All Forum Posts by: Adam Demchik

Renee...great points.  There are a lot of solid areas around Detroit that makes the risk of Detroit not worth it.

Detroit is a huge city (landwise) with a few small pockets that have increasing values.  There are definitely some big players putting money into the city but the poverty level has been around 40%.  Add to that a horribly bloated and difficult city government and some of the worst schools in the country...well I could go on and on.  Good luck and only use money you are comfortable losing.

Josh...why are you looking to Detroit?  I live 30 minutes away and wont invest there.

Nice...at a 19% COC I would move forward. I like blue collar neighborhoods as long as they are not too close to warzones.

What is the neihborhood like?  Do you see population increasing or decreasing in this area?

Thanks @chris martin for the explanation of HELOC vs line of credit

Try a small bank or credit union.  I didnt get a heloc as I own multifamily.  They gave me a line of credit against the property. 

no washer dryer...just kitchen appliances.

Since the wood is already there I would go with wood as you should be able to command a higher $$.  In my rentals I have switched to 100% Allure as it is water proof and so far very durable.  I have about 3 years on the oldest Allure floor. 

I typically try and work with a tenant when they move out early for two reasons:

1.)  They are much more likely to leave the place in good shape (I actually tell them that if they leave it in decent shape I will not use the security deposit for unpaid rent).

2.)  I typically rent in small towns and having a good reputation is often what gets me additional renters