All Forum Posts by: Scott K.

corktown is great.  Detroit is not a good place for first timers.

You said you had a tenant for 3 years and never had to put money into the property.  Yes that would make you a slumlord

Please explain the Deal you got or I don't believe you

 Lol are you trying to compare small time investors to a billionaire.  Lol that's just stupid.  How many properties do you own downtown or midtown................... Just what I thought.  None

If you spent 0 on a rental for 3 years you are a slumlord

you got to have mold in that house.  Sitting empty for that long with all that water damge.  Also the floors have to be ruined.  A bad roof does so much damage to everything not just what you see when you look up.

ha

hahaha that's nice.

What cities are you trying to focus in on

damn 12k.  What city?  Buy them direct and hire a guy to put them in.

Good question.  It should go on the credit report for sure.  I would do what you suggested and see if he could just sign them over to the land bank

HAHAHAHAHA well you don't get to dictate anything to me.  LOL what do you mean poor attitude?????????????/  what does that have to do with you owning 2 properties that you are doing nothing with at the moment.  Just like your friend that just sat on them and did nothing.  The problem is there are hundreds of you people that have done thi.  So yes that helps to kill neighborhoods.  Empty properties that have been stripped and squatters that are stealing electricity and most of the time selling drugs out of the houses does damage to the city.

What I would like is locals being the one investing into the city.  They are here and know whats going on.  So now you are kind of like a slumlord that has 2 garbage houses and looks like you are going to walk away from.  Yes and in those 5 years girls walking to school could get raped in the houses.  Drug dealers will set up shop in those houses.  You don't understand how it works in Detroit.  You can't just "sit" on properties in Detroit.  It will turn into a drug den.  Or where hookers turn their tricks.  Or where you will find dead people with 2 in the head and they burn the house down to cover up the crime.  That's what will happen

BTW I also would walk away from these.  My attitude does not make the neighborhoods turn to garbage.  Also there is not millions of homes in Detroit anymore.  The city is tearing down 200 properties a week.  I am sure your properties will end up on the list for demolition .

Like I said before you will not make any money with these properties

I have had many BPer's contact me about Detroit because I am truthful.  I am not going to blow smoke up them.

I have given  7 tours of Detroit all for free.  I do it because I enjoy it and I also don't want to see out of state people end up with empty worthless houses.  I see that as a terrible thing for the investor and also for the city.  We don't need anymore empty bombed out houses.

@Joshua Woolls

  Detroit is filled with lots of criminals.  That's one of the reasons they chose to live there.  Detroit is filled with unskilled uneducated slackers that think free water is a human right.

Brightmore is not very nice.  Boston Edison is blocks away from warzones.  Indian Village is not a good neighborhood for investors that are into rentals.  The cost and upkeep on those huge old houses would be a nightmare.  The entry cost point would make it tough to make money on them.  East English Village is next to Morningside.  Morningside is a warzone.

You mentions neighborhoods that would be useless for buy and hold investors.

University District would make sense.  But now people are trying to expand that district thinking that W of Livernois is the University District which is not true. 

The problem is all the extra cost to the tenants that live in Detroit.  Higher taxes (payroll).  Higher car insurance.

I want my tenants to be able to have some cushion in the monthly budget.  The cost is just to high to live in the city.

Lol and that's just the start.  Now a out of state owner is going to have 2 garbage properties and it will be another 5 yes for anything good to happen to these properties.  This is why I wish these people would not do this.  This is bad for the city and doesn't help at all.

get rid of them.  They are worthless.  U can't make money owning 2 dumps in Detroit.  You will never make money with these.