BiggerPockets

Hi, everyone. Not new to investing, but new to this site. We'll see if I can keep up with posts and read all the articles. I'm a member of the Swamp Stompers 4x4 club here in southeast Michigan and also a homebrew (beer) club, and hardly have time to keep up with all the posting on these forums. But like those other two interests, I'm really passionate about real estate. I started about five years ago, and have almost 30 single-family rentals in Flint. I've done a few rehabs, but am always concerned whether they will sell. Next thing I want to get into is a 20-unit apartment, and then maybe a 100. Going through David Lindahl's latest apartment riches course right now.

Aaron Dionne

Hey, I know you! :D

Welcome, Aaron!

Aaron, I hear Flint is really depressed. What's your experience? How much have you paid for your homes and what do they rent for? Are you looking for your 20 unit locally? What kind of numbers do you expect on that?

Welcome to BP!

Hello Everyone,
Just wanted to let you know that I have properties for sale in Detroit, MI.

They are turnkey properties in best locations with all repairs done for you and repairs and closing costs are include in prices. The properties are managed by the team that is selling the properties and they include a rental guarantee for minimum of 850 - 1200 depenidng on their section 8 approvals.

They are generally 3/2 with garage and basements and sell for 55-65k and are values at 89,000-130,000 with desk appraisals and comps available.

You can email me at: jhellwig2736@gmai.com

Let me know if you additional info. thanks! Joanne

Aaron is 100% right. I just picked up a 2/1/basement that needed nothing for $4,000 in Flint. I have it rented for $400 a month. It's on the south side of town where rents are typically a little higher. Like Aaron, I keep my rents low to keep the occupancy rate higher.

In Flint I won't touch an apartment complex with less than a 18% cap rate. On other commercial real estate the area has to prime and no less than a 12% cap rate.

Wish we knew. Landlords are just trying to hold on right now. People have been saying "Things have to get better" since GM started pulling out 20-30 years ago. And the people have been leaving in droves.

The city is tearing down a lot of houses, so that should help demand. Some people in power want to remove every house from various blocks, and just let them go back to grass and trees. I see urban farms as a possible use.

A few businesses (mostly restaurants) have joined the revitalization downtown this year. University of Michigan probably helps the downtown area in that regard.

Jon, I agree that we need businesses to come. As I have read, that's what starts the good part of a real estate market cycle - where the economic curve starts to swing up. I wonder if there is a book for politicians to read about attracting businesses to a state/city. Our governor seems to be trying for Michigan, but lots of people still criticize her.