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Old 12-07-2012, 02:15 PM
 
171 posts, read 301,445 times
Reputation: 69

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Quote:
Originally Posted by jackmichigan View Post
I rented them out for a while (mostly near Dearborn), thinking renting was the way to go...but I made more money when I sold them, all qualifying for long-term capital gains. A couple houses were broken into while I was repairing them, so it's important to keep a constant watch on any property and, preferably, have someone living there as soon as possible (even during the renovations). Since I'm easing into retirement, I only have one tenant-occupied house left to sell--which I hope to sell soon.
Good stuff man. God bless. Hope you get a good price for your house.

Are 24-7, on call security systems worth it in Detroit? Will they actually prevent thieves from break in since they see the signs and stuff?
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Old 12-07-2012, 02:16 PM
 
171 posts, read 301,445 times
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Originally Posted by MarvinStrong313 View Post
Well unless you have your family members check on it and maintain it on the regular basis then I would just wait until you moved here, honestly it would be the smartest thing to do, Detroit or not, I personally wouldn't blindly invest in any place I haven't seen for myself.
You're 100% on target. I won't invest unless I see the property first and make up my mind if I want to move to that side of the country.
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Old 12-07-2012, 07:24 PM
 
8,539 posts, read 12,264,180 times
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Quote:
Originally Posted by AdemH View Post
Are 24-7, on call security systems worth it in Detroit? Will they actually prevent thieves from break in since they see the signs and stuff?
I don't know how effective they are--I've never had any in Detroit. An alarm sounding might be a deterrant, since it would alert neighbors...but since alarm companies primarily just call the police I doubt that security systems would be very effective. Police in Detroit are very slow to respond to a B&E, if they respond at all (unless people are inside the house, but then it's a home invasion, which would have higher response priority).
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Old 12-07-2013, 07:05 PM
 
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can any one tell me the name of neighbourhood in which 24327 fargo detroit 48219 is?'
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Old 12-07-2013, 08:36 PM
 
Location: Detroit Michigan
429 posts, read 966,439 times
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Quote:
Originally Posted by AdemH View Post
You know Martian, the thing with me is this. I'm dealing with cash money. I'm not taking out any mortgages. So I don't have to worry about a monthly bill on top of my head. Even if the house stays on the market for 3-6 months I'm cool. As long as I make a profit at the end, I'm happy.

The only thing that worries me is the fact that the longer the house is on the market, the longer criminals have to break in and gut the place.
I wouldnt buy a house and do any work to it and then let it sit for any amount of time empty. even a few weeks could be a very bad idea in some areas. the chances of a house that everyone has just seen have a bunch of work done to it and then its suddeny quiet and empty. Personally i think thats just asking for trouble (ie theives)
I think you said you dont live her "yet" if you are planning to move to detroit or metro detroit i would hold off and wait till you are here to buy anything. That way you will be able to protect your investment. Unless you have a buddy or 2 who will go occupy the house untill it rents its not smart to do. Besides theives you have to consiider the possibility of squaters moving in. Its very common in vacant homes. I kinda understand why. I mean if i ws homeless and i could live on the street, live at a shelter or pick one of the many many abandoned homes to live in. I would pick a home and move in. the chances of getting in trouble for squatting are unlikely.

Last edited by beans213; 12-07-2013 at 08:52 PM..
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Old 12-07-2013, 08:52 PM
 
Location: Detroit Michigan
429 posts, read 966,439 times
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Originally Posted by broganbhoy View Post
can any one tell me the name of neighbourhood in which 24327 fargo detroit 48219 is?'
there is a good amount of prosttution in that area and drugs being sold. But its the worst area in detroit by a long shot.


Also i was just wondering how big of a return do u hope to get on the home u buy? Cause if your expecting to buy a 30k house and put some money into it (all homes are gonna need some money put in) even if you only put a couple grand into the home and lets say total cots to you were 32k. your gonna have a hard time making more then just a few thousand dollars. and honestly its will be hard to even make that.

My loft i live in now we bought over 4 years ago. Im not downtown. Im on the lower east side technically. but am on the border of rivertown area. We bought ours in forclousre for about 20k we have put almost 20k into it (shortly after moving in a pipe in a unit above us burst so insurance covered all the remodel costs) so about 40k total. We are in what i believe is a diserable building and area and are on the fringe of the renewal of downtown and to the other side of us is the disirable village areas. Our building is historic and safe and has alot of appeal and we havent had any empty units nover 1.5 years. So with all that positve going for the area and the building itsself at max we could get 60k maybe 65k. 20k profit is great imo. But its 4 years later, all top of the line materials and improvments to unit (the entire unit was gutted after water damage and floor plan layout was even redone) with all nice new quality appliances. ye only a 20k profit. So for a house in a not so great but not so bad area. where there are several dozen other ones in same neighbor hood for sale , and a dozen or more burnt out or falling down homes in neighborhood also. and you purchase for 30k ansd do minimal upgrades or improvements. you will be lucky to sell inunder 6 months and make a few bucks. Unless your getting one of the deals for $100 houses oe $500 houses your prob gonna lose you a** on the deal. Detroit isnt to the point that someone can come in an moderate to moderatly high priced home for the neighborhood and flip it. i wish you all the luck but dont think the city is to that point yet. Maybe in a few years but not now

Ps we ddnt buy pur place to be an investment. it was a good price we could pay cash and not have a mortage and i liked the building and location. but it deff wasnt an investment at the time
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Old 12-07-2013, 11:56 PM
 
Location: Michigan
4,647 posts, read 8,543,476 times
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Quote:
Originally Posted by broganbhoy View Post
can any one tell me the name of neighbourhood in which 24327 fargo detroit 48219 is?'
Technically it's called Five Points but I've never heard anyone use that name.
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Old 12-12-2013, 09:25 AM
 
2,362 posts, read 1,907,880 times
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I cant believe anyone would suggest anything South of 8 Mile...ESPECIALLY mcnichols and 7 mile...I wont even drive down 6 or 7 east of telegraph without a cynide pill in case my car dies on me

ANYTHING east of Telegraph on mcnichols and 7 mile is NOT safe...home invasions, drugs, prostitution...it has it all...and anything East of Inkster on 6 mile is a risky investment, same with 7 mile...
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