Apps for Real Estate Investors

Memphis Real Estate Investing has a great post talking about apps investors should be using for their smart phone.  I plan to check out a few of these that I did not know about.

I especially am interested in the app for CRT.  By the way, there are good suggestions for both Apple and Android phones.






Link:
http://blog.memphisinvest.com/inventions-and-apps-for-real-estate-investors?utm_source=hs_email&utm_medium=email&utm_content=14281274&_hsenc=p2ANqtz-_93j5oCk8NkPge49mLwXB64NzNQO6XOK0rm2BSDmhKFxWZMv2jjDLlJlbIhk_iUi0mo9Vk4vccOHhU7s5kUxhFhkFyiA&_hsmi=14281274

Thought for the Day

If you don’t believe it yourself, don’t ask anyone else to do so.

Thought for the Day

Rage against the Dying of the Light!

My Thoughts on the Detroit Bankruptcy

I posted these thoughts on Bigger Pockets in response to this thread, but thought it might be interesting to see what blog readers think.  The discussion basically centered on why Detroit went bankrupt and what the future held.  Feel free to comment below.

1) A portion of Detroit's deficit can be attributed to changes in the state's municipal funding system, changes which victimized urban and fully developed areas and rewarded small towns and open areas.  When the state ran into their own financial issues, they chose to cut local revenue sharing (meant to replace other money lost in another tax change).  That change alone meant $200 million less for Detroit.

2) The real estate collapse hit Detroit worse than just about anywhere else.  Tax revenues plummeted.  Then, thanks to certain unique aspects of Michigan law, residential taxes did not bounce back when prices bounced back up.  It will be 2028 before taxable valuations are at 2008 levels.

UPDATED: 6000+ Homes Bundle in Tax Auction Has a Bidder

Wayne County bundled 6,350 properties together in their most recent round of tax auctions.  Instead of the usual starting price of $500, these were grouped together.  Probably about 2,000 of those are vacant lots, and another 3,000 or so are beyond help and will need to be demolished.

The $3,183,500 bid relieves the Detroit Land Bank of the estimated $24 million cost to demolish those homes, so Detroit officials have got to be happy about that.  Rumors are that others may yet bid and drive the price up. 

So the buyers get 1300 decent houses, 3000 that need torn down, and 2000 vacant lots. $24 million to demolish the bad ones should be figured into the bid. The vacant lots are not worth anything, really. $27 mil to 1300 decent houses works out to about 21000/house, unless they figure they can do the demolitions cheaper. Sounds like a win-win to me.

The auction ends in seven days.

Link:
http://www.detroitnews.com/story/news/local/wayne-county/2014/10/21/m-bid-placed-bundle-foreclosed-properties-detroit/17659389/

Bam! The House Won't Sell!

Poor Emeril Lagasse.  His New Orleans mansion has been on the market since March of 2013, cut the asking price several times, and still has not sold.  You can read my own theory on why after the jump.

I know you want to see what the kitchen looks like.  Here it is.

6700 square feet, great location, four bedrooms, four baths, three first floor powder rooms, a 1500 sq. ft. kitchen (bigger than many people's entire houses), this place has it all.  And yet, from the initial ask of $1.625 million dropping down to $1,45 mil, nary a purchaser in sight.

Bam!  Living Room is kicked up a notch!

Thought for the Day

Successful people are decisive people. When opportunities come their way, they evaluate them carefully, make a decision, and take appropriate action. 

Thought for the Day

Too many people spend more time planning their weekends than their future.