All Forum Posts by: John Knappmann

Scott, I agree there are plenty of great opportunities outside of the city itself (and I own a property in LP), but I also think you can make money in Detroit.  If the police, fire, and lighting get upgraded once all that debt is gone after bankruptcy, then the value of the homes will increase.  I think something like 40% of their general budget was going to debt service, and you can't have that.  I happen to believe that is going to happen (and own a property in Detroit because I think that) but you are correct that, for many, it makes more sense to stay out and put your money in Roseville, Warren, Lincoln Park, or other fine markets.

Interesting how quick people can be to rip on Metro Detroit as an investment.  Odds are they would never invest here, no matter what the numbers.  Then again there is enough opportunity here that I can rule out entire areas around the county, too.  Let me give you some:

L.A.--too expensive compared to the rent.  Gangs.

New York--obnoxious tenants, bad courts.

Mississippi--tenants have no money.

Texas--illegal immigrants damage your properties.

Alaska--potential ice damage.

Florida--hurricanes.

Oh, I'm sorry, did I just sound uninformed because I based my business on opinions I read?  Guess I proved my point.

A property under contract is not yours until you close, so you would need the current owner to sign off.  I also wonder if it is helpful to allow the general public in, but leave that to those who know wholesaling.

Congratulations on a successful flip!  The finished product looks stylish but clean.  Hopefully you don't sit around too long before looking for your next one.

Welcome, Chris.  Yes, you will be able to do some good networking on here, and it seems like you are off to a good start.  Although I agree that the fantabulous deals were two years ago, no doubt there are plenty of opportunities to make money, still.  I also would echo Josh's comments about meetings to check out.

Kyle, hopefully Aaron filled you in about our investors meetup this Wednesday. He is one of the organizers.

George, I live in Brownstown, but the post office is Flat Rock. My properties are actually in Lincoln Park and Detroit, both of which are doing great for me.

I know Dearborn. I would have no problem going east of Telegraph (24). I would feel comfortable just about anywhere except for the extreme east fringes near Michigan Avenue, depending on the numbers, of course.

Welcome Kyle. I grew up in Dearborn and live in Brownstown. Having your family to help guide you is a huge advantage.

Welcome!

@Doug Merriott , thanks for the tip.