Interesting report and a landlords worst nightmare, loosing your life over the performance of an investment. I am saddened to hear it, but as we are all critical thinkers here, lets look at the report and see what we can learn….
The report says:
Quote:Greg McNicol bought the property in February hoping it would bloom. He had seen squatters and people who hadn’t paid their rent, and he told them to get out.A tough guy, McNicol was an Australian who came to revitalize the east side neighborhood and make a little money.
It didn’t mention any due process for eviction.
Another report from CBS Detroit says:
Quote:The incident happened Saturday when the 26-year old victim from California and a tenant were arguing at an apartment complex between Canfield and Beniteau. Detroit Police say the verbal fight escalated between the landlord and a woman, and as WDIV reports, a man drove up in a car and opened fire with one of shots striking and killing the victim.Clearly this 26yo landlord was either personally throwing people out of the property or threatening to do so. He was arguing /standing over a woman at the time of the shooting.
Personally, I am not this type of person.
The process for eviction in Detroit is clear, if it had been followed correctly then a Bailiff and not the Landlord would have eventually carried out the eviction.
http://www.36thdistrictcourt.org/realestate-faq.htmledit…. sorry but the trial has a lot more information and there was a little misreporting in the earlier quotes.
I believe the victim was not “Standing Over” the tenant but “He kept politely asking her to leave his property.” He had been personally doing the renovations, had built good relationships with most tenants who had described him as a “a peaceful man” the argument/shooting occurred as he was preparing to have a Barbecue with the tenants.
Quote:Mr McNicol’s property manager, Karen James, said Ayana had some “domestic issues”, was behind on her rent and had been given a 30 day eviction notice.
…
The prosecutor said Young “wasn’t happy with the way his daughter was being treated” and reacted by shooting Mr McNicol dead.
…I apologize for the edit but it certainly changes the facts as I see them.
Steve
PC
from memory i think the Aussie land lord was living in the apartment complex (BIG MISTAKE)
the tenants in the building were really happy with him , he was doing the place up and looking after all the good people
there was one tennant , a young girl who wasn't paying rent
had her friends there till all hours , wasn't cleaning, just upsetting everyone
the landlord was trying to evict her , so she called her uncle to come and sort him out
well the rest is historythe irony of it is the uncle had recently won lotto
so instead of driving over and paying her rent he came over with his gunhe expected the landlord to subsidize his family
some thing he wouldn't do for his own niece even after coming into easy moneythis is all from memory so i might not have all the facts right.
more money in apartment's ……… but
Detroit is a ruff city and wouldn't personally touch it. The tenants in these areas have to be handled a certain way, there out look on life is different than me and you. It's as they say "ride or die" it's like they have no hope for the future and it's live by the code of the street. Our African Americans are a crazy group of people and that's where most of the US violence comes from. I'll write a book on it when i get back this evening. Have to run and meet an inspector for electrical inspection.
The interesting part is that the woman’s father….the one that shot Mr McNicol…he had recently won a million dollars so the McNicol family is taking civil action against him as well.
I agree with Kyler….wouldn’t touch Detroit as a foreign investor….best left to the locals to play inA preview of my upcoming property hunting trip…
Good luck, and yes, this place is brilliant. Came looking for leading web presence, stayed far longer than i though due to the wealth of information and learning curves (not to mention the networking).
All thumbs up, can’t go wrong listening to the advice and experiences here.
Ziv Nakajima-Magen | Nippon Tradings International (NTI)
http://www.nippontradings.com
Email Me | Phone MeZiv Nakajima-Magen - Partner & Executive Manager, Asia-Pacific @ NTI - Japan Real-Estate Investment Property
KnoxOff wrote:PCfrom memory i think the Aussie land lord was living in the apartment complex (BIG MISTAKE)
the tenants in the building were really happy with him , he was doing the place up and looking after all the good people
there was one tennant , a young girl who wasn't paying rent
had her friends there till all hours , wasn't cleaning, just upsetting everyone
the landlord was trying to evict her , so she called her uncle to come and sort him out
well the rest is historythe irony of it is the uncle had recently won lotto
so instead of driving over and paying her rent he came over with his gunhe expected the landlord to subsidize his family
some thing he wouldn't do for his own niece even after coming into easy moneythis is all from memory so i might not have all the facts right.
more money in apartment's ……… but
Yes I read this as well. When I was first introduced to the Australian interest in the USA. The first article I was able to pull up was this news report. Sad though to think how many people truly believe this is all of the USA.
