All Forum Posts by: Scott K.

No not really. What does that do for the person that invest in the east side. What Gilbert is doing has had no effect on the worse parts of the city. That is what these out of state investors are being told. How does all that money help a property at Davison/Lawton area? How does that help Joy/greenfield. How does that help John R/Nevada area. All that money has done nothing to help any of the neighborhoods I just mentioned...

Dan Gilbert’s investment in Detroit has probably benefited me personally by more than $200,000 in appreciation on the properties I own. It probably has hurt some of the suburbs, so I understand why you are so bitter.

Is it good for Detroit as a whole? Absolutely! Did it fix a burned out house in a bad neighborhood? No I wasn’t expecting it to.

It has done more for Detroit than I could have ever imagined!

HAHAHAHAHA bitter?????????????????????????? Stop spewing stupidity about nothing you know about me. I want Detroit to be better you fool.

Also that guy posted that we all should do what Gilbert is doing. LOLOL that's what I replied to. So what people from out of town do not understand is they can't get the deals that Gilbert get. The downtown authority is a small club and not easy to get into.

Since at the moment I don't realy care about REI at the moment. I have enough problems right now.

0 Votes

Originally posted by @Matt Cramer:

Originally posted by @Account Closed:

Originally posted by @Matt Cramer:

I have been looking at a few places in the suburbs and checked the rents out, drove through the areas etc. They seem like some great properties. (auburn hills area) I obviously don't want the $5 houses, those area scary places and I value my life. However I wonder how someone might be able to make money with those types of properties? Do they buy up blocks and blocks and just wait the depression over there out?

No offense, but I think you need to do more research about the "area" you want to invest in. Auburn Hills is about 45 minutes out from Detroit, and is a completely different animal. Each city outside of Detroit's city limits is different from the next. Different demographics, medium income, school systems, crime rate, etc. Also, there is a huge difference between Wayne , Macomb, and Oakland County.

I was referring to Detroit Metro which encompasses most of the area you posted I believe.

I'm moving to the Rochester area and intend to invest in the area around Detroit within an hour or so. I'm still learning about the different areas, strategies etc. I'd love to hear what some of the people having success in the metro Detroit area are doing?

Well stop saying Detroit. You are not investing in Detroit. You are not even close to Detroit. I lived in Auburn Hills for 5 yrs. It is so much better now then when I lived there. That downtown was not there and all the new shops were just a dream.

I made a huge mistake when I could have bought my condo for 30k. Now its worth 60, oops

But when you say Detroit that means the city so saywa ht city you are going to be in and say its outside of Detroit.

0 Votes

Originally posted by @Engelo Rumora:

Originally posted by @Matt Cramer:

I keep hearing about how much Detroit is the worst etc on the podcast. I have a feeling it's mainly being referred to as the scams that go on there and the people who take advantage of new investors.

So rather than saying Detroit is the worst you can't make an honest buck there, I'd like to hear some peoples opinions on HOW you can invest in the Detroit area and do well.

I'm moving to the area (about 45 minutes North) and I refuse to believe there aren't great investment opportunities there where you can safely make an honest living in flips, buy and hold etc.

@Brandon Turner

We gotta give Detroit some love. I like to think opportunity is everywhere and you just have to find it.

Thanks for sharing Matt,

I'm still waiting for a good candidate to show me the outskirts of Detroit.

Although a long way away from any recovery IMO, I'm an optimist and would love to expand our business into Michigan within the next years...

Any volunteers? lol

I'm happy to check out the ghetto also just for giggles lol

The Detroit ghetto is one of few nationwide that I haven't yet checked out.

Thanks

I'll show you. I hooked up with your fellow Aussie (Frank). He can ouch for me. I can't wait till he gets back and we can gte rolling right here in Detroit. Just let me know. I enjoy i

1 Vote

Originally posted by @Jason Farmer:

Follow what Dan Gilbert is doing to downtown Detroit....

Inventors from all over are going there buying up properties near downtown. There is a system that works in Detroit, but the catch for most successful investor in the midwest, you almost have to be the hometown guy thats popular and lovable. Grew up there, and respected. I worked with a guy for some time that has tons and tons of rental properties throughout of Detroit, and ill just say he hasnt worked in decades. Hes live a good and very comfortable life. 99% of the people that speak on Detroit on this site have never stepped foot in the city to know what it really like.

Now follow me im not saying its a great place to invest, personally i chose not to invest there, i chose Northern Indiana, which is very similar to the current state of Detroit housing. I just took his system and put it into place. If you dont plan on going there and spending time there, really getting to know the area, then walk away....There are easier and better ways to invest your money and time. If its cost less than a honda run...

