Being stranded at the airport waiting for a flight is never fun but Jason and Fernando make the best of it by recording their observations of the investment property tour of Chicago and Grand Rapids. Overall, Chicago looks promising with strong providers and good properties. Grand Rapids was charming and offered many financing choices for current and future investors. A quick stop was made to Detroit to get feel for the area and look for opportunities that may be hiding there. The extra stop proved to be a disappointment based on the city’s state of disrepair and mass exodus of previous inhabitants.
Key Takeaways:
[3:09] A Mastermind meeting on Monday & Tuesday
[3:42] A semi-private property tour
[4:09] Met local market specialists and in-house lending department
[6:32] The tenant turnover rate in an apartment in Chicago
[7:21] Tenant turnover rate in a single family home is much longer
[8:10] Virtual apartment investments
[9:00] Refinance discussion on a future episode
[10:06] Land contracts in Grand Rapids
[10:39] Direct buying properties via self directed IRA
[12:40] Cosmetic changes are easy on good investment properties
[14:18] The Cold Stone Philosopher’s Club
[15:28] Detroit was depressing
[17;39] Corrupt mayors & declining auto industry led to the death of Detroit
[19:21] Property taxes in Chicago
[20:05] Providers make it possible to remove maintenance costs
[21:55] Judicial foreclosure states are good for investors
[23:25] Chicago is a world class city
[24:16] Differences of a small provider versus a large provider
[26:00] The small group tour was intimate and enjoyable
Tweetables:
“Chicago is a world class city which shows promise for those interested in investment properties.”
“Besides being depressing Detroit had little to offer in way of communities in which to invest in.”
