This is one of the many reasons why you should not invest in Detroit Michigan. Real estate investing in Detroit I believe should not be for novices, out of state investors, or especially not out of country investors. I believe if you are thinking of speculating in Detroit real estate you need to be a hands on investor. Besides the myriad city service problems, and high taxes one of the worst issues is the thieves that strip the property of anything of value.
One of my clients got into real estate investing in the Metro Detroit area. They have homes in Hazel Park, Pontiac, Mt. Clemens, and this one property in Detroit. After they bought it they realized that the high taxes and high property insurance costs would make it next to impossible to make a return on investment. So they had me re-list the Detroit property for sale.
We got a cash offer and were supposed to close within two weeks when the thieves struck. This is an email from the buyer on what happened.
On Sunday, the neighbor at this area called me and let me know that he saw one man bringing some things from the back door. The neighbor thought that this man is my friend, so he did not call me or police. A few hours later, he smelt GAS coming out from 17324 Northrop House. All other neighbors also smelt GAS as well. Half hour later, all people on Northrop street smelt GAS. They began to worry and call DTE gas company to report. DTE gas people came and opened the door to check things out. This gas expert almost passed out when he entered the house because the house was full of gas. Nobody could enter the house. The gas expert had to close gas valve across the street. A few hours later, he came into the house and checked gas system. After checking everything, he confirmed that all Plumbing Pipes, Gas Pipe & Valve and other things have been stolen. He also found out that the back door has been kicked out. Another neighbor, Dennis, used a big piece of hardwood to block the back door so that people cannot get in from back door again because the back door is broken (so they cannot close the back door). The gas expert then called police to report everything. A few minutes later, police came and check out everything. The police also confirmed that Plumbing Pipes, Gas Pipe & Valve and other things have been stolen. Just want to let you know. Please let listing agent and current house owner know about this serious things. Thank you.
Russ is full time realtor with 14 years of experience of finding good deals for his clients. An added bonus is that he buys a new kayak, or lawnmower, or grill, or snowblower, or lawnmower when you buy and close on a home with him.