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investlongterm replied to the topic Detroit Properties generating 20% return? in the forum Overseas Deals

Thu, 13 Oct 2011 15:50:03 +0000

All,I have to respectfully ask (and I have been nothing but respectful) that if you want to discuss this, contact me in person. I'm not going to be attacked on a forum for something that I know works very well for my investors, and for many other investors as well. Negativity gets you nowhere in business, and I refuse to acknowledge negativity on…[Read more]

investlongterm replied to the topic Detroit Properties generating 20% return? in the forum Overseas Deals

Tue, 04 Oct 2011 01:03:35 +0000

Dennis,None. But that is not my business. You may be in this for the cash flow, and that's great. I don't have any interest in being a landlord, honestly. Again, nothing but respect for you and your experience. We just disagree on this, and that's fine. A disagreement doesn't mean that we can't have a drink, and talk about business anyways, and…[Read more]

investlongterm replied to the topic Detroit Properties generating 20% return? in the forum Overseas Deals

Tue, 04 Oct 2011 00:54:34 +0000

One thing that I tell every client who purchases a house in Detroit is to have a reserve account. So please don't get me wrong here. I am more than up front with buyers, and I go out of my way to make them happy. If I have to replace a tenant because of a bum deal on the one that was placed there, I have no problem doing it at no cost. You seem to…[Read more]

investlongterm replied to the topic Detroit Properties generating 20% return? in the forum Overseas Deals

Tue, 04 Oct 2011 00:04:20 +0000

dennisfassett wrote:
Honestly – I'm SO tired of hearing how wonderful Detroit property is.First of all suggesting that over a five year period a rental house, even if it's "fully rehabbed", will have zero repairs and maintenance is ridiculous. Of course something will happen that will need repairs. These are rentals – in DETROIT for God's sake.…[Read more]

investlongterm replied to the topic Detroit Properties generating 20% return? in the forum Overseas Deals

Mon, 03 Oct 2011 16:47:47 +0000

I respect your opinion, and have respect for your experience, and I understand why you feel the way that you do. You did however answer my question. You do not currently own anything, and are not currently involved with the Detroit, MI USA market. I understand why you left. Many people did for that very reason. That's also a big reason why are…[Read more]

investlongterm replied to the topic Detroit Properties generating 20% return? in the forum Overseas Deals

Sat, 01 Oct 2011 19:20:00 +0000

1) I will say it again, we do not have vacancy issues. Ever. Period. 2) I will say it again, we do not charge "letting fees". They are included in the purchase price. 3) When I buy a property, the copper is usually gone already. We replace it with PEX. Problem solved. All we do is buy and rehab properties in the CITY OF DETROIT. We've seen it all…[Read more]

investlongterm replied to the topic Detroit Properties generating 20% return? in the forum Overseas Deals

Wed, 28 Sep 2011 21:54:43 +0000

These homes have all been rehabbed to "like new" status. Very few require any major repairs whatsoever, particularly in year one. There are currently 8,000 families in Michigan approved for Section 8 housing (rents paid for by the government) who do not have Section 8 approved homes to move in to. All of our homes are Section 8 approved. Quite…[Read more]

investlongterm replied to the topic Detroit Properties generating 20% return? in the forum Overseas Deals

Wed, 28 Sep 2011 15:23:06 +0000

Richard,We only deal with cash purchases, so the Lvr doesn't come into play with us. Out of curiosity, what is the average entry price in the UK? Nathan