All Forum Posts by: Account Closed

Had the inspection today, it was much easier than i thought. He barely checked anything, I just had to put two more smoke detectors in and that was it.

Definitely make each person fill out a separate application with fee. Then screen them both.

So Schiff is going to be running for Senator? I have read he dislikes both partys, but im guessing he would run as a repulican?

You can go to the blog section on BiggerPockets and find it there, or you can read it from his site here:

http://www.1minutetorentalpropertyriches.com/id53.html

Those were the best! Reggie Miller was the man.

Nick, you have a 14k property producing 1k in rent?

Wow. Detroit area isn't as bad as they make it sound.....

actually in the screening process now, so not producing 1k yet, but should be in the next couple weeks. I think I may have lucked out on that one, as I have not found anymore in that particular city that cheap yet.

I was talking to the neighbor last weekend while I was working on the house and he said that i was lucky, because he was going to buy it and tear it down to make his lot bigger. I thanked him.

The thing about Detroit is it extends past its city limits. The majority of people live in the areas surrounding Detroit, hence "Detroit Metro". Yes you can buy houses for 3k in Detroit but the class of tenants is going to be much lower and you will come across some rough areas. Not to say that it cant be profitable, it definitely can, however, you can find great deals in the surrounding cites and townships as well.

For instance, my recent deal was in a city bordering Detroit, this area consists of families and post college renters, and is becoming quite the trendy area. The house that i purchased is a 4 bedroom, 2 bath home for just under 10k. Needed minor rehab (4k) and will rent for 1k a month, and will attract better quality more responsible tenants.

So the main point is if your looking to invest here, look in Detroit Metro not just inner city Detroit. Good luck!

This stimulus package has done nothing but fuel the liability section on our country's balance sheet! We are a country in negative equity. The last thing I would tell a friend in massive debt is to spend more. Guess its not that that simple...or is it?

thanks Tom, looks like I got a few repairs to do before the inspection!

anyone? anyone?