All Forum Posts by: Bev Willerby

Hi Jon
I agree, after seeing some of these $1,000 houses, I'm not sure I would feel safe in these areas, or for that matter would want to live in a damaged / dated property.

Vikram
you have hit the nail on the head, mainly cash flow rental return.
With a light refurbishment to attract good long term tenants and good rents plus potential long term hold ie 10years for growth -bonus if it happens.

The rent from these properties could possibly pay themselves out in approx. 7years giving ongoing income with no investor funds left in the deal.

Your money back to re-invest somewhere else with an ongoing income plus potential for growth.

Some of these houses are beautiful, brick gingerbreads, dolls-houses, they have a lot of character, hard to even find these styles elsewhere, (lots of curb appeal).

I understand Detroit is doing it tougher than most right now, but....
its a huge city and reports are its alive and kicking, - thats why I wanted to check it out personally.

ps Have you seen the TV show "HUNG" made in MI, I understand its one of the initiatives to get investment / work back into the area - hilarious show !

Hey Tim
Is that anything like ....
I've got a beachfront property for sale in Arizona?

Hi Charles
looks like I might have something lined up, fingers crossed it works out, you will have a blast in Oz on holiday - if you can get the hang of the driving on the "other" side of the road.......

Thanks Vickram
have joined a couple of these and looks promising, I think if I were not trying to avoid the Detroit winter (more flexible with my dates) It would have been easier.

But no can do WINTER -burrr!
chills just thinking about it.

Cheers All !

Hi
I am interested in purchasing in Detroit and would like to check the market out a bit more 1st.

Anyone in DETROIT METRO interested in doing a 2month home swap on the sunny Gold Coast,
South East Queensland, AUSTRALIA ? :cool:

Hi Realtyman

Thanks for that input, I'm glad to see you are doing regular 6monthly routine inspections.

I hope the PMs working for a company are doing the same too, I know this is one area that tends to get behind or missed altogether when things get busy which can happen very fast and as you mentioned in 1. if small things are not detected in a timely manner they can fast become big things costing plenty!

I also note and agree with your item 9. Owner / Manager is by far the best way to go, trouble is, I am priced out of buying at home certainly for cashflow with home prices starting at around $400k & up!

As an international investor, I am forced to rely on a company PM and imagine there must be thousands in a similar situation with varying degrees of success, it may take a couple of tries to find a good one but the alternative is to not invest at all......

In Oz we charge the owners a 1weeks let fee + commission + postage & petties usually 7% and $5.50 respectively, this is fairly standard due to the competition, a few other charges are starting to creep in now, including court lodgment fees and attending fees, nothing extra for maintenance or insurance claims yet, the latter which takes a lot of time, so fees will come.

Now you have raised a concern regarding "any and all charges they can dump on you"
- can you give some examples of this?

Cheers Bev

Hi Marc
I was really just trying to see the difference between a Property Manager working for an agency in USA compared to OZ.

We also have some real shockers here too, however, there are just as many worth their weight in gold, its just finding them, sometimes they can move from agency to agency purely based on the unrealistic expectations of the employer.

I have been having a bit of trouble getting ANY feedback from US PMs, and just wanted a general sound out as to whats going on according to them.

I think your point 9 is spot on and a timely reminder, especially to get everything in writing.

Thanks for your feedback.
Cheers Bev
ps what do you mean when you refer to "flaky" can you give some examples ?

very informative
Thanks Eric

Hi All
Just wondering if any of you are having the same trouble as myself in dealings with:

1. So called "Buyers Agents" ?
who either don't return your email or call,
or if they do, promise to blah blah blah, and you never hear from them again !

2. Getting information from Property Managers
(mainly from this BP site)
seems no one is game to reply to some pretty heavy questions... or maybe I'm posting in the wrong area.

any similar experiences?

I would be interested in hearing about a typical
Day in the Life of a Property Manager?

1. Are you Task based or Portfolio based?

2. How many Properties do you personally Manage?

3. Do you do your OWN or do you have ASSISTANCE with :

4. Leases & Lease Renewals?

5. Entry, Exit and Routines Inspections and how often?

6. Rent Arrears, Court Lodging/Appearances etc?

7. Maintenance Issues?

8. So you arrive at work at ........am,
grab a coffee and then .....................................

9. and lastly what would be the 1 thing you would like to advise that would help cement a stronger working relationship between the Property Owner and Property Manager?

would appreciate any feedback

Financexaminer

AGREED !

Common sense finally prevails.

Nice to hear from an fellow humanbeing.

(breakfast is calling)

Hey P NW

I understand all cheques HAVE BEEN PAID!

Her crime is she didn't pay ONTIME.

But we all know thats not what this is about - its about RENT CONTROL

-you talk about her not being prepared, what about the owner did he not buy the building with rent control in place -right?

not cool guys - dig deeper, you may surprise yourselves !