All Forum Posts by: John Knappmann

Clara, you can never ask too many questions before you buy a property like this. It's called due diligence for a reason. Keep at it and the right deal for you will come along.

Welcome to Bigger Pockets, Nkrumah, and I'm sure that you will play well in Peoria (just had to say it). This is a great place to learn, as you are finding out, and I'm sure someone from your area will be chiming in soon. You should check out a local REIA when you get a chance. Finally, I would suggest starting with one project at a time and see how the first one goes. Maybe start with a flip that, if you can't sell, can turn into a rental. That way you've got a backup plan.

I do agree that you should run, not walk, from this "opportunity".

Raymond, I kept thinking that somewhere was a link to a listing, maybe on Zillow or Realtor.com. I saw the line about only 4 leased, but somehow skipped right over the 32 units in that line.

Oddly enough, I think I was so distracted by the typo spelling of Wayne that I missed the other crucial facts hidden right in front of me.

Jon, I agree with all of your points here.

My question is, I can't see from any post in this topic how many units we are talking about. Is my computer missing something that shows the actual listing?

What started off as venting on my part has turned into some great reading. Thanks everyone for your contributions so far.

I plan to have the house ready for August 1, so I have enough time to do it myself and get it right. So at this point, I would not have done it differently.

Jon, I absolutely do not see a possibility of the Detroit municipal government disowning tracts of land within it's boundaries. Not even an Emergency Manager would do that, and no elected official would. As for concentrating residents, that should be done and would be a long-term project.

There are still a lot of reasons to invest in Detroit. 700,000 people live there, they want decent housing, and many of them rent.

Wayne, an agent goes with you.

Agree on the need for maintenance, but sometimes it's hard to figure out what is needed and what is nice to have. Gutters would probably count as needed.

Aaron, I think it's great that BP is helping you connect for potential deals. Keep it up. I have a feeling this might have been the missing piece that will allow you to ramp up your business to the next level.