New to REI, Looking into multi-family, (possibly Detroit), Section 8

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New to REI, Looking into multi-family, (possibly Detroit), Section 8

Daniela Adamo
Member since 2023 · 8 posts · 2 votes

Hey everyone, 

Daniela here,

I live in CA, I have worked for myself for the past 4 years, I am looking into getting into the investing world. As of now, I am looking into out-of-state, multi-unit, section 8. I have been looking at the Detroit market. This doesn't have to be the market I end up in but looking to follow others who have gone down this path and look into finding the right team.

Thanks!

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  • Justin Hammerle
    Realtor · Providence, RI · Member since 2022 · 404 posts · 262 votes
    3y

    @Daniela Adamo - Welcome to BP! If your considering investing out of state, the most important part as you already recognized is having a solid team locally; particularly a property manager. Wish you the best of luck!

    0Reply
  • Tim Ryan
    Investor / Mentor / Contractor · Arcadia, CA Buying Out of State · Member since 2015 · 655 posts · 622 votes
    3y

    Hi Daniela,  I am from CA also so I understand the need to purchase investment properties out of state.  For me, I don't do Section 8. I do love multi-family.  I can help you with information about markets. DM me to discuss.  By chance are you in the LA area? 

    0Reply
  • Daniela Adamo
    OP
    Member since 2023 · 8 posts · 2 votes
    3y
    Quote from @Justin Hammerle:

    @Daniela Adamo - Welcome to BP! If your considering investing out of state, the most important part as you already recognized is having a solid team locally; particularly a property manager. Wish you the best of luck!


     Thank you! Yes, I will be seeking out the right team!

    0Reply
  • Travis Biziorek
    Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    3y

    Hey Daniela, I'm also in CA and happen to invest in Detroit. I have 12-doors there. I left the Bay Area in 2017 to move to the Metro Detroit area, built my portfolio, and then moved back.

    Three of my doors have section 8 tenants. There are pros and cons to the program and I'm happy to talk about it if you'd like.

    I also work with other investors to plug them into my Detroit network. So I can be a ton of help if you do decide to move on Detroit. Shoot me a message if you want to talk!

    0Reply
  • Daniela Adamo
    OP
    Member since 2023 · 8 posts · 2 votes
    3y
    Quote from @Travis Biziorek:

    Hey Daniela, I'm also in CA and happen to invest in Detroit. I have 12-doors there. I left the Bay Area in 2017 to move to the Metro Detroit area, built my portfolio, and then moved back.

    Three of my doors have section 8 tenants. There are pros and cons to the program and I'm happy to talk about it if you'd like.

    I also work with other investors to plug them into my Detroit network. So I can be a ton of help if you do decide to move on Detroit. Shoot me a message if you want to talk!


     Thank you! I will message you.

    0Reply
  • Daniela Adamo
    OP
    Member since 2023 · 8 posts · 2 votes
    3y
    Quote from @Tim Ryan:

    Hi Daniela,  I am from CA also so I understand the need to purchase investment properties out of state.  For me, I don't do Section 8. I do love multi-family.  I can help you with information about markets. DM me to discuss.  By chance are you in the LA area? 

    Thanks, I sent you a message.
    0Reply
  • Jamiel Strickland
    Rental Property Investor · Detroit, MI · Member since 2018 · 380 posts · 244 votes
    3y

    @Daniela Adamo Detroit market is one to commit to if you plan to invest here. I have a section 8 contact that takes care of everything from A to Z which helps a ton if planning on going that route. 

    0Reply
  • Michael SmytheBusiness Member
    Real Estate Agent · Metro Detroit · Member since 2023 · 4k+ posts · 3k+ votes
    3y

    @Daniela Adamo We see a lot of investors thinking that Section 8 will cure all tenant problems, but that is not the case. It's just another option with its own pros & cons.

    You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

    https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse

    Our analysis is a template you can follow for any city. Doubt you'll find this much info for any other market in the US. So, why would you invest remotely anywhere else?

    Logical Property Management4.9455 Reviews
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    0Reply
  • Daniela Adamo
    OP
    Member since 2023 · 8 posts · 2 votes
    3y
    Quote from @Michael Smythe:

    @Daniela Adamo We see a lot of investors thinking that Section 8 will cure all tenant problems, but that is not the case. It's just another option with its own pros & cons.

    You might want to follow the "Deep Dive" series we're doing on our BiggerPockets blog about Metro Detroit cities, City of Detroit Neighborhoods and comparing Metro Detroit to other hotspots investors usually consider:

    https://www.biggerpockets.com/member-blogs/3094/99854-deep-dive-into-metro-detroit-cities-ecorse

    Our analysis is a template you can follow for any city. Doubt you'll find this much info for any other market in the US. So, why would you invest remotely anywhere else?


     Thanks so much! I will absolutely check out the link!

    0Reply
  • Daniela Adamo
    OP
    Member since 2023 · 8 posts · 2 votes
    3y
    Quote from @Jamiel Strickland:

    @Daniela Adamo Detroit market is one to commit to if you plan to invest here. I have a section 8 contact that takes care of everything from A to Z which helps a ton if planning on going that route. 


     If I do jump into the market, I’ll definitely reach out to you. Thanks for chiming in! 

    1Reply
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