All Forum Posts by: Account Closed

Can anyone refer an investor friendly agent in Puerto Rico? 

Looking for a property that I can occupy 1-2 months per year and then rent via local PM or AirBNB. 

Would prefer the referrals are NOT generic buyers agent but someone who has lived on the island 5+ years, knows the price history of properties, knows where the tourists will want to rent, etc., etc. 

Can anyone recommend a good a Qualified Intermediary in the Detroit Metro area for a 1031 Exchange?

No disrespect, but I'd prefer responses from homeowners/investors who have worked successfully with the QI and can refer their services versus QIs pitching services. 

Can anyone recommend a good a Qualified Intermediary in the Detroit Metro area for a 1031 Exchange? 

No disrespect, but I'd prefer responses from homeowners/investors who have worked successfully with the QI and can refer their services versus QIs pitching services. 

I've made $$ in Detroit and I've also followed PR for several years hoping for a crash. Thus far, no luck. Too many buy the dips folks looking for a beach house out there looking for a bargain. 

If anything, a BK filing would be viewed as bullish like it was in Detroit. Lingering debt was a ball n' chain on growth. Look at Detroit prices today and it's ridiculous with the flippers and wholesalers and every other short term oriented person hyping appreciation %s. 

I've had same Detroit Metro PM since 2011. Shoot me a private message and I'll give her info. Don't like putting emails or phone #s in forums b/c spammers. 

Negative, Ghost Rider. 

@Jonathan G. 20k homes in good neighborhoods was possible in 2010-2014. Very difficult to do now. If you find it, probably needs a lot of work and/or in a challenged neighborhood. 

 Go to Detroit Zillow and look at the ># of rental listings. It's a sea of purple. 

@Paul Hitchings

Apologies, but I'll answer a question with similar questions: 

• Why would investors taking out subprime loans on 10 Las Vegas condos in 2005 be dangerous? 
• Why would investors buying tech stocks on margin be dangerous in 1999? 
• Why would investing in Detroit 20 years ago be dangerous knowing what we know now? New construction homes in Detroit burbs that sold for 150k in 2000 might get 80k-100k on a good day. 

I spoke to a friend in late 2016 who was attempting to borrow 500k to buy in the Detroit burbs today when he laughed at the idea in 2012. Only difference now are prices are 2x-4x higher and herd psychology has changed (pretty stories vs ruin p*rn). 

My point is, even if you're a wise and experienced LT investor who focuses solely on cash flow and ignores the appreciation variable, the market is the market and no one can escape it. Prices matter. Always have and always will. 

The time to buy in Detroit was 2010 to 2015. Returns have been phenomenal. 

Now, there are far too many investors piling in and transactional profiteers (agents, flippers, etc.) hyping it up. 

I'm sure things will continue to do well b/c Detroit has organic growth ahead of it, but due to the rapid appreciation and ># of investors piling in from around the globe, it's more of a risk now than it ever was in the Great Recession.