New member here, long time investor. I’m looking for information and help with single family homes in Detroit and Cleveland – 2 markets I’ve never been in.
A little about me:
I'm based in Los Angeles, but most of my investments are in Phoenix (I used to live there for 5 years and still have my personal home there). During 2009, I picked up about a dozen SFH that I rent for cashflow. I purchased in the $35K range (all in), and each home rents for about $700-$750 range. With increasing property values, it looks like I may be able to get a cash-out loan, and I'm hoping to invest the funds in another location (Phoenix prices are in the $70K-$80K range now, but with the same rents).
While I would love to continue buying in Phoenix where I have lots of knowledge, my investment strategy is to buy homes in the lower price point and do some cosmetic clean up, rent, and rely on the cashflow. Mostly looking for homes priced around $30K all in, with around $700-$800 per month. This strategy usually gives me 18%-25% ROI (I buy all cash). Another thing I look for is some increase in values as the market comes back. It's easier for a $30K home to increase to $60K in 3-5 years than it is a $150K home to increase to $300K in the same time period.
So this is what I need some help with: I’m looking for a motivated (hungry, go-getter) broker or wholesaler in either Cleveland or Detroit who can spend a day or two with me looking at properties – single family and multi-family, someone who has a lot of information about the areas and can help with obtaining investments properties.
I’m not just looking for someone to pick their brain. I am looking for a person who would most likely put offers on homes, and maybe help with management once the homes are rented. I’m looking at buying about 20 homes in Detroit and/or Cleveland by the end of the year, and I need help making sure I don't buy in the worst of areas.
There’s a good chance I’ll be in Detroit and/or Cleveland next week to check some locations and get a feel for the cities. If you think you can help me out, send me a message.
Any other information about these two cities is greatly appreciated!
You should chat with @James Wise
He has some insight on turnkey properties in the OH area. I'm looking to buy something from him this week actually.
Thanks Joshua. I see you're local to me in Los Angeles. Do you have any experience to share about owning in Ohio while being based in CA?
@Ron Hassid actually, I do not! This will be my first foray into buying an investment property, sight unseen (**bites nails**), based purely on the numbers and my faith that @James Wise will be the phenomenal property manager I hope he can be.
No pressure James ... :)
My hope is that in a few months, if all goes well, I'll be sharing my success story here and then thinking about how to scale out.
Joshua, I really hope the investment turns out better than you expect. I've bought a several deals in the past sight unseen, and they all turned out pretty good.
Hi Ron and welcome. Detroit is definitely a great place to invest if you know the areas that growing and stable. The metro area also has some cash flow opportunities.
Thanks @Ron Hassid
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