Anyone Own/Rent Investment Property in the Metro Area?

2L8IWIN

2L8IWIN

Club Member
I have 2 houses im thinking about selling. This market isnt appreciating at all and the last thing i need is to loose money.

Anyone else renting? What are your thoughts/takes? I know its a buyers market and I wouldnt get what I want for them....but honestly i dont want the financial responsibility in times like this.
 
If you rent it out make sure you have it well documented and lots of signitures.
renters agreements are all over the net. multiple pages are better.
good luck with what ever you decide.
 
If its not costing money right now I would keep it do to the housing market. Hopefully the market will come back in a year then you could get a little more
 
Thanks for the advice...ive been renting them for a few years now.

uslegalforms.com seems to have the best stuff (what ive used).



BB71Mopar said:
If you rent it out make sure you have it well documented and lots of signitures.
renters agreements are all over the net. multiple pages are better.
good luck with what ever you decide.
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i own several rental properties in the oakland county area...i am not making a bundle on them, but there is relatively little overhead and the mortgages are being paid. generally homes will appreciate by 5-10% per year (depending upon location), but with this market, especially in michigan, it is not as lucrative! my advice is to hold on to them if you are not losing money. the market is going to rebound eventually!
 
I would say it is a better move to hang on, even if it means renting them at a lesser price. I suspect that if you hold on to them for another 5-7 years, the market will come back, and you will get your appreciation, plus a little more for paying down the mortgage.

Most of the rental type real estate invesments are long term. So ride it out.
 
What am I missing? I don't see how you can lose money when someone else is buying them for you. I'm still looking to buy more, let me know if you do decide to sell them :)
 
I agree, I'm not cashing in my chips either. The housing market I believe is cyclical. It will have it's downs and eventually rebound.
 
One of my partners has been in the Detroit rental business for about 20 years and is bailing as fast as he can, some of the houses he's losing money on. Good luck.

Depends on your take, people are correct normally markets do rebound but those are markets that have good job out looks and growing economy I may be wrong but things don't really look that good for Detroit isn't Michigan the only state in the USA that had more unemployment last year than the year before? (GWBush's fault, even though every other state is doing better)

I bought my primary house here in Plymouth Township (OK town) and I believe the value has depreciated about 5-10 % in the last 18 months :eek:

You need to make your own investment decisions but I for one won't have all my real estate investments (and don't) in Michigan. If it turns you'll be in great shape but if it doesn't ....
 
Again, I'm no investment whiz, so I must be missing something. If I continue to buy properties for 20% down and let someone else pay them off, how can I possibly lose money? The house would have to depreciate 80%. I don't see it. I'm no genius, but I can run a calculator....



L98Terror said:
One of my partners has been in the Detroit rental business for about 20 years and is bailing as fast as he can, some of the houses he's losing money on. Good luck.

Depends on your take, people are correct normally markets do rebound but those are markets that have good job out looks and growing economy I may be wrong but things don't really look that good for Detroit isn't Michigan the only state in the USA that had more unemployment last year than the year before? (GWBush's fault, even though every other state is doing better)

I bought my primary house here in Plymouth Township (OK town) and I believe the value has depreciated about 5-10 % in the last 18 months :eek:

You need to make your own investment decisions but I for one won't have all my real estate investments (and don't) in Michigan. If it turns you'll be in great shape but if it doesn't ....
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1BADAIR said:
If its not costing money right now I would keep it do to the housing market. Hopefully the market will come back in a year then you could get a little more
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there's no way the market will rebound that quick. it will be getting worse (especially in MI) before it gets better.
 
Rent prices arund raj and I are crazy. If you put enough down on the house the renters will pay most ,if not all of the mortgage. You can't really make money short term. If its not costing you money then you should keep it til the market is better.
I bet the market will come back in this area in less than 2 years Raj. If you have the funds right now you can get them for over 20% off and when the market comes back you will be that much ahead. Its the owners who put very little down and have high payments that are not getting all, or most of the money back from the renters that are suffering right now
 
If you're making an honest profit, DO NOT SELL. if you're looking to get out of the rental business, wait it out, it will rebound
 
Fryguy302 said:
Again, I'm no investment whiz, so I must be missing something. If I continue to buy properties for 20% down and let someone else pay them off, how can I possibly lose money? The house would have to depreciate 80%. I don't see it. I'm no genius, but I can run a calculator....
Click to expand...

As long as you have a positive cash flow your going to do fine, some people bank on appreciation also not recommended for rentals. The variable that has to be watched is whether or not you can keep the property rented for the duration of the mortgages and how much cash do you have if you get stuck without a tenant, how long can you keep everything afloat before you have to sell for a loss or get foreclosed on.


Keep it rented=:icon_mrgr
Vacancy=:(


One of my other friends had 5 rentals and only one tenant that was paying rent, two were vacant and two just stopped paying rent.:icon_eek: That part isn't fun.
 
8URZ0H6 said:
I have 2 houses im thinking about selling. This market isnt appreciating at all and the last thing i need is to loose money.

Anyone else renting? What are your thoughts/takes? I know its a buyers market and I wouldnt get what I want for them....but honestly i dont want the financial responsibility in times like this.
Click to expand...


sent you a PM
 
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