lawsjs wrote:Never let it be said we think for ourselves Kyler:) Absolutely no room in this market for contrarian investing. I guess the more familiar a US city is familiar with Aussie foibles the better:) ATL properties are 'pretty' and the place has visual similarities to bits of Oz – people also have a fetish for high headline returns so it fits the bill. My sister (emma171) said to me last night she reckons you have to buy $20-30k (thereabouts) less in ATL compared to a place like LAS to make up for the extra maintenance (lawns, termites etc). Interesting point. As long as you stay away from HOA's you should be fine. Then all you have to do is manage the place – and we all know how easy that is:)
Atlanta is getting flooded with investors, as the prices are rising with over bidding. Every USA investor group especially from west coast is buying in Atlanta or from turnkey investors their. So they same groups that are buying from turnkey guys like me are reselling to International clients. I am no longer in Atlanta still stuck with 5 or 6 houses looking at dumping. Now from some one like your sister who seems to be buying direct. Has she purchased any thing their yet. Curious to see what she is able to grab in that market. Still good deals just depends on price range your willing to pay. Notice investors are now justifying stepping and buying further away from the city( to make numbers make sense ). Only time will tell if Atlanta or any of the investment markets hold up to supply and demand + rental demand here in the USA.
Charlotte was just ranked as the fastest growing city in the USA ( from Yahoo so who knows how much weight that holds. I will say even for me here. The prices are slowly rising and more competition then just 3 months ago. We are taking more rental applications then ever. How ever at the same time we are denying 12 to 13 out of every 15 applications. So what I worry is if other teams come in lower the standards we are trying to set or hope to set . This will also and is happening in Atlanta as people are going to be buying to high , then make a common mistake by not rehabbing properties like they need and should be.
Lawsjs you, Freckly ,and Jay will always be much better at writing and making you points. Me to simple of a person. I did finally lock down the 67 house deal In Rock Hill SC. Jay knows about the homes all in 5 block radius, Took me two and half years to complete the deal. Finally purchase price is $860k with rehab about $400k $2k in title insurance no other closing cost. So deciding best way to work that deal out.
Another property we just picked up lower end Commercial deal in Myrtle beach beach 13 units Was lsited for $399k got it for $200k . Block from the water so been bit busy not posting . .I guess to be quite honest all real estate .It really depends on what your goals are and what you are trying to accomplish. Oh getting ready to build our first house in a few years. Nicer homes think we are shooting for 1800 sq ft about 100 dollar ft to build. Land $20k cheap and shooting for Resale in $165k market.
talk soon
zmagen wrote:Good luck, and yes, this place is brilliant. Came looking for leading web presence, stayed far longer than i though due to the wealth of information and learning curves (not to mention the networking). All thumbs up, can't go wrong listening to the advice and experiences here.Yes this is a great Forum and lot of good advice. Some really good knowledgeable people here. Look it brought me looking at your deals. Some interesting numbers that you have.Just new market and new learning curve. One of my wife"s and my goals are to own real estate through out the world. This has been a goal every since we got married. Traveling to the islands ( Jamaica and Bahamas) Now traveling more internationally just helps refocus this goal.
Atlanta is getting flooded with investors, as the prices are rising with over bidding. Every USA investor group especially from west coast is buying in Atlanta or from turnkey investors their. So they same groups that are buying from turnkey guys like me are reselling to International clients. I am no longer in Atlanta still stuck with 5 or 6 houses looking at dumping. Now from some one like your sister who seems to be buying direct. Has she purchased any thing their yet. Curious to see what she is able to grab in that market. Still good deals just depends on price range your willing to pay. Notice investors are now justifying stepping and buying further away from the city( to make numbers make sense ). Only time will tell if Atlanta or any of the investment markets hold up to supply and demand + rental demand here in the USA
This is pushing the prices north at the moment, but will it be sustainable?
I am getting mixed messages from people on the ground, some say owner occupiers have jumped into the market, I think Jay has mentioned this too, if so then hopefully we will see signs of stability in this market and slow increases, otherwise it will be a rollercoaster ride and more opportunites to buy gems.
Cheers,
WIpc9geek wrote:worldinvestor wrote:Hi Steve
looking forward to hearing more, keep us all posted on your experience, and by the way Atlanta (GA…………., you mentioned cashflowWI
I have been taking a good look at the figures (stats) and conversations here about Atlanta. The 2011 census has the vacancy rate at 12.4% a little better than Jacksonville at 14.0%. Certainly not the 3% in Queensland Aus or the 5.3% in San Jose, but then there is no reward without risk and prices reflect that. Just checked the flights direct Atlanta on the 21st is looking like my trip. Cheers Steve
San Jose, the place of my birth and where I lived my first 40 years…. A rental there in a good area will be 400k plus No different than OZ…. Portland Oregon where I currently reside has the second strongest rental market in the US, behind San Jose.
