Part 2: The Truth About Investing In Detroit Rentals: 5 Things that can GO WRONG!

Here’s a summary of the video by Monique Burns titled *PART 2: The Truth About Investing in Detroit Rentals: 5 MORE Things That Can GO WRONG!*:

1. **Contractor Issues**: Contractors in Detroit can be unreliable or unqualified, often providing misleading photos of their work. To mitigate this, consider hiring a reputable contractor to inspect others' work or buying fully renovated properties.

2. **Water Department Complications**: Mismanagement with the water department can be costly. It's essential to stay updated with their regulations and ensure proper handling of water bills, possibly using an online course for guidance.

3. **Break-Ins**: Vacant houses in Detroit are prone to break-ins, with common thefts including furnaces and new fixtures. Employing house sitters can help, though it's not a perfect solution. Effective security measures are crucial.

4. **Blight Tickets**: Investors often face blight tickets from the city, which can lead to additional taxes or legal issues. Avoid purchasing properties with existing blight tickets and learn how to manage or contest them.

5. **High Taxes**: Detroit has relatively high property taxes compared to house prices. Despite this, high rental incomes can offer a good return on investment, though appealing taxes has become more challenging.

6. **Reputable Contractor Search**: If you’re out of state, use Facebook groups and referrals to find trusted contractors and verify their work quality.

7. **Pre-Renovated Property**: Buying homes that are already fully renovated can avoid contractor issues and ensure the property meets quality standards.

8. **Security Measures**: Beyond house sitters, other preventive strategies should be employed to protect vacant properties from theft and vandalism.

9. **Course for Investors**: Monique offers an online course detailing how to handle issues with the water department and other aspects of Detroit real estate investing.

10. **Investing Strategy**: Despite the challenges, Detroit’s high rental yields can still make investing in properties profitable, especially if you manage taxes and maintenance effectively.