Taking Over Tenant-Occupied Properties in Detroit Area

Rental Property Investor · Troy, MI · Member since 2018 · 16 posts · 5 votes

Hello there!

I'm new to the BP Forums, but have been a long time listener/watcher of the podcasts. I live in the Metro Detroit area. A lot of the properties for sale already have tenants living in them - the landlord just wants to not be a landlord anymore. As someone who is new to real estate investing, is there any advice I can get for taking over those properties?

Thanks in advance,

Liz

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Antoine Martel

Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes

Liz.

Take each deal with tenants in them one at a time and budget for an eviction.

Some of these tenants may not be as great as you think.

They may destroy your property or stop paying rent if they find out there is a new owner.

I would just buy one deal at a time.

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Antoine Martel
Rental Property Investor · Miami, FL · Member since 2017 · 2k+ posts · 911 votes
8y
Liz.
Take each deal with tenants in them one at a time and budget for an eviction.
Some of these tenants may not be as great as you think.
They may destroy your property or stop paying rent if they find out there is a new owner.
I would just buy one deal at a time.
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Paul S.
Member since 2019 · 248 posts · 248 votes
6y
99.9% of the people buying in Detroit do not have the money to do so... Sure, you can get a house for 20k and fix it up for another 20k but you better have the $$ to put that tenant out (new or old). With that tenant is going to go your furnace, appliances (if you're naive and supply them), hot water tank and about another 3-5k in cosmetics. The tenant base in Detroit are pros! They know when you are a noob! They are going to push you to every limit to find your weaknesses. You might get lucky and find a great tenant right off the bat - but the odds are against you. There are 100 investors that have been broken by this city for every 1 that made a buck - if you can look in the mirror and think you are bad *** enough to beat the odds dive in... if you have a doubt, stick to the burbs.
P.S. - If you think you will just find a great PM to help you - you are sadly mistaken there too
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Keyonte SummersPro Member
Harper Woods, MI · Member since 2017 · 384 posts · 311 votes
6y
@Elizabeth Zielinski nice to meet you and one thing I would say is to look over their lease and inform them at the end of the current one they will be rescreened if they have had issues in the past and a new updated lease with verbiage specific to your company would be coming.
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
6y
Guys, you know this post is over 2 years old?
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