All Forum Posts by: Saul L.

Both Patch of Land and Realty Shares require you to be accredited in order to invest.

@Robert Crossley may I ask if you actually made an investment or just registered. I am guessing that once you actually pledge to invest the issue will come up. 

From my experience Detroit is not for long distance investing. 

@Francois D.- You have jumped into an old thread. I am far wiser now - no longer investing  in Detroit and strongly advise anybody who is not local to stay away. Agree with you completely- there are similar and better returns out there for an out of state investor - without the headache.

Don't get me wrong, There are many experienced local players doing very well in Detroit and I have met a lot of them- but I have become convinced that the kind of things that they are doing, cannot be done long distance.

Investing in Detroit I experienced things that were totally off the playing field for me- Just two  examples of many:  a home that was tenanted (by my PM) with what I later discovered  to be convicted criminals with federal tax liens on their assets and no ability whatsoever to pay rent, or a different management company that through pure negligence allowed a cash flowing Sec 8 property to go into abatement , thereby losing the tenant and then simply resigning from the job leaving, me to try and clean up the mess and costing me thousands.

@Max Nussenbaum - I stand behind every word I wrote above. That is exactly what happened - and you know it. I will never recommend your company again, and will not forgive the fact that you simply walked away from a catastrophe of your own making, and left me holding the pieces.

@Jake Douglass - I dont suppose this is the place to go into more details of my bad experience with Castle-  but am happy to share with you or any other potential customer privately. 

@Tarcizio Goncalves - There are countless threads on BP exactly on this topic, and a strong group of members investing in the offers on these platforms and others. Suggest you do a search for previous threads and possibly start learning with @Ian Ippolito's website here.

They managed my properties and were OK for awhile but ended disastrously, in the end they mismanaged one of my section 8s into abatement, lost the tenant and the response was to simply walk away from the mess they had created and resign. Stay away.

Self management and also really knowing what you are doing. I went through 3 PMs during the time I was in Detroit and they all ended in disaster. If there is a good management co in Detroit, I haven't met them yet.

Lots of Detroit investors on BP. I've had experience and IMO , it's not for out of state investors. Only experienced locals, in the trenches and on the ground day in and day out have a chance of making it work.

Thanks @Quinton Myers - but I took a decision to exit my holdings in Detroit a while back and should be closing on my last property over there by the end of the month. I couldn't be happier to be rid of them- IMO successful Detroit investing is for the locals.

 Interesting thread. Mark that kind of analysis would be very helpful and enlightening to see. I am sure there will be some surprises.