All Forum Posts by: Michael R.

Hi Jeff,
Have you gone anywhere with this? I am looking at a very similar deal.

Doubt they will remove it, there is no need to. If you don't disturb it you have nothing to worry about. The house probably has aluminum wiring and lead paint also--that s what you get with older houses

With 200k you can definitely build a nice portfolio in Rochester that will cash flow. I would stay out of buffalo personally. Rochester is a much nicer city. Have you been to these cities? You can buy a rented house in Rochester for 20k that is rented for 750-800 a month. You can even get a rented house for cheaper, I have bought houses for 5k rented. If you go or buy anything in rochester let me know Ill give you pointers if you need them

I have been to both memphis and Detroit. I do not own anything in neither city but I do feel detroit is worse. Where i invest in upstate NY the city keeps dumping money to make improvements and things are looking lots better however I can still buy a house for 5k. Just because the city is rebuilding does not mean things will turn around. It is great that you support the city and hopefully things will turn around and you will all reap the rewards. All cities have their bad spots and lets face it some cities are not going to be what they once were. Cities like Buffalo NY are similar to Detroit. The downtown is nice but the whole east side is a waste land. Population is in decline. Was once a nice area, lots of old historic houses, but it is what it is. Also the known corruption is Detroit would scare me away from investing there. Hopefully it pays off for you.

I think the only thing is ethics. You rent a house to a family knowing they might be forced out in a few months to a year. Also you have to deal with the fact they will receive letter from the bank on their door and will ask you whats up. you will have to either tell them the truth or lie about it. Some might not pay the rent to you because they know its going to foreclosure. Too many headaches for me I rather do things above the table and have a clean conscience. Besides you can put all the money you would invest in these deeds together for a down payment on a property you would be able to keep forever and actually build some equity in. I would not invest and do business like this but thats just me. If you do decide to persure this let us know how it goes.

Patrick, can you explain how they are going to get paid off?

If you know the kid well I would let him work as long as he is supervised. I would just be aware of what could happen. Also as a kid I did lots of jobs like this. I learned alot of useful skills that have been helpful.

so where is the 2.7 billion coming from? Tax dollars ? I hope this expires. The same people who owe more than there home is worth now would not be complaining if their home appreciated.

It does not matter if the house is upside down. You are betting that the bank wont foreclose and you will be able to recoup your inital investment plus some before the foreclose. You would be lucky if you bought the deed and had equity then you could resell.

This is nothing new and has been happening in florida. Props inc being the company that had been getting the most publicity. You also must pay the hoa fee while you own the property or some hoas might try to collect there fees from the renter.

If the tenants or occupants of these neighborhoods don't care about the area why should I? Not saying this is the case with me but I can see how landlords might get this mentality after many years. I take good care of my properties but the tenants don't usually. I keep my my yards garbage free but the occupants of the area use the street instead of a garbage can.

If my house is vacant the neighbors will throw rocks at the windows, steal anything of value and do drugs in my house.

Personally I think the landlord has a responsibility to the neighborhood just as much as the occupants do. You need to get the citizens to stand up and try to make a difference, and the landlord will follow.