QUOTE (lilbuffet @ Aug 7 2009, 04:11 AM) I found this video on another real estate discussion board online. Anyways this person seems to be a real estate investor in Detroit and has multiple videos on his youtube page which shows you the properties he acquired for very cheap. He seems to know the area well, but I`m not sure what his long term strategy is.
Check it out
http://www.youtube.com/watch?v=kHArANUTwqQ
What do you guys think??
This is definitely a guy who has figured it out, he knows the area - lives there, knows values and functions as an integral part of the local economy. He has decent places, good rents, hires local people, makes good money and probly pays decent. He`s everybody`s friend.
This reminds me of a guy I met selling a 4 plex in Welland ON back in 2005 when I first started educating myself. It had slummy tenants but decently renovated with good working appliances, roof, and exterior. This tough old French Canadian fellow said he started as a labourer in a greenhouse and delivered pizza at night. The 4 plex generated $2000 monthly and he was asking $119K, he had bought it in 1996 for $60K and said he was making $1000 per month from day 1.
He had also bought a 4 plex in St. Catharines across the street from a bikers clubhouse for $20K, so do the math, he`s making money.
Not my kind of business and as I told him I wouldn`t live in any of those places - his answer? "I`ve lived in every one of the rooms in every one of my houses!"