This is one of the dumbest post ever in the history of BP. HAHAHAAAHHH OMG people what were we thinking. Now we have it all figured out. We all should just do what a billionaire does and everything will be fine. HAHAHAHAHAHAHAH Oh ok I'll get right on that.

First I will just open a mortgage company sell garbage loans make millions than I will buy every downtown building I can get my hands on for 20 cents on the dollar and hey I'm still bored to death so let me buy the Cleveland Cavs. Also has so many start ups that now they can rent space from me in my downtown buildings.

Some of the things I see posted on BP just kill me. Most people that are on BO are small time investors with less than 10 properties and are trying to figure out how to get more or trying to figure out how to get started. But yet here this guy has it all figured out. Just do what a billionaire does and everything will be fine.

1 Vote

Originally posted by @Matt Cramer:

They don't make money with those types of properties. I am known as the local Detroit hater on BP. That's not all true. What bugs me is the out of state people thinking they know more about Detroit than the locals do. These very same people try to buy these houses off of ebay with the thought how could they possibly lose money. LOLOL

These are the properties that are destroying the city. They buy them and figure out they are screwed so now we have out of towners just letting properties rot. I try to discourage these people from buying into the city.

I would only flip in Detroit. I would have no interest in renting in the city. The taxes are bad and you can never tell when that "block" is going to turn to garbage.

Flip in Detroit and rent in the burbs.

I hate to seepeople get screwed on these properties and just sit on them and let them rot

2 Votes

HAHAHAHAHAHA all you people with this block by block garbage. LOLOLOL if you have to worry which block you are on that is a bad sign that the whole neighborhood is garbage. LOLOL bock by block.

We have cites her just outside of Detroit that I would never buy into. Now I can understand being in a better area of any city. But this block by block nonsense is silly.

In Detroit it is very rare for the good block to continue to be a good block. Because as soon as they steal from all the people on the bad blocks they are going to come to your block. Criminals do not just stay in certain blocks,

0 Votes

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA

who ever told you that its possible.

HAHAHAHAHAHAHAHAHAHAHHAHAHAHAHAHAHAH

why did you believe them???????????????/

YOU NEED MONEY FOR ANYTHING IN LIFE.

Go get your real estate license and get started that way

0 Votes

Originally posted by @Richard Dunlop:

@Scott K said:

"I don't mind being a cheerleader for Detroit but be honest a don't lie. Also stop spewing that billionaires are investing and making money in Detroit. That means nothing to the person with a few rentals. People that spew that are dishonest idiots."

Scott this one I don't get at all. There are people on this web site that post articles when a company invests $10 million in Detroit.

You don't think it's relevant to the discussion that Dan Gilbert has invested $1,700 million in the past 4 years???????

Or that the Ilitch Family (Little Ceasars Pizza ) and Penske Family have also slightly less recently invested????

Is that not good for Detroit?

I just posted facts. I know some people don't want to hear facts but that's not my fault

0 Votes

As said above you are in one of the hottest cities right now. Man do I wish I owned properties in RO. Its even getting transformed S of 11 mile. I hope some spillover will happen in Madison Heights.

Amazing to see what is happening there.

0 Votes

Originally posted by @Stephen Lovett:

Greetings. There is a lot of Detroit bashing that happens on BP and it really doesn't bother me either. I have homes around the area, mostly in the suburbs. But in the last 6 months, I purchased three properties, two of which are in Detroit. I have also managed a duplex in Detroit for the past 10 years. You do have to know what you're doing to invest here. But isn't that true anywhere? Would anyone buy a house in any city without understanding the neighborhood/ block/ street first? Richard, I agree that I wouldn't want to be an investor in any other Metro area. The general public's negative attitudes toward this region are actually part of the reason we have this opportunity.

Let me be clear here.

I am talking about and to the out of towners that think all these 5k properties are worth the money. And as we all know that would be false. The NYer's and Cal guys that see the prices and take a chance. Those people are the ones buying into horrible properties because there are scumbag "turnkey" guys ripping them off. I have dealt with the aftermath of this. I try to help them but most of the properties are garbage.

No problem with the locals doing this. Just don't lie and blow smoke up people's but. A lot of you guys either fail to open your eyes or are dishonest.

How many people have been shot in the last week. The police chief just told people not to stop for gas at night in Detroit. This is the same guy that wants all law abiding citizens to be armed and learn how to protect themselves because it overwhelming to the police,

I don't mind being a cheerleader for Detroit but be honest a don't lie. Also stop spewing that billionaires are investing and making money in Detroit. That means nothing to the person with a few rentals. People that spew that are dishonest idiots.

Happy investing

1 Vote

All Forum Posts by: Scott K.

Scott K. has started 25 posts and replied 663 times.

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