Forum Replies Created
In which stage of the process are you now Richard?
What kind of developments were you able to obtain lately?jayhinrichs wrote:Just thunder lighting and heavy rainfall or hail. There was a big one that put the Lanceair airplane manufactorer out of bizzness 6 or 7 years. Ago they have 40 brand new 600k airplanes on the ramp at Bend Or.. facility and a huge thunderstorm with golf ball size hail damaged everyone of those aircraft it was a huge problem and the company never recovered and was then bought by Cessna and shipped to kansas… Its the Cessna Corvallis for those interested in aviation.They could do what Nissan did in Mississippi:
"
Concerned that hail storms could damage the paint on newly manufactured cars, the company has been using "hail suppression cannons," which send a loud sonic blast into the air above the factory, according to recent stories in the Jackson, Miss., Clarion Ledger and in the industry newspaper Automotive News.
The system is supposed to protect about 12,000 brand new vehicles, worth about $400 million, parked in the factory's shipping yard, according to a Nissan spokeswoman quoted in the Clarion Ledger.
The cannons' blast is about 50 decibels, according to a Nissan engineer quoted in the Clarion-Ledger. That's similar to the noise level near a highway, the engineer said.
Theoretically, the system prevents hail over an approximately 1-mile radius by vibrating water droplets in the air that form hail. Vibrating the droplets supposedly disrupts the hail-forming process, preventing hail storms.
The cannons are connected to equipment that detects weather conditions under which hail can form and they are supposed to fire automatically as needed, according to the Clarion-Ledger.
A National Oceanic & Atmospheric Administration scientist quoted by Automotive News said there is no scientific evidence that hail cannons actually work.
An engineer with Nissan insisted that the hail cannons are working and that people at the Nissan plant have seen evidence of hail in the area, but not over the plant, according to Automotive News.
Nissan's Mississippi neighbors should be pleased that the company has at least fixed the cannons so they will no longer fire continuously regardless of wether hail conditions are present, as they had been doing,"
OK guys, let's try to sort some things out with regards to Detroit.
Jay is perfectly right when is stating that "slums are slums" no matter where they are. If you try to compare the slums of Detroit with the slums of Charlotte or Atlanta, they probably are NOT the same ! Detroit is a bigger city and its slums are, of course bigger.
In fact, for me , 95% of the CITY is a big slum. And Jay, to be honest, I don't feel safe at all, even if I'm in downtown Detroit.
For the investors, Detroit has only very small pockets, and lately, it became harder and harder to find good properties in this areas. For the spruikers, of course, that's not a problem – they can sell to OZs some junk houses in the middle of the slums and present them as "investment properties". Piece of advice: before buying something in Detroit CITY do your due diligence and get as much info about the property and the wholesaler as you can.
A whole different story is Detroit METRO – with Detroit's suburbs. Here you have a lot better chances to establish a good business. Wonderful cities, nice locations, good and safe neighborhoods, not as high cash flow as in the City though.
Some time ago I've stated that the prices went up 15%-20% compared with the January prices; I was referring to the Metro area and not to the City.
For out of state investors is very risky to buy something in the City if you don't know the seller, so beware… Don't just be attracted by some un-real high cash-flows (which are possible, though) and nice pictures sent to you by some company who has a nice website. That's my advice.Nigel Kibel wrote:Jay I agree there are a lot of other bad areas in the USA Including ATL. The point is if you are going to spend your money there are plenty of better places top spend your moneyNigel, as I'm one of those "idiots" investing in Detroit, I'm still confused about your late statements: are you talking about spending or investing? Of course, if you want to spend your money you can't go in the next Casino, but is this investing? C'mon man; it starts to be ridiculous…
Jay, you are right again, for a hundred-th time. In Detroit, if you are on the wrong block, you can go very wrong.
Of course, Yahoo's article is far from the truth, as we speak, but the prices in Detroit's suburbs are high, as well and is still good to invest there, if you are not familiar with the inner city.
But I'm sure , sooner or later, the majority of the cities will see a nice rebound, not the 2007-2008 prices, but even 75%-80% in the next 2-3 years will still be excellent.Jay,
You are partially right; search online and you'll see LOTS of complaints AGAINST BBB addressed to the way they handle things.
When you say that 99% of out of US investors don't know about the existence of BBB, you are right; the same with the field BBB is concerned about.The problem with reporting some business to BBB is that ALL the members of the BBB are PAYING subscriptions to that service. As BBB is getting money from this guys, it will do NOTHING to touch its customers in a negative way. I've read and heard a lot of stories about BBB and in the best case scenario they'll have the case reviewed and that's pretty much all… Nothing will happen.
Alex SC wrote:Cheeves ( Scott )already spoke about this. The would be a great solution if we could all work it out.Let's get together and plan some for the start
For me it's a typical investment issue : the higher the risk-the higher the return (in case you get there). With nice houses in good locations can you get the same rate as the ones in the hood? I doubt it. You'll have more safety, that's true, but most of the OZ are looking for a rapid recovery of their money, from what I see on this forum, and are forgetting about the safe factor. It can be safe, it can be not, everything depends on WHO do you employ to handle your money, and that's the MAJOR factor in my opinion., even if it's on a long or a short run.
Michael Osbourne,
Would you contact me, please?
