So I was sitting on the couch watching the news, pulling some listings to go look at for clients tomorrow. When what do I see on the news? A story that I can relate to better then I care to admit.
A woman in Detroit was being evicted, a very typical occurrence. Only she decided to take moving out to an entirely different level. Now we've had a number of people destroy a property on their way out. It's the reason we no longer do business in the City of Detroit. But I have never seen anyone take it to this level. It's a sad commentary on just how "wild west" the city itself has become. If this were to take place just 2 miles north in the suburbs, they never would have gotten past hooking a chain to the house. A neighbor would have called on them almost immediately.
Let alone the noise that must have taken place as they attempted to destroy this property.
Watch the video here. http://youtu.be/rwP9D3qpwlI
I think you'll find it interesting. Whenever you decide to Invest in Real Estate, whether it is Detroit, the Suburbs, or another State all together, it's invaluable to know your local markets! Location Location Location. Just a few blocks will make all the difference between success and failure. Another example, I previewed a house in Wyandotte tonight. Pictures looked perfect, taxes super low, and rental comps just blocks away were 1000 per month. No brainer right? Well when I got there, I found the house immediately to the left was in horrible condition, and appeared to be owner occupied. Also, there was a set of train tracks that ran just a block behind the house. So we determined this wasn't the house for us. It's in a transitional area. But to an out of state investor, they would be shown comparables from just blocks away, and great photos, only to purchase a property in a rough area, that will be difficult to rent. We never get involved in a house that we wouldn't own ourselves. It's just not good for long term success.
As always, give us a call or email if you have any questions, or need any advice. Good luck with your investing!