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All Forum Posts by: Martins Olajide

Martins Olajide has started 1 posts and replied 2 times.

New Member Introductions

Post: Property investment in Detroit, MI

Martins OlajidePosted
  • Posts 2
  • Votes 2
Originally posted by @Drew Sygit:

@Martins Olajide: your asking very specific questions, but not sharing the information needed to give you specific answers.

How are we supposed to let you know if the price is a deal or not with no address? 

How are we supposed to know if it's a deal when we don't know the repairs needed?

Can address your 30% down payment - why would you put more than the minimum down on a house that needs work? Put as little down as reasonably possible so you have funds for rehab.

Thank you for you response  Drew Sygit. That is one of the reasons why I joined this forum. You indeed make sense that putting down more cash isn't a good idea when there will be rehabs to be done on the property.

Regarding the specific, I couldn't post anything specific due to the the forum rules.

I have scheduled an appointment with my realtor to go and check out the place in the meantime.

0 Votes
New Member Introductions

Post: Property investment in Detroit, MI

Martins OlajidePosted
  • Posts 2
  • Votes 2

Hello everyone-

I am new to this forum, hence my first time posting here. I am looking into buying some properties in Detroit but focusing on a particular one which I intend to flip, rent out or sell depending on the market prediction. Does anyone have experience buying and selling in Detroit? The property borders Southfield (8-mile and Evergreen), property is around $45k (0subject to negotiation) and may require some renovations. Is it worth it for that price? would you recommend starting in that price range for a starter like me?

I intend to have a down payment of 30% if the price holds.

Thanks you for your responses

2 Votes