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Old 01-05-2014, 10:34 PM
 
Location: Atlanta
17 posts, read 51,001 times
Reputation: 26

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Quote:
Originally Posted by john3232 View Post
Yeah, but where and when did your parents do that?

Operating costs and taxes are guaranteed to kill you given the rent income isn't much.

It's almost a given you will lose money.

The only question is how much.


My parents had rental property throughout Metro Atlanta. Primarily in-town Atlanta (Kirkwood, Mechanicsville, Adamsville). Started in the late 80's. Some were in worse condition than those I've seen in Detroit. Yeah, Atlanta has seen more economic development than Detroit, but I believe something will happen. Maybe no time soon. However, buying a 2,500 sqft duplex near downtown for only a few thousand is cheap and a valuable long-term investment, IMO. Once again, I'm speaking long-term.

I can remember helping my dad throwing tenants' trash/furniture to the curve several times. Making little to nothing on the ones with mortgages. But he kept 'em. So paying cash for a few now (mortgage-free) looks pretty good to me.
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Old 01-10-2014, 11:18 PM
 
111 posts, read 148,836 times
Reputation: 39
Quote:
Originally Posted by Tekkie View Post
Same deal in Denver. My sister and her fiance, who both make minimum wage or close to it, were able to buy a nice three bedroom ranch in Metro Detroit for under $100k. The same house in Metro Denver would have cost at least $250k. If you make at least $50k and live in Metro Detroit, you would be pretty well off here IMO.
In bigger metro you make far more so?
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Old 01-10-2014, 11:29 PM
 
172 posts, read 191,194 times
Reputation: 228
Quote:
Originally Posted by wrema View Post
In bigger metro you make far more so?

I believe Metro Detroit is bigger than Denver's Metro area.
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Old 01-12-2014, 01:12 AM
 
1,996 posts, read 3,180,453 times
Reputation: 2302
Quote:
Originally Posted by tre_maine View Post
My parents had rental property throughout Metro Atlanta. Primarily in-town Atlanta (Kirkwood, Mechanicsville, Adamsville). Started in the late 80's. Some were in worse condition than those I've seen in Detroit. Yeah, Atlanta has seen more economic development than Detroit, but I believe something will happen. Maybe no time soon. However, buying a 2,500 sqft duplex near downtown for only a few thousand is cheap and a valuable long-term investment, IMO. Once again, I'm speaking long-term.

I can remember helping my dad throwing tenants' trash/furniture to the curve several times. Making little to nothing on the ones with mortgages. But he kept 'em. So paying cash for a few now (mortgage-free) looks pretty good to me.
Here you go, excellent investment opportunity!

2446 ATKINSON Street, Detroit MI 48206 - MLS# 214002125
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Old 01-12-2014, 01:57 AM
 
4,857 posts, read 7,641,578 times
Reputation: 6399
If there was even a chance of a turn around in the next generation real estate prices wouldn't be so low.
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Old 01-12-2014, 04:13 AM
 
317 posts, read 578,104 times
Reputation: 404
Lack of or Poor credit, money for closing costs, some loans require a down payment
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