Let's talk about real estate.
>be me
>in 2012 bought a 750sq ft foreclosure just above 8 mile outside of detroit for 12k.
>everything going great. renters paying on time.
>it's 2016. Want to buy second income property
>scared the market is on the top of a bubble.
Should I wait a year or two and see if the market takes a dump so I can buy cheap?
Also, general discussion. When is this housing bubble going to burst, or is it?
>>1304450
>in 2012 bought a 750sq ft foreclosure just above 8 mile outside of detroit for 12k
Nice, cap rate after expenses?
Amy guides or general advice to get in on this?
>>1304965
>Nice, cap rate after expenses?
based on the cost I paid I take it? property was actually 13.5 after back tax and all said and done with a new kitchen, roof, etc came to close to 20k.
So I guess that puts it at 30% cap rate roughly, after prop tax and insurance and some small repairs (minor if any after the major repairs)
>>1305165
What are you able to rent that space out for? How would you describe the space?
I've been very interested in getting into Detroit real estate for a while now. Very close to pulling the trigger.
>>1305169
2BR, 1B, 750sqft, full unfinished basement, 2 car garage. I rent it out for $750/month, but doesn't include the garage. Area is a few blocks north of 8 mile, not far from I-75, and only a couple miles from Ferndale, a hotspot.
Was a lot of hard work, but worth it in the end. Neighborhood is pretty safe considering, as in no barred windows, quiet white families, etc, albeit not very well off.
Any links on current market speculation would be appreciated as, like I said, I'm hesitant to buy another property out of fear that I could get something for a quarter of the price if the market dumps in late 2016 or 2017.
Cheers
