Poll: Where would you rather rent?

[SammyS]

Brush Park is going to be amazing over the next few years so consider buying one of those units. It's very likely that:

1. if you're approved for rental, then you're approved for a mortgage [[credit score/report)
2. if you can afford the rent [[likely between $1,300 and $1,700/month), then you can afford the mortgage
3. rents will go up ~10%/year whereas the property value will appreciate 15-30%/year.
4. more accurate appraisals these days rather than the lazy "purchase price - 5%" of the past
5. more lenders taking a risk on Brush Park so you shouldn't have a problem

[cmubryan]

Thanks, I am actually considering purchasing a unit to rent out.

[48202]

Thanks, I am actually considering purchasing a unit to rent out.

For either, make sure the Condo association will let you have tenants.

[Meddle]

For either, make sure the Condo association will let you have tenants.

Another reason not to be in any of those places. No Gestapo to tell you what to do with your own property in most neighborhoods [[outside of Corktown).

[Honky Tonk]

Another reason not to be in any of those places. No Gestapo to tell you what to do with your own property in most neighborhoods [[outside of Corktown).

Right as rain, there Meddle, not like those pesky Neighborhood Associaltions out in the 'burbs.

[Meddle]

Right as rain, there Meddle, not like those pesky Neighborhood Associaltions out in the 'burbs.

No way I'd live under that kind of tyranny either. I'm surprised there aren't more of these:

https://www.abc15.com/news/crime/old...eeting-in-2000

https://www.wlky.com/article/man-acc...bond-3/3741490

https://www.libertycm.com/shoots-fir...board-members/



These little dictatorships need to be abolished nationwide. And that includes 'condo associations' and 'tenant committees' who decide who might be allowed to purchase or rent.

[Honky Tonk]

No way I'd live under that kind of tyranny either. I'm surprised there aren't more of these:

https://www.abc15.com/news/crime/old...eeting-in-2000

https://www.wlky.com/article/man-acc...bond-3/3741490

https://www.libertycm.com/shoots-fir...board-members/



These little dictatorships need to be abolished nationwide. And that includes 'condo associations' and 'tenant committees' who decide who might be allowed to purchase or rent.

White people, you just can't trust them. I would not live in a neighborhood, co-op, or condo, without some explicitly enforced rules and regulations. You might be able to govern yourself, and have a good idea of what's right and wrong, but the next guy might not. I don't want someone's dog barking @ all hours of the night because he thinks it's cute the dog's barking @ cats. Or, it's "ok" to use your assigned parking for his buddy for "only a minute", or doesn't see an issue with leaving his tractor/trailer parked for a few days in front of your living room window. Or decides everyone in the building would enjoy hearing Rob Tyner's orginal rendition of "Kick Out The Jams" @ 3 a.m.

[stinkytofu]

Thanks, I am actually considering purchasing a unit to rent out.

Definitely check out the NEZ tax abatement status [[I know Park Shelton has units with such, not sure about Carlton).

I was in a similar situation a couple years ago, but found out when the abatement ended [[many were 15 year abatements that are ending soon) taxes would go from from like $1,500 to about $7,000 as I'd also have it non-homesteaded if I wanted to rent out. Broke down the finances and - long-term probably would make money on rent if they kept going up - but short term wasn't going to.

Story from a couple years ago summing it up.

https://www.mlive.com/news/index.ssf...r_the_tax.html

Also, look at HOA fees. I know Park Shelton was $350+. Would assume Carlton is high as well [[lots of HOA's in Detroit are very high). That's an additional expense either you take on or have to include in rent.

[Cincinnati_Kid]

Brush Park is going to be amazing over the next few years so consider buying one of those units. It's very likely that:

1. if you're approved for rental, then you're approved for a mortgage [[credit score/report)
2. if you can afford the rent [[likely between $1,300 and $1,700/month), then you can afford the mortgage
3. rents will go up ~10%/year whereas the property value will appreciate 15-30%/year.
4. more accurate appraisals these days rather than the lazy "purchase price - 5%" of the past
5. more lenders taking a risk on Brush Park so you shouldn't have a problem

1. if you can afford the rent [[likely between $1,300 and $1,700/month), then you can afford the mortgage

Not necessarily the case. Sometimes you can afford the mortgage, but not combined with the property tax. Taxes are the main reason people lose their homes.