes, that the seller bought at county tax auction in 2014 for $1000, presumably tried to convert the occupants to renters, probably did nothing to improve the properties, and is asking $25,000 on a quit claim for? That list? 

Well, if it were my lead, and I needed to keep it completely off the internet, I would search for sales of similar properties, and then contact the selling and listing agents directly to see if they have buyers. Someone at O'Connor, City Living, or Loft Warehouse should have a buyer. There are other brokerages as well that specialize in high end Detroit.