[quote=flu] . . . Some of us are just tired of worthless, endless bickering on the most inane non-RE, non-financial, non-investment (or for that matter, anything off-topic, yet perhaps insightful thing)…that don’t contribute to anyone’s bottom line or helpful advice or “gee, I learned something new today”…[/quote]
Maybe a new thread should be started on the viability of rental SFRs in Detroit … as investments … for those who are becoming disenchanted with the stock market.
Being the foremost LEDLITA on this subject (who has never been anywhere NEAR MI), I’m not the one who should start it, ESP when we have *resident expert(s)* on board here ;=)
I mean, how much net rent annually does one need to pay off a $40-$45K mortgage and still end up with a little “profit” and a “slush fund” … even AFTER a property mgmt fee is taken into account? Or how about purchasing one for all cash and spending $5-$8K for repairs/replacements to put it into rental service?
They can’t be THAT badly built, given the ages of most of the neighborhoods and the fact that they are built to live in in sub-zero degree weather for several months per year, right?
The $64M question is “Are there enough prospective tenants there who have the income to rent and want to rent?” And, if so, “WHERE in the Detroit area would they prefer to rent, what is the average length of tenancy and how much does it cost to buy a good house there?”
And maybe the Piggs need to watch a good u-tube video on “pipe-wrapping.” Then they could “learn something” and perhaps get some good investment ideas for their stagnant portfolios :=]
Since you’re constantly on the lookout for “opportunities,” what’s wrong with this, flu? Do you know of anyplace with cheaper houses (that aren’t mobile homes)?
