All Forum Posts by: Roy Gutierrez

Inquiring minds want to know.....

Yes, there's a meeting with city council this Monday morning at the Coleman Young Building in Downtown Detroit, might be a decisive meeting to decide if they pass the restrictions.

Never heard of this restriction

@Alex Clos, GOOD that you asked this question before you make a huge mistake. The city is currently trying to limit short term rentals to the point that it will basically ban short term rentals for investors and limit everyone else that might still be able to do it (only 90 days allowed in the year, not within 1000 feet of another airbnb, must be your principal residence). I invested in Detroit for short term rentals thinking that if there was a city that had the least chance to ban it in the country it had to be Detroit because it's the city that needs it the most in the country! The fact that the city is getting investors to spend money doesn't mean that the government has turned the corner, this is an example that it hasn't and it's bad omen for investors and the city. Wait to see what happens in the next 3 months, a strong group of hosts are getting organized to propose some changes and show the city the benefits and what a big loss this would be. If these restrictions become law, investor confidence will be affected, what crazy decision is next? So stay on the sideline until this is resolved.

I know of a few out of state investors that have bought from the land bank, not sure how they did it but they have them.

@Madison Loftis, the "up and coming" areas surrounding downtown are getting more expensive as we speak, most of the houses will be full rehabs, I have 2 in these areas, one in the North End and one by Henry Ford hospital, I love the potential of both! got them cheap (meaning cheaper than today but significantly MORE expensive than just 2 years ago) but will spend over 80+ on "each" to get them rehabbed. If you don't have a good person with boots on the ground or enough funds to cover the rehab don't even bother investing in the area, it will eat you alive; if you still want to invest make sure you find the boots in the ground first they can guide you to the right property, since it's your first property I will suggest VERY minimal rehab, significant rehab is very expensive and there are so many crooked contractors in the area that you will wish you never thought of Detroit; don't get me wrong there are good deals but only if you know how to maneuver Detroit otherwise Detroit will maneuver you! Send me a pm and I'll connect you with a local facebook group that can also help.

I have one in the North End, it's absolutely up and coming, 5 rehabs in my street, unfortunately most houses on the market are total gut jobs and they're starting at 25k+ (depending on the size of the house) and you basically have to rebuild the house. Seems highland park has some streets nearby that seem to be decent for investors. Try to find which streets close to Boston Edison/Arden Park are nice ones to look at and see if you can find some deals in those streets. 

I'm working on 2 at the moment, it's been smooth, what hasn't been smooth are the contractors, I'm behind schedule because of a horrible GC that set me back big time but still no problems with the land bank as long as you keep them updated on what's going on.

I think Huntington Bank is doing this as well.

@Chad Skop, how do I contact you?