That is what we are working on right now – still working with the owner to understand how important blog content is for the site!

You bring up some valid points but I am still a little confused on the cold weather point.

On all of my rentals, I do not pay the heating or water bills, the tenant is responsible for them. Do you do your rentals otherwise? This allows me to have a fixed cost for each rental, and makes the tenant aware of how much energy they are using.

Dan

I’m not sure what you mean – can you elaborate for me? The site was just redone a few weeks ago.

Also being stuck with a water bill means you probably made a bad purchase or placed a bad tenant, either of which is not a reflection of Detroit, but whoever was running your property.

It…[Read more]

15-20% in SE Michigan is pretty close to average. No puffing here LOL.

No problem! Keep us updated on your progress in Detroit. Did you pass on the property?

Let me try to help you the best that I can (since I live in the Detroit area and invest there).

~~~I’m thinking about investing in a property at Detroit, however i’m concern about the decrease of population.
A lot of what you read in the media does not directly apply to the rental market. The rental market in Detroit and SE Mich suburbs…[Read more]

Good luck with your business.

A 10% return in Detroit and the surrounding suburbs is a very average return – most people get somewhere between 15-20% if they are doing it right. On the flip side, I would be hard pressed to believe anyone can guarantee you Capital Growth. No one can guarantee that – if they do guarantee that I would take a close look at who you…[Read more]

You are doing what I would recommend all Australian Investors do – who want to Invest in the US…COME VISIT THE AREA!

There is nothing that can replace walking around in neighborhoods and getting a “feel” for the area they want to invest in. Recently a friend of mine from Australia came to Detroit to looks at some properties, and he…[Read more]

I have seen this time…[Read more]

I agree with your stance NaughtyJ!

Thanks for outlining it for everyone else on the forum.

Looks like you have taken advantage of what America has to offer! Congrats!

What states do you buy in?

I do not mean to discourage at all! It is very possible to get an ITIN – it just takes a while, it was a learning process for me. I do not specialize in setting up corporate structures, That is why there are accountants and lawyers! My expertise is in getting people great property deals in the Detroit area!

LOL I had to laugh at your post. People can spend way too much time reading articles and less time actually doing it themselves. The best way to learn is to jump in, instead of having paralysis by analysis!

I often see this with a lot of people who “want to invest in the US” they want to get involved, but have to read some more…[Read more]

We just went through quite a hassle with an Australian friend of mine who came into Detroit to buy properties. It was like pulling teeth to get his corporate structure setup!

Foreign investors are making a lot of money in the USA right now – it just comes do to whether or not you feel comfortable or not doing so, and unfortunately an…[Read more]

I have never seen a house in Dearborn for $1000! If you did you found the deal of the century. What is the address? I would love to check it out.

I agree to disagree with you. Detroit is a great place to invest in, if you understand the market, the pockets of good neighborhoods, and the rental rates. It is very difficult for an outsider to come in and estimate the true value of Detroit without actually being on the ground and not afraid to get dirty to learn the ins and outs. I…[Read more]

It is plenty of time as long as you are armed with all of your information and a rough itinerary ahead of time. Create a relationship (or find one through a trusted referral) of someone on the ground in Florida that can show you around who is an expert in the area. Do all those things, use your information to back up your instincts and you…[Read more]

@Nigel
Looks like we agree to disagree. It seems like you are not overly familiar with Michigan, which is understandable, no one can be an expert in…[Read more]

It is great to hear you have visited the area – there is nothing like seeing for yourself as opposed to having the media force their viewpoint on you!

Oakland county as you know is the top notch county in Michigan! The price point is higher but it comes with a higher price tag for a reason, Oakland county will appreciate quicken…[Read more]

Sounds like you are not big on Detroit at all

There are a lot of areas of the USA that are great for investing – depending on the investor. Some areas are poised for quicker capital gains than Detroit – but at a higher price point of course. So when you say other areas of the US are “far better” what are you referring to? What area…[Read more]

The one thing that is prominent of Detroit is the negative media coverage. Detroit is always getting hammered in the national news, that is for certain.

As an investor in Detroit and the surrounding suburbs I can say it is not as bad as the media portrays. It…[Read more]

@Robyn I just sent you a direct message.

Seasoning is how long someone has been on the loan or on the title of a property. Different lenders have different seasoning requirements. Some have none, others require someone to hold a title for 6 months before a property can be resold or refinanced.

Hope this helps.

-Dan

What are the specs on the property you purchased?

I cannot speak on behalf of that firm, but gaining access to Attorneys, Accountants, Insurance Agents, and Property Managers in the USA can all be done without cost.

It is not as difficult as one would think to find a reputable accountant or property manager in the United States. A simple referral usually will take care of it.

Through my…[Read more]

I can also speak from experience on this, I do not know what type of fee you would be paying $4000 and why?

A fee of the nature is not customary to my experience investing in the USA. Do you have a breakdown or reason as to what that fee goes to?

As far as the breakdown of that analysis sheet you have provided, it would be difficult to…[Read more]

Depending on how good your insurance is, most rental policies will cover natural disaster. So in any case you will be protected in the worst case scenario.

If you do not have natural disaster coverage and you are in a high disaster zone, you may want to look for a new insurance agent.

I can help you with a few of your questions:

1. Depending on the region you are looking to invest in – the best way I believe to find an honest and trustworthy property manager is through a referral.

2. A good property manager will be up front with you, providing all necessary documents, and anything you ask for. To verify everything…[Read more]

http://www.bea.gov/regional/gdpmap/GDPMap.aspx

What are investors netting in Australia with borrowed money, based on the purchase price, and rents in Australia?

Unfortunately there are a lot of people out there who are taking advantage of investors and selling them worthless Detroit homes.

In my experience, having a few rentals in the area, Detroit is a one of a kind market. For a few reasons:

+Low…[Read more]

There is nothing wrong with defending Detroit! That is the market I invest in

It is a great market that has a lower entry price point with great cash flow. I am trying to buy up as much as I can right now because I know things will not be like this forever.

-Dan

I have been reading through this thread wondering when someone was going to post what you said:

“You do not need a company to buy property in the US!”

It has been eye opening for me, to learn of all these companies that charge Australians thousands of dollars in fees, when all the investor needs to do is get in touch with a…[Read more]

My rent rates have been stable for the past 2 years. It may fluctuate a little bit, maybe by $25, but even that is a lot. What area is your rental in, and what was the rate you were quoted at?

-Dan

Always ask for previous clients testomonials and do your own background checks.