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In Detroit in particular, I think many of the "normal" rules do not apply.
When I first got started in RE (in Detroit BTW), in the back of mind, I am thinking it is a solid investment because (unlike a stock) RE can go to $0.
I don know these guys but I do know Detroit. Out of towners need to be wary of any buy and hold strategy.
Don hesitate to call or email me if you have any additional questions. Thanks. (as unbiased as possible)
Is Columbus, Ohio the same story. I talked today to a ppty manager in Columbus, you can easily get a house for 10 or 15k, rented for $500 plus, so I do count on $250/month net after expenses. But of course it block by block and I ve nver bought such cheap houses before, my fear would be that the town becomes deserted.
However, in this new world, Detroit has proven that real estate can go to $0.
Originally posted by Michael Seutin:Yes I realize that, that was informative though.
If that is not what you are looking for, then Detroit is not for you.
Is this just the idea that Real Estate tends to go up over time? Or some other solid reason?
Money can be made there but unless you have been there to see it, you really have no idea what is like. I encourage a trip there before you invest money blindly.
There are some guys on here who work the Detroit market. Kevin Kaczmarek or something like that is one.
a great team working with you on the ground.
The reality is that most of Detroit is unworthy of investment and as the saying goes, location, location, location! The difference is that this is particularly important in Detroit.
Just curious your thoughts. I personally find Detroit a fascinating case study.
However, the reality is that it is much more likely that the company is doomed and injured beyond recovery and the stock eventually goes to 0. Along the way, there were opportunities for short term stock traders to make profits buying and selling, but all buy and holders get anihillated.
Also, Eric is spot on if you invest in the wrong area of Detroit. There is a reason a house is only $10,000! If it is too good to be true, it usually is.
To me, this is alot like when a formerly good stock takes a nose dive over a period of a few years. When a stock that was $50 for a long time gets to $20 it seems cheap, when it gets to $10 it seems cheap, when it gets to $5 it seems cheap, when it gets to $3 it seems really cheap and you look back at the $50 and say, boy this thing could really be great if it went back up.
It is very easy to trick out of towners into thinking a 10,000 house is just too cheap not to buy. In fact, many, many houses in Detroit are actually worth negative amounts. Nike Air Max 1 Ultra Moire With Flash They have more costs involved than they are worth. Even some of those may be able to be rented in the short term but are still worthless or will be money pits in very short order.
Detroit is a great place to invest if you are interested in great cash flow, long term appreciation (7 12 years), you buy in the right Nike Air Max 97 Rerelease
Do your homework on me! Check out my linkedin profile and view my recommendations.
Please make a fact based case for how the city of Detroit proper is going to be in a better position in 10 years than it is now. It is a shrinking and rapidly deteriorating situation right now in terms of economy, infrastructure, city services, schools, etc.
Thanks for you interest and I appreciate you doing your home work Nike Air Max 1 Independence Day
Anybody bought with Urban Detroit Wholesalers
on my company!
I focus on an area of North West Detroit where homeowners still live, people still want to rent, and homes are still worth $55,000 $65,000.
Detroit is a city easy to love and to hate. Like most cities there are good areas and bad but with Detroit, the bad areas are rather large and many of them look good.
I have wholesaled over 200 houses in the city of Detroit since 2007 and most of my buyers are out of state or out of country so I familiar with the specific needs of this type of investor.
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