Finding first rental property. Metro Detroit suburb area

10 Replies

Hello BP community. What's the best way to find your first rental property? Are paid auction websites worth joining? Should I call a random realtor in the area of interest? My time to research homes is tight considering my job has no free time to allow me to drive around looking at homes except on weekends and after 4p.

Hookup with current REI that are selling off their current portfolios...like me. Some are retiring, and some are looking to get the appreciated equity out of it...again, like me. These are usually properties that are in good rental areas, so you don't need to spend a lot of time on the research side (I said a lot of time. I didn't say no time). Sometimes the properties have tenants in them already, sometimes they are vacant. The vacancy status makes it easier to show. When we sell them, for example, we generally like them vacant for that reason.

What are you looking for? SFRs or multifamily?  I would connect with agents in your area of interest that own rentals of their own.  While you're doing that, I would get comfortable underwriting deals.  

Account Closed Network with realtors and wholesalers. Join your local REI group as well. Know what kind of returns you want to make and your buying criteria. Take your time and try not to rush into it. No FOMO'ing. lol.

Sorry I’m just getting back but thank you guys for the advice. I’m going to be patient and try to get in a REI group. I’m also contacting a real estate agents in the area. My pre-approval letter expires Dec 5th so I’m kind of working against the clock.
Originally posted by Account Closed:
Sorry I’m just getting back but thank you guys for the advice. I’m going to be patient and try to get in a REI group. I’m also contacting a real estate agents in the area. My pre-approval letter expires Dec 5th so I’m kind of working against the clock.

 If your PAL expires, just get another one.

Originally posted by Account Closed:

Hello BP community. What’s the best way to find your first rental property?  Are paid auction websites worth joining?  Should I call a random realtor in the area of interest?  My time to research homes is tight considering my job has no free time to allow me to drive around looking at homes except on weekends and  after 4p.  

You're going to notice obtaining a reliable realtor is going to be challenging.  When I first started it was like pulling teeth to have them respond back to me.  Sometimes it would take a few days to get a response and in the revitalization in Detroit you need to move quick on some of the popular areas.  What worked for me was finding a realtor on Zillow that had positive reviews.  Not the ones that had 4 or 6 review but the realtors that have 30 to 40 plus positive reviews. 

Good luck! 

Originally posted by @Kenneth F. :
Originally posted by @Ryan Ellison:

Hello BP community. What’s the best way to find your first rental property?  Are paid auction websites worth joining?  Should I call a random realtor in the area of interest?  My time to research homes is tight considering my job has no free time to allow me to drive around looking at homes except on weekends and  after 4p.  

You're going to notice obtaining a reliable realtor is going to be challenging.  When I first started it was like pulling teeth to have them respond back to me.  Sometimes it would take a few days to get a response and in the revitalization in Detroit you need to move quick on some of the popular areas.  What worked for me was finding a realtor on Zillow that had positive reviews.  Not the ones that had 4 or 6 review but the realtors that have 30 to 40 plus positive reviews. 

Good luck! 

 I was the opposite.  I didn't have a problem finding a number of realtors top work with./..and I keep adding more.

Originally posted by @Account Closed :
@Kenneth F. Are you up front with the realtors on what your doing? I figure you are if it takes a long time to find a good one. I’ll keep hunting.

Yes, I am transparent with the realtors and I also let them know during that conversation on what my game plan is. I've accumulated 10 SFH's within a period of 6 months. Ill PM you some info.