All Forum Posts by: John Knappmann

I'm sure more knowledgeable people will weigh in soon (I don't have any experience in multi-units), but I would worry that 10% is too low for maintenance. I guess it might depend on the common areas and the condition of the roof and mechanicals.

You can count me among the people who are skeptical that this will actually be a bona-fide purchase. I have never been in the place, but the liability and pollution issues that might arise mean you couldn't give me the place for free. If it had an actual value it would have sold long ago.

I agree with Lincoln Park (although I might stay south of Southfield Road), Wyandotte, and Southgate. I would add Dearborn, especially 48126 and 48124. 48128 is a little more solid middle class (and more expensive) with professionals and teachers. I also would suggest Dearborn Heights (48125 and 48127). Westland, Garden City, and Redford might also be worth a look. Some of the Redford zip code are actually in Detroit, but I kind of like that area.

I have a bit of a feel for the place, Aaron. PM me or call.

Adam, if you have a target area in mind, drive it and pay attention to the properties in that area that seem to get your attention. Odds are there are a few names of realtors that keep popping up. Start by talking to them, be honest about your goals, and give them a chance to show you some properties. They know the area. If the numbers work, give them your business. You may need some hand holding on the first deal or two before you start cold calling or sending letters. At the very least, you need an education, on the ground, about the area you want to target.

Anxiety is good. It means you understand you don't just show up and money falls in your lap.

I also found differences in the quotes I got, and the low was about $3/square foot. Pomponio Brothers in Southgate. They did really good work, too.

Aaron, that sounds like a most excellent idea. I hope it's a day I can make it.

I said, and still say, that I welcome good things being said about Detroit and Michigan. Our state and major city have gotten a bad reputation, and not all of it deserved. I welcome any effort to set the record straight on that.

What I did object to, and perhaps over-reacted to, was bringing politics into it. I say over-reacted because upon re-reading for the third time I do agree that Annette was quoting reasons given in the editorial and not necessarily adopting them as her own. Maybe she agrees, maybe she doesn't, but I should not have personalized that to her.

It did turn cold rather suddenly, didn't it? I had to break out the windshield scraper this morning.

As a real estate investor in metro Detroit (who also lives here), I am glad Michigan is doing well. That part of your post I agree with and applaud.

But that same Republican legislature that you give the credit for it doing well also added taxes on pensions for seniors. No discernible impact can be seen from right to work being ramrodded through. As in literally no jobs. Now the measure's sponsors are saying it will take ten years (???) before any benefits are seen.

Skip the politics. You're not very good at it.