All Forum Posts by: Ed See

Am a newbie here though I have invested in several properties overseas. Have arranged a trip to New York, Detroit, Maimi, Orlando coming April and hope to find some great properties with reasonable cash flow > 12% net return to invest in.

Have hooked up with some agents to arrange for viewing in Detroit and Florida as that was highly promoted with high yields.

Can anyone advise if this is still a good timing to invest in US properties? If yes, any areas to focus in Detroit or areas to avoid in Detroit. Is it necessary to arrange for our own contractor to survey the site for any structural or plumbing or electrical issues?
Also, would appreciate any advice on areas in New York, Florida, LA or LV to invest in?

My investment objective is mainly for stable/steady stream of income with potential capital appreciation in 5 years to exit. Net Yield preferably above the 12% mark since I am able to get 10% net from student accomodation in UK. Investment budget around 35-80k.

I have heard that section 8 tenants in detroit is the best due to direct payment via the government but am not too sure after reading lots of bad review about it.

Will really appreciate also on advise on the cost involved in the purchase like finder fee, agent fee, title fee and others.

Hope fellow BP investors could help me and thank you in advance.

Eddy

0 Votes

Originally posted by Theodore B.:

@ed see welcome. First off congrats on the investing..sounds like it is going well for u. i would like for u to continue that, as i invest in an area u are looking to invest in...detroit. despite what people say u see there is money to be made in the area. its good u will have some realtors helping u i would not advise investing in detroit blindly...some things to consider...property values suck so a buy and hold strategy is pretty much a given in the market at this time...second be sure to look in areas where taxea are not crazy high..detroit has a very antiquated tax system where the taxes u pay are higher than the property is worth...depending on where u want to invest in the city..u can have some pretty decent returns..the path of progression from what i see is around downtown as businesses are opening in the area...there is talk of an emergency financial manager being assigned to the area which should bemore indication of the issues facing detroit at this time. as far as section 8..i have not had any personal experiences with it yet..the tenants i have in place are not on section 8 and for the most part they pay their rent on time. A couple of stragglers here and there but that is why the late fee is there. i hope this may help ua bit and i thank u for considering detroit as an investment location..if more of us invested in the city maybe we can get it turned around..cause when i say city services are bad they are bad..i.e. The water department. i am an out of state investor and landlord and the hassle to get utilities like water turned on is like applying to work in a federal job.

Dear Theodore B,

Thank you for sharing. Mind what is the % of property tax that we need to buffer against collected rental as I understand that the property tax will eventually increase due to the huge deficit.

Appreciate your kind assistance.

Rgds
Eddy

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Originally posted by Rob K:

I invest outside of Detroit. There are big profits to be made in the suburbs. As far as the city of Detroit, I've turned down houses that could be purchased for as little as $50. There is just way too much risk.

As others have said, the emergency manager is coming. While I think this is long overdue and will help in the long term, the short term is going to get ugly. The city could still file bankruptcy.

If you're looking foir 12% returns, you can find that in safe areas of the suburbs and not have to deal with the crime and other problems of the city. They also have the highest property taxes in the country along with the lowest values.

Dear Rob,

Thank you so much for your advice. Do you mind to suggest some of thenice suburb area that I can start sourcing before I make a visit there in April. I am totally not familar with Detroit so really need lots of guidance from you guys who are expert in this field. Please suggest some areas that fairly good neighbourhood to invest. If you can point to some district code, I will probably do some research via google map. Thank you so much.

One more question: I am arranging with some agents for viewing and is it necessary for me to bring any contractor to check for stuctural or plmubing & heating system.

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Dear Fellow BP,

Have hooked up with some agents to arrange for viewing in Detroit and Florida as that was highly promoted with high yields.

I have heard that section 8 tenants in detroit is the best due to direct payment via the government but am not too sure after reading lots of bad review about it.

Will really appreciate also on advise on the cost involved in the purchase like finder fee, agent fee, title fee and others.

Hope fellow BP investors could help me and thank you in advance.

Eddy

0 Votes

All Forum Posts by: Ed See

Ed See has started 1 posts and replied 4 times.

Post: Where is best area of country to buy income properties?

Post: Where to invest in Detroit, Maimi or Orlando?

Post: Where to invest in Detroit, Maimi or Orlando?

Post: Where to invest in Detroit, Maimi or Orlando?