All Forum Posts by: Matt Cramer

Have you tried local banks for conventional financing or is that not an option? Tell us a little more about your scenario so we might be able to recommend the right type of deal or lender. Is private money the only option because you want it or because you have to go that route?

See if they would be interested in a lease with option to buy. Find out why they don't want to sell it also, they may be underwater in which case maybe you can get a subject to deal going.  Worst case they say no and you still are able to rent and live there. 

Are you sure your underwater? You'd be surprised how many people I speak with who think they are underwater only to find out we can get them out of the house with cash in their pockets. Realtors typically don't charge you to do a valuation, heck some can do it over the phone especially if you're up front about not wanting to list it.

I'm not so much looking at downtown Pontiac mainly the sport within a mile or so of 75 and university.

I'm looking at some of the pockets of homes between Pontiac and Auburn Hills Michigan and wondering if anyone here is investing in those areas and what the experience has been? THANKS!

 You are clearly one of the people I'm asking the question too. What are you doing to see great returns in the area and from a distance none the less. Also have you found a way to do so in the $1000 houses area or are you in another part of metro area? What type of strategy are you employing as well? 

I was referring to Detroit Metro which encompasses most of the area you posted I believe. 

I'm moving to the Rochester area and intend to invest in the area around Detroit within an hour or so. I'm still learning about the different areas, strategies etc. I'd love to hear what some of the people having success in the metro Detroit area are doing?

I have been looking at a few places in the suburbs and checked the rents out, drove through the areas etc. They seem like some great properties. (auburn hills area) I obviously don't want the $5 houses, those area scary places and I value my life. However I wonder how someone might be able to make money with those types of properties? Do they buy up blocks and blocks and just wait the depression over there out?

I keep hearing about how much Detroit is the worst etc on the podcast. I have a feeling it's mainly being referred to as the scams that go on there and the people who take advantage of new investors. 

So rather than saying Detroit is the worst you can't make an honest buck there, I'd like to hear some peoples opinions on HOW you can invest in the Detroit area and do well. 

I'm moving to the area (about 45 minutes North) and I refuse to believe there aren't great investment opportunities there where you can safely make an honest living in flips, buy and hold etc.

@Brandon Turner

We gotta give Detroit some love. I like to think opportunity is everywhere and you just have to find it.

Sell your other house to buy this one if you love it. Otherwise wait a bit and look for another deal like this one where you get the equity. IF  you don't have the cash reserves I would say sell. Because if something goes wrong you could be renting an apartment with a foreclosure/short sale on your record. To me that risk isn't worth the reward. That is a gamble. Something bad could happen to the house, tenants could stop paying, trash it etc. It sounds like one bad experience could put you out and that's too much risk imo. I know the market is hot here and if you have a good agent you should be able to find another deal. I would be patient and wait for the other deal and purchase that with the proceeds from your first success.