Do You Really Want To Live In Detroit? – Edgar Butler
On this episode of The Closing Table, we sat down with Edgar Butler!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Edgar Butler…
The conversation starts with some word association icebreaker with Edgar sharing his thoughts on interest rates, down payment, closing costs, and more. He then talked about his favorite neighborhoods within the city of Detroit. First is Bagley, which has been experiencing a lot of development recently, particularly in flipped homes. This has contributed to a growing interest in the area from homebuyers, and he believes that Bagley has a lot of potential for further growth and investment. On the other hand, East English Village his favorite neighborhood on the east side, where he originally came from. This area also has a growing population of homebuyers, which is a testament to the charm and appeal of the neighborhood.
When it comes to renting control in Detroit, Edgar shares how it currently has no rent control policies in place, meaning that landlords are free to raise the rent at whatever rate they choose. Rent control can be beneficial for the average Detroit citizen as it provides stability in housing costs. Renters can feel secure knowing that their housing costs won’t suddenly skyrocket, potentially forcing them to move or even become homeless. Rent control can also prevent landlords from pushing out long-term tenants in favor of newer, higher-paying renters.
However, he also discussed the negative consequences rent control can have. For example, it may disincentivize landlords and investors from investing in the city because they are not allowed to raise the rent, even if they make significant improvements to the property. Edgar explains that this lack of investment could lead to a reduction in the overall housing supply in Detroit, making it more difficult for residents to find affordable housing options.
Next, Edgar talks about his experiences being able to work for multiple agencies, including eXp Realty, Brookstone Realtors, and Good Company Realty. Reflecting on his time with these companies, he explains that they found themselves at different brokerages at different times based on what was suitable for them at that particular moment in their career. He also talked about the differences in company culture and the valuable lessons he learned along the way. Edgar now works with Good Company Realty, where he appreciates the opportunity to work with more people who specialize in the areas that he serves. He looks forward to continuing to learn from his colleagues and growing his skills as a real estate professional.
Turning to the issue of the housing shortage in their market, Edgar discusses the trends he has observed in terms of buyer demand and seller supply. Despite the shortage, he notes that the Detroit market does have inventory available, though the availability depends on which neighborhood a buyer is interested in and at what price point. He remains optimistic about the Detroit real estate market and believes that there are still opportunities for buyers and sellers to achieve their goals with the right guidance and expertise.
Kevin the n brought up some statistics from the National Association of Realtors, that the two main reasons Black mortgage applicants are rejected are a high debt-to-income ratio (50%) and a low credit score (33%). In light of this information, Edgar shared some steps that applicants can take to improve their chances of being approved for a mortgage.
One way to increase credit scores and lower debt-to-income ratios is to learn about these issues early on. However, if an applicant is already in the process of applying for a mortgage, they can still take action to improve their credit score and lower their debt-to-income ratio. For example, they can talk to a consulting firm to discuss common issues such as credit card payments and how they can best improve their debt-to-income ratio. If an applicant can get their credit score up to at least 580, real estate agents can assist them in being pre-approved for a loan.
The two then talk about content creation on YouTube. Edgar found a void that he could fill by delivering information about the city of Detroit. His approach is centered around sharing the beautiful aspects of Detroit, as well as the downsides genuinely and transparently that his audience appreciates. Despite highlighting both the good and bad aspects of Detroit, some of his most popular videos tend to be the ones that are about the negative aspects of the city. Edgar acknowledges that negativity tends to receive more attention on social media. However, he ensures that all of his content is packaged with some positivity to maintain a balance.
The conversation wraps up with Edgar talking about his goals and the ways he plans to achieve them. He shared some of the key developments going on in Detroit as well as his plans for retirement. Edgar does not see himself retiring from real estate, but rather from being an agent. Real estate has become an integral part of his life plans and investments, and he plans to continue buying and selling properties well into the future.
Check out Edgar Butler:
https://www.facebook.com/edgar.butleriv
https://www.instagram.com/soldbythebutler/
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