All Forum Posts by: Nicholas Foy

Has anyone ever had to deal with a rental being broken into and vandalized? I got a call from the Warren City hall and they reported pipes bursting and the whole driveway is flooded on initial reports. They reported a window sill being taken off and it would appear someone broke in over the Christmas week. I’m wondering on the process of getting things in order to rehab the house through insurance and put it up for sale. I’m going to take a big hit getting rid of it but it’s been a complete disaster since I bought it in October of 2023. Various repair issues, bad tenant, and now this issue. Thanks for any advice you can give. 

Hello, I am looking at two currently Section 8 occupied rentals in the Eye Neighborhood in Detroit and Morningside. I’m an OOS investor and I’m sending my realtor over to inspect these properties to see if either one would be a solid addition to my portfolio. What should I have the realtor look for when he goes out to see the properties? This is my first time considering Section 8 so I’m doing my due diligence in making a decision. Thank you for your time. 

Does anyone here have experience using vendee loans to purchase rental properties? Do they allow you to purchase the house with no money down or is a 20 percent still required? It seems like an attractive alternative option for purchasing properties without having to use your own money. Thanks!

Hey everyone, I'm Nick and I'm a newish real estate investor with 2 properties total, with one being in Texas, and the other in Michigan. I'm a travel physical therapist and I will be doing an assignment in Augusta, GA starting in January. I'm wondering if anyone here has experience investing in the Augusta market. Thank you and have a great day!

Hey everyone, I'm Nick and I'm a newish real estate investor with 2 properties total, with one being in Texas, and the other in Michigan. I'm a travel physical therapist and I will be doing an assignment in Augusta, GA starting in January.  I'm wondering if anyone here has experience investing in the Augusta market. Thank you and have a great day!

Hello,

  My new property in 6783 Chalmers Ave., Warren, MI 48091 is having trouble getting rentals and the lack of closet space has been the most common complaint. How did you help get storage space for clothing in a house 900 sq feet and smaller? I left the address so you could look it up on the websites. Thanks!

Well I guess that cash flow won’t be happening after all. This is going to sound dumb, but how can you have the property taxes and insurance be added to an escrow account for my loan instead of paying them separately?  

First off, sorry to all who had to read my past whiny posts about my property in Warren, MI. This is a reason why you let emotions temper down before opening your mouth or typing on a public forum. Here it goes. I have a property in Warren, MI and I didn't realize it was in a class C neighborhood. I was ready to sell it and take a 25k hit but I decided that would be giving up and to find solutions to make this property work. It was appraised at 125k which I paid for it and it should still cash flow 150-200 bucks after paying the PM and everything else. I know a lot of people on this site have succeeded with SFH in less desirable areas and I want to hear your experiences on how you made them work. Thank you.

Flip was a poor choice of words. I meant I wanted to off load it. I have no idea how the realty company who sold me this house has all five star reviews. They sell mainly in downtrodden areas in the ring cities of Detroit. It's embarrassing but my first investment in Texas was successful and maybe went a little too smoothly. Sometimes things being going too well blinds you to how hard thins can really be when buying real estate. I'll learn from it and I will invest in the Midwest again. I'll just stick to Texas.

I paid 125k for it but it’s in South Warren which is too close to 8 mile. I got too giddy about investing in the Midwest and I know this will be a failure. I also consulted with a family lawyer and my financial advisor and they agreed this property is going to draw low quality tenants. The inspection report given by the company referred to me by the realty company didn’t pick up on a few things the PM picked up on. I feel like I’ve been swindled and it’s revolting but this house wasn’t worth it.