Feeling stuck on purchasing multi-family properties in Michigan

[Andrea Descargar]

Hi all,

I'm stuck and I don't know where to start or how to strategize a game plan on how to build my portfolio. I currently have a small portfolio but they are single family homes. 

I'm not afraid to buy, in fact I hate money sitting in the bank doing nothing for me. I have a team of 2 other investors, one of which is an experienced contractor so we have that department taken care of.

Is there any way to find cash flowing properties off market? The goal is to buy 2-3 duplexes, tri, or quad units every year and so far I have none for 2024. 

We tried to place an offer on one but deal fell through, and another one had a lot more work than we anticipated so we pulled out. Any advice on strategy for multifamily properties would be helpful in terms of narrowing them down, and areas in Michigan to look in. We're currently looking in Jackson, Brighton, Howell, Ypsilanti, Chelsea, Fenton, Whitemore lake, and Fowlerville (Michigan). 

[Michael Smythe]

@Andrea Descargar What Property Class are you looking in?

[Travis Biziorek]

Hey Andrea, the markets you listed are pretty small and specific. That is probably a big part of why you're finding it especially hard to locate deals.

What markets do you currently own in? I always tell people the best way to find off-market deals is to focus on one specific market, network, do deals there, etc. Do that and the deals will start finding you.

I'd also consider expanding your search. Seeing as you're in Windsor, why not take a serious look at Detroit? That's where I invest (from California) and it's a great market once you understand it.

[Wendy Patton]

@Andrea Descargar feel free to reach out and maybe i can lead you to some good investors/deals/areas etc..... been investing there since 1986

[Ali Alshehmani]

Quote from @Andrea Descargar:

Hi all,

I'm stuck and I don't know where to start or how to strategize a game plan on how to build my portfolio. I currently have a small portfolio but they are single family homes. 

I'm not afraid to buy, in fact I hate money sitting in the bank doing nothing for me. I have a team of 2 other investors, one of which is an experienced contractor so we have that department taken care of.

Is there any way to find cash flowing properties off market? The goal is to buy 2-3 duplexes, tri, or quad units every year and so far I have none for 2024. 

We tried to place an offer on one but deal fell through, and another one had a lot more work than we anticipated so we pulled out. Any advice on strategy for multifamily properties would be helpful in terms of narrowing them down, and areas in Michigan to look in. We're currently looking in Jackson, Brighton, Howell, Ypsilanti, Chelsea, Fenton, Whitemore lake, and Fowlerville (Michigan). 

 Hey, Andrea. How are you sourcing your deals? 

[Kenneth Jenkins]

Quote from @Andrea Descargar:

Hi all,

I'm stuck and I don't know where to start or how to strategize a game plan on how to build my portfolio. I currently have a small portfolio but they are single family homes. 

I'm not afraid to buy, in fact I hate money sitting in the bank doing nothing for me. I have a team of 2 other investors, one of which is an experienced contractor so we have that department taken care of.

Is there any way to find cash flowing properties off market? The goal is to buy 2-3 duplexes, tri, or quad units every year and so far I have none for 2024. 

We tried to place an offer on one but deal fell through, and another one had a lot more work than we anticipated so we pulled out. Any advice on strategy for multifamily properties would be helpful in terms of narrowing them down, and areas in Michigan to look in. We're currently looking in Jackson, Brighton, Howell, Ypsilanti, Chelsea, Fenton, Whitemore lake, and Fowlerville (Michigan). 

 Acquisition can be a challenge.  Is there a reason why you have chosen that specific geographic area?  It's not very densely populated.  You would do much better to expand your search and build a team where there is more opportunity.  I would consider Western Wayne County (suburbs of Detroit).  Have you thought about making commercial multifamily your next step?  If so I may have a property that would be suitable (off market).  It really depends upon your availability of capital.

[Samara Anne Slocombe]

I have some properties I have been watching for my investors all the way from Traverse City to Detroit, I'd be happy to share those with you along with their estimated cash flow and appreciation!