Jay,
What Michael Osbourne referred to was about Guaranteed Returns, which of course involve as the main source of income the RENT. Of course it is ILLEGAL to guarantee rent ! When you deal with somebody who doesn't know about the legal aspect of guaranteed securities you should RUN !!! JAY, please can you find a link to the legal law article which refers to this matter; it should be clear once for all for everybody in this forum the importance of this aspect. If somebody misunderstands it or doesn't know the importance of it he/she can be sent immediately to this link.I was thinking also that you, Alex, Emma 171, WI, eventually I and the other serious investors frequenting this forum to start putting together something like a step-by-step course for the OZ and other overseas guys willing to invest in the US, so they can avoid at least unfortunate experiences like those ones which happened to Richard (AKA Gavin). The information overload is huge and for a newbie will be a nightmare to dissect the correct info from all the posts. We can eventually particularize with respect to certain areas/cities. What do you think and what are the opinions of the others? Are you up to the challenge?
I second Jay on his qualified thoughts about the inspection
All the sellers should have VIDEO inspections (HD if possible) and use qualified personnel for the property inspection.
The inspection should include the heigbourhood, if possible, if not at least the block surrounding the property. Also, the result of the final inspection should be totally disclosed to the potential buyers. (send a copy ). There are 2 types of inspections: one done by the city, as required by the closing procedure and the REAL one (which can be a lot tougher and more realistic) done at the buyer's request and using a different LICENSED company. Each state and city has different requirements; for example in Detroit it is mandatory the "paint lead " inspection, which costs around $385 and is done by licensed companies only for this task.
The maintenance is another problem. Personally, I recommend for a full renovation the replacement of the old Water Heater Tank and the furnace with brand new ones, even if they are less than 5 years old. On a property I sold this week I replaced the furnace with a brand new one, the house was empty for almost 2 month and when the new tenant moved in the flame sensor had to be replaced because it malfunctioned. No more maintenance costs for a full year after that. The rest of the issues which can appear are usually because of the quality of the reno. If the electrical, mechanical and water systems are new , there is no reason to be afraid of future high maintenance costs for 2-4 years. That's my opinion. Somebody else?Alex SC wrote:mihovi wrote:Lots of articles online are a little bit too general and misleading.
And Detroit should shut off the lights on 90% of the streets..Scary thought about the city going to turn off the lights
Anyways, they've "turned off the lights" long time ago, and not only on the streets…
Alex SC wrote:80S were not a good time for me I was the Tall skinny kid who was in chess club , and smart kid. So man but 20 years forward life is good. LOLWhere are you located at if you dont mind me asking .
Right now I'm in Vancouver as I have a Chinese client for one property, but I might have to go to Detroit; some previous customers want to buy more in the area.
Lots of articles online are a little bit too general and misleading.
And Detroit should shut off the lights on 90% of the streets..Alex SC wrote:AREIJoel wrote:Guys, I truly believe that going through an agent who relies on commissions is the wrong way to go about it from a foreign investor perspective. If you are going to be managing a property from so far away, then you need to align yourself with a company who is not in it for the short quick profits. Sure everyone needs to get paid, but there is a difference between going with a quick sale agent compared with a larger turnkey provider who is not only interested in the long term success of your investment but values your business relationship. It is a win win for each party. Where is the agent going to be in a 1 year from now and somethings goes wrong with the property? Research the companies that have considerable experience – Companies and experienced real estate guys who have not only seen the last boom and bust but have also gone through the 90's crash, and if possible the 80s crash. Also, check if these same professionals are investing along side you and have skin in the game. If it such a good opportunity why wouldn't they be investing as well!Not sure I agree with that statement at all. I have a great company here in Charlotte NC my properties and reputation speak for them selves. During the 80S I was just growing up born in 73. Graduated high school in 92. So spent the next few years in school , and bartending. So to say that we don't and wont know whats going on because we were not involved in real estate in the 80S 90 S come on.
That
If I would have started in the 80s, probably I wouldn't need to post on this Forum and Donald Trump would have to thank me for where he is now… LOL
Do you have any idea where you want to buy?
In your research you might want to consider this, as well:
http://247wallst.com/2011/10/19/cities-where-homes-will-not-sell/?utm_source=nrelate&utm_medium=related&utm_campaign=relatedand
I paid for almost 1/2 year and I cancelled the subscription as it didn't help me in any way. In many cases, the data posted was obsolete, old info, etc. Completely unhappy with their service.
I'm not defending Jeremy Burgess as I don't know personally know him. It's just I've heard from some people working with him and from his online presence. That's all. If he's a crook, he is a crook, Detroit is full of them, but I don't want anybody to assume that I'm associated with him in any way. Too bad that this happened to Richard. I personally will do whatever it will be on my power to rectify this.
jayhinrichs wrote:would be extremely rare if a company like TRR that is doing 100 homes a year or so would have any direct pipeline to any bank save the odd one… When they say bank they probably mean short sales,, and the for profit auctions.-Why Jay ? Is it hard to get properties dealing straight with the bank. I know that the big wholesalers in Detroit (selling 100+ house/year) are buying packages STRAIGHT from the bank. In cases involving small investors, like me, the deals (with packages of 5+ properties) are made through RE brokers.
