Timeline for Rental Property Detroit; profitability
Current License: CC BY-SA 4.0
21 events
| when toggle format | what | by | license | comment | |
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| Apr 12, 2019 at 11:57 | history | edited | JTP - Apologise to Monica♦ | CC BY-SA 4.0 |
added 13 characters in body
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| Aug 14, 2018 at 3:53 | comment | added | Fattie | Did anyone glance at the photo? My God! :) The bank will have to pay someone to take it from them, as they regularly have to! | |
| Aug 14, 2018 at 3:53 | comment | added | Fattie | I'm afraid for me it's almost a cliché. It is almost like if you hear the question .... "Hey I've heard about this 'app' thing, if I make an 'app' how can I not pay tax on the first two million I make? Will I need a Mac?" Like today ...... "I think I'll invest in Detroit" ........ it's kind of a cliché. Someone pointed out in an answer it is only for those who have absolute, total, detailed, exquisite insider local knowledge! | |
| Aug 13, 2018 at 19:09 | comment | added | Hart CO | @Fattie That's a bit jaded, but you could very well be right. It could be lucrative, investors are making money in other parts of Detroit, but lots of risk in this location. | |
| Aug 13, 2018 at 19:04 | vote | accept | Maarten -Monica for president | ||
| Aug 12, 2018 at 3:21 | comment | added | Fattie | Hi M, any price above zero is too high; your cost estimates are tremendously too low; you will rarely or never rent the units; 3/4 of renters will immediately be delinquent; you'll have huge legal costs with scammers trying to sue you for this that and the other; your security etc costs to mitigate and deal with crime will be sky high. | |
| Aug 12, 2018 at 3:15 | comment | added | Maarten -Monica for president | @Fattie Could you please elaborate? Is the asking price too high? are my estimated costs incorrect? Do you think the vacancy rate will be too high in this area? Please help me understand your reasons. Thank you | |
| Aug 12, 2018 at 3:12 | comment | added | Fattie | There is not a hope in hell you will make money on this. Walk away. | |
| Aug 11, 2018 at 23:28 | comment | added | Maarten -Monica for president | @A.K. You're right I'll look into it (why the price is so much higher than less than a year ago). | |
| Aug 11, 2018 at 23:21 | comment | added | Maarten -Monica for president | @HartCO The plan is to indeed move out for 6 months (or longer if needed) to do much of the renovations myself/with help of friends and family. I think I'd definitely need to hire some of the work out if I want to get the renovations done in 6 months as it looks like it needs quite a lot of man hours. | |
| Aug 11, 2018 at 17:53 | answer | added | Hart CO | timeline score: 5 | |
| Aug 11, 2018 at 17:22 | comment | added | Hart CO | @JoeTaxpayer They show that as a pro forma, but there's no chance it's occupied, was vacant at foreclosure less than a year ago and no renovation has taken place. | |
| Aug 11, 2018 at 17:18 | comment | added | JTP - Apologise to Monica♦ | The list shows a $50K gross rent, is it occupied now? | |
| Aug 11, 2018 at 17:09 | comment | added | Hart CO | So would you move out for 6 months to renovate, or hire most of it out? | |
| Aug 11, 2018 at 16:59 | comment | added | A.K. | @maarten I can't say, but $18,000 is a red flag. I would want to know more if I were you. | |
| Aug 11, 2018 at 16:19 | comment | added | Maarten -Monica for president | @A.K. What do you think would be a reasonable price for the property? Thank you | |
| Aug 11, 2018 at 16:19 | comment | added | Maarten -Monica for president | @HartCO I have experience renovating buildings however these buildings were in better condition than this one. i should be able to manage though :) I have no experience as a landlord currently, however my father is quite experienced so he should be able to help me with this. I currently live in Europe (the Netherlands) so that's the main reason I would want to outsource the property management. | |
| Aug 11, 2018 at 16:13 | comment | added | Hart CO | Do you have experience as a landlord or renovator? Do you live in the area? | |
| Aug 11, 2018 at 15:45 | review | First posts | |||
| Aug 11, 2018 at 17:24 | |||||
| Aug 11, 2018 at 15:45 | comment | added | A.K. | I would at least try to negotiate to a lower purchase price. Given the recent sale for $18,000, I would look over every inch with an inspector too. | |
| Aug 11, 2018 at 15:41 | history | asked | Maarten -Monica for president | CC BY-SA 4.0 |