200k rents for 1200……
this is why the mid west seems so appealing to investors… Investors on the West Coast are speculators.. Investors in the mid west and east coast ( save NY Boston WA DC) are cash flow driven.
Whats happend in Atlanta Florida, and other major southeast cities is something for the record books.. and who knows where it will all end up…
Texas is soup de jour… however with liberal zoning new construction competes with exisiting inventory…
I live on up on a hill or if your from the mid west a mountain,,, and as I type this I have a 180 degree view of PDX looking over thousands of houses…. What creates value here is Government controls on land use, and INTEL, NIKE, FUJITSU, THE TIMBER INDUSTRY, STEEL< BOING, and hundreds of other high tech…….
Now the you have environmental movements… IE people living in the MID west that are tired of getting wiped out by tornados.
We are seeing people moving here for SAFETY… We have no tornados… No earthquakes… the Cleanest Air in the US.. As long as Japan does not create any more Nuc.. fall out.
worldinvestor wrote:Atlanta is getting flooded with investors, as the prices are rising with over bidding. Every USA investor group especially from west coast is buying in Atlanta or from turnkey investors their. So they same groups that are buying from turnkey guys like me are reselling to International clients. I am no longer in Atlanta still stuck with 5 or 6 houses looking at dumping. Now from some one like your sister who seems to be buying direct. Has she purchased any thing their yet. Curious to see what she is able to grab in that market. Still good deals just depends on price range your willing to pay. Notice investors are now justifying stepping and buying further away from the city( to make numbers make sense ). Only time will tell if Atlanta or any of the investment markets hold up to supply and demand + rental demand here in the USAThis is pushing the prices north at the moment, but will it be sustainable?I am getting mixed messages from people on the ground, some say owner occupiers have jumped into the market, I think Jay has mentioned this too, if so then hopefully we will see signs of stability in this market and slow increases, otherwise it will be a rollercoaster ride and more opportunites to buy gems.
Cheers,
WIBanks will not lend on a house even if an AC is missing so I don't think we are having a big competition from home buyers 90 % of these house would not qualify for traditional bank loans.
203 K was a construction loan but requirements so tough. One of the resellers from West Coast that you mentioned might be my competition are now selling my Charlotte deals in both the USA and Australia .They are just one of the west coast teams selling in Atlanta . If you google Atlanta and wholesalers I bet you can come up with 25 to 50 local companies doing this. Now add in the USA resellers from west coast and northern markets that are jumping in.Add the international buyer that is seeing , and hearing about Atlanta and 15 to 20 % returns. Then the market gets flooded I seen this happen in Memphis, Phoenix , Indianapolis .When word gets out any body and every body who wants rental properties seem to flood the area.
Again this is just my two cents. Are you still coming over to Atlanta let me know I am holding you to a couple margarita's.
kylermrice wrote:Enter a young Kyler on his way to 1000 doors who will relieve them of their worries for pennies in the dollar:)I'm probably one of the youngest investors on here (that is doing well, no comment on the 23 year old with the horror stories in AZ) and I'll gladly keep taking the pennies on the dollar deals.that story was as bad as it sounds.. hope it all worked out for the AZ investor
Jeez three days til I fly to the USA and start looking at the property market from the ground. I haven’t even been able to decide on a a city/state yet, and it is embarrassing. There is just such an overwhelming volume of data to sort through. I understand now why investors concentrate in specific regions, the market is so big and the laws vary so significantly across the country. The USA is not a single property market but multiple and often independent markets. Trying to get a handle on the full foreclosure/REO/Wholesale/Promoter/Retail property market is harder work that I first Imagined.
It is easy to see why people on a macro scale are choosing Florida/ Atlanta/Nevada, but I am not sure that is what I am looking for.
I promise my self tomorrow I will get down to brass tacks, and book a flight.
Steve
pc9geek wrote:Jeez three days til I fly to the USA and start looking at the property market from the ground. I haven't even been able to decide on a a city/state yet, and it is embarrassing. There is just such an overwhelming volume of data to sort through. I understand now why investors concentrate in specific regions, the market is so big and the laws vary so significantly across the country. The USA is not a single property market but multiple and often independent markets. Trying to get a handle on the full foreclosure/REO/Wholesale/Promoter/Retail property market is harder work that I first Imagined. It is easy to see why people on a macro scale are choosing Florida/ Atlanta/Nevada, but I am not sure that is what I am looking for. I promise my self tomorrow I will get down to brass tacks, and book a flight. SteveJust take a peak at Charlotte NC one of the last real estate markets in the USA to get the recognition it deserves.
Atlanta and Florida , Nevada all good markets as well
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