[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

June 2, 2011 - 6:35 pm

It is a sad thing happening right now in the USA. Being in Michigan we have been very lucky.

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

June 2, 2011 - 6:34 pm

The returns available in the USA right now are very tough to get anywhere else in the world. There is a window of time available to invest in the USA – who knows how long it will be?

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 article will not answer that question for you.

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

May 11, 2011 - 10:07 pm

MrUnique,

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.

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

April 13, 2011 - 1:22 pm

Nigel,

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 do agree with you on the fact that Detroit may not fit in your business operation because you have expertise elsewhere.

Either way, there is money to be made in every market, I do not think one is “better” than another, it all depends on what you are looking for in your investment.

Best of luck.

Dan

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

April 6, 2011 - 2:35 pm

Kim,

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 will do fine!

Best of luck!

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

April 6, 2011 - 2:33 pm

@High Income
I am with you, I did share a laugh about the 8 mile comment. If someone looks to movies for investment decisions please let me know, I would be interested to hear your success rate!

@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 all areas of the USA. What areas do you prefer to have your clients invest in and why?

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

April 4, 2011 - 8:58 pm

@HighIncome

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 than Detroit when the market turns around definitely – it is just a matter of when that time comes!

How many deals have you done in Michigan?

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

April 4, 2011 - 8:53 pm

@nigel

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 and what type of investor in mind?

Have you spent much time in Detroit or Michigan to learn the market? Being based in Michigan really provides a great understanding of the market, trends, and specific areas to invest in.

As they say, there is more than one way to skin a cat – same goes for real estate investing!

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

April 4, 2011 - 1:32 pm

It is interesting to read the wide range of perspectives of Detroit on this board.

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 is definitely not an easy market to navigate but it is one that is highly profitable if you know what you are doing.

One great comment from a previous post, states that Detroit will most likely not show capital gains, I agree to an extent. However, if you get in at the right price, and break even with rent after 1-2 years, everything thereafter is gravy. Which is exactly what some investors are doing.

If you are looking for a capital gain in the Detroit area, I would focus on a suburb like Dearborn, Dearborn Heights, or Redford. These are all more stable suburbs with reliable appraisals that when Michigan turns around, these areas will appreciate where Detroit is a gamble.

It all depends on what your strategy is as an investor, the one thing I do believe about Michigan is that this is the buying opportunity of my lifetime, so I am buying every deal that I can right now that makes sense.

Hope this helps shed some true light from someone in Detroit.

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 23, 2011 - 12:19 am

@leo I sent you a direct message regarding your questions, did you get it?

@robyn I just sent you a direct message.

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 22, 2011 - 2:13 pm

Angel,

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

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 17, 2011 - 4:28 am

1eyeopen – congrats on your first investment in the USA! I have a feeling you will be back for more (if it turns out well).

What are the specs on the property you purchased?

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 14, 2011 - 2:26 pm

Matt,

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 experience (I have rental properties in Michigan) I have acquired the same personnel help just by asking others who they would recommend. I would speak with the contact directly, get a good feel and either hire, or move on to the next referral until I found one that was a great fit. They have all worked out great for me.

It sounds like they offer a full service solution to investing in the United States but they are also charging you heavily for it. I guess it depends on the type of investor you are and what you are most comfortable with.

These are my thoughts on the matter – let me know if I can give you any other insight from my experience.

Dan

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 14, 2011 - 12:30 pm

I have started to report “abuse” on posts that are pitching by clicking the angry face on the bottom right corners, maybe this will help weed out the sales pitches?

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 14, 2011 - 12:28 pm

Matt,

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 tell if those numbers are completely accurate without walking the property – or having a video tour.

Hope this helps.

Dan

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 13, 2011 - 6:26 pm

JD, I sent you a message with my personal e-mail.

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 13, 2011 - 6:25 pm

Leo,

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.

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 13, 2011 - 6:23 pm

DHCP –

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 they are telling you, I would also ask for a list of their current clients. I would contact those current clients to see if they are happy with their service.

3. Not everyone will fly over to meet a property manager, it depends on each individual investors level of comfort and trust with the property manager.

4. Usually a property manager will not contact you unless their is an issue (or unless you want them to notify you when a payment has been received). In my experience the less I hear from my property manager, the better it is going.

5. Most property managers charge one of two ways. 1. They will take 10% of each monthly rent as their fee or 2. they will keep the first months rent as their payment. Either way is standard and usually the investor will have the choice to do either.

I hope this helps!

Take care,

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 13, 2011 - 6:17 pm

Here is a link to a Government site – only has Data up until 2009.

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

[DetroitDan9Member@detroitdan9Join Date: 2011Post Count: 63]

March 13, 2011 - 6:05 pm

LOL Rick – still laughing at your post – you hit the nail on the head!