All Forum Posts by: Saul L.

@Nick Brubaker

You are going about looking for a market to invest in by looking at the market which is not my way and which I find to be flawed. There is really no bad market. There are only bad real estate investors. All markets are good markets. 

Your success in a market does not depend on employment, industries, locations, etc, etc. It depends on your real estate team. You can loose a lot of money in Vancouver but make a ton of in Detroit depending on who your partners are in that market. Spend a lot of time investing in people and not in learning about a market. You will NEVER become as well versed in a market than someone who is actually living and investing there. 

I cannot agree more with Kevin's advice.

I have been involved in the Detroit market, long distance for the last year and a half, and until I found the right people, in the right places to work with, it was generally downhill. And I dont mean only the PM. A good PM is vital but it isnt enough- definitely not in Detroit. The success of any investment depends on the people involved as much as the asset invested in.

@Eric Hrlbock, I purchased a foreclosure about 10 years ago.  Everything had been cleaned out except for a 6' long chest freezer.  Of course the power had been off for over a year.  When I tried to lift it I could tell it was full.  I knew better than to open it so we tied a strap around it and used piano dollies and 4 people to lift it.  We could feel whatever was inside sloshing as we carried it.  We got to the truck and began to lift.  The contents inside shifted and someone dropped their corner.  The strap popped off and it went everywhere.  I won't describe what happened next but we all got sick and left.  I called some scrap metal guys and they picked it up a week later...they got sick too.  Good times

Another big problem with Detroit is all sorts of unscrupulous "turn-key" companies and others, preying on unsuspecting foreign investors who have no idea what they are getting into.
I know, I was one of them, - To my benefit I can say I was one of the cautious ones who did do their homework, and thus landed up buying in relatively good areas.
Having said that, and even with the knowledge that I probably overpaid for my first two properties,  I am still getting a good return and have gone on to buy more properties in Detroit.
Like anywhere (and in Detroit more so than other place) it is really all about the people you are working with on the ground, and the local knowledge you have or have access to.

@Saul L.

 Depending where you are at in 48235 it sounds like you may have houses in a decent 

@Saul L., when you come into town consider attending a REIA meeting--it is a good way to meet a lot of local investors at one time. Southeast Michigan has many REIAs--there is usually at least one meeting every week. They are not as well attended during the Summer months but you can still make some fast connections. You should be able to identify several meetings with a quick web search

Detroit can be a hard market as you are learning. It can have a lot of potential but also a lot of risk. I recommend talking to Joe Villeneuve. He'll have some great advice and connections. 

Thanks Troy. Will definitely reach out to him.