Experienced investor just starting out in Detroit

Detroit, Michigan
General Real Estate Investing
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Experienced investor just starting out in Detroit

Daniel Hoang
Member since 2023 · 7 posts · 2 votes

Hi everyone,

Used to have another biggerpockets account but i don't remember the login, wasn't too active anyway.

I'm an experienced investor looking to test out the Detroit market.
My current market is Ohio and buy about 1 property a month to give you an idea. 28 properties owned, mix of mostly SFH, duplex and quads.

I have zero contacts in Detroit so I'm looking for a full-service property manager and also a realtor.

My acquisition process usually goes like this:
I find a deal that i'm interested in. Send pictures to my property manager for his opinion. He'll find time to walk the property and give me a rehab estimate at the same time to make it rent ready (Usually doing BRRRR, i don't flip).
I've been keeping his crews busy with 1 rehab a month currently, win-win for both of us. Pushing almost 2 property acquisitions a month now but I'm thinking of testing out some other markets such as Detroit or Kansas just to diversify a bit.

Basically I'm looking for a similar setup in Detroit.
For properties under contract, I need a property manager to get a rehab estimate. They should be able to supervise light to full rehabs + all the basic jobs that a property manager does. Could be a rehab/construction company too, but i'd still need a property manager. Also looking for an agent to help with on-market listings.

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

Hey Daniel, I live in California but have 12-doors in Detroit and do a lot there with other investors. I also visit every 2-3 months.

It's an awesome market but definitely a bit tricky. The BRRRR strategy works great if you're able to source off-market deals.

That's what I've been doing there since 2019.

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

    Hey Daniel, I live in California but have 12-doors in Detroit and do a lot there with other investors. I also visit every 2-3 months.

    It's an awesome market but definitely a bit tricky. The BRRRR strategy works great if you're able to source off-market deals.

    That's what I've been doing there since 2019.

    2Reply
  • Barak AmarPro Member
    Member since 2023 · 2 posts · 1 vote
    3y

    Seems like we are looking for the same thing here. Definitely interested in the Detroit market, but looking for someone that knows the area well, inspect and manage the properties. 

    1Reply
  • Daniel Hoang
    OP
    Member since 2023 · 7 posts · 2 votes
    3y
    Quote from @Travis Biziorek:

    Hey Daniel, I live in California but have 12-doors in Detroit and do a lot there with other investors. I also visit every 2-3 months.

    It's an awesome market but definitely a bit tricky. The BRRRR strategy works great if you're able to source off-market deals.

    That's what I've been doing there since 2019.


    Hi Travis, do you do any sec8? Im interested in possibly doing only sec8. Other investors experience seems to be mixed on this

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

    @Daniel Hoang

    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, but doubt you'll find this much info for any other market in the US.

    So, why would you invest remotely anywhere else?

    How can we assist you further?

    Logical Property Management4.9454 Reviews
    WebsiteView Page
    0Reply
  • Travis Biziorek
    Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    3y
    Quote from @Daniel Hoang:
    Quote from @Travis Biziorek:

    Hey Daniel, I live in California but have 12-doors in Detroit and do a lot there with other investors. I also visit every 2-3 months.

    It's an awesome market but definitely a bit tricky. The BRRRR strategy works great if you're able to source off-market deals.

    That's what I've been doing there since 2019.


    Hi Travis, do you do any sec8? Im interested in possibly doing only sec8. Other investors experience seems to be mixed on this

    Yes, 3 of my 12 doors are S8. There are pros and cons, of course. 
    0Reply
  • Account Closed
    Real Estate Agent · Auburn Hills, MI · Member since 2022 · 45 posts · 67 votes
    3y
    Quote from @Daniel Hoang:

    Hi everyone,

    Used to have another biggerpockets account but i don't remember the login, wasn't too active anyway.

    I'm an experienced investor looking to test out the Detroit market.
    My current market is Ohio and buy about 1 property a month to give you an idea. 28 properties owned, mix of mostly SFH, duplex and quads.

    I have zero contacts in Detroit so I'm looking for a full-service property manager and also a realtor.

    My acquisition process usually goes like this:
    I find a deal that i'm interested in. Send pictures to my property manager for his opinion. He'll find time to walk the property and give me a rehab estimate at the same time to make it rent ready (Usually doing BRRRR, i don't flip).
    I've been keeping his crews busy with 1 rehab a month currently, win-win for both of us. Pushing almost 2 property acquisitions a month now but I'm thinking of testing out some other markets such as Detroit or Kansas just to diversify a bit.

    Basically I'm looking for a similar setup in Detroit.
    For properties under contract, I need a property manager to get a rehab estimate. They should be able to supervise light to full rehabs + all the basic jobs that a property manager does. Could be a rehab/construction company too, but i'd still need a property manager. Also looking for an agent to help with on-market listings.

     @Barak Amar @Daniel Hoang I'm an agent and have helped plenty US and foreign buyers acquire property, rehab and project management. This is the easy part, the hard part is finding a reliable property manager and dedicated contractors. I am looking to build a long-term relationship with investors. I have several resources to get these jobs done. 

    0Reply
  • Daniel Hoang
    OP
    Member since 2023 · 7 posts · 2 votes
    3y
    Quote from @Travis Biziorek:
    Quote from @Daniel Hoang:
    Quote from @Travis Biziorek:

    Hey Daniel, I live in California but have 12-doors in Detroit and do a lot there with other investors. I also visit every 2-3 months.

    It's an awesome market but definitely a bit tricky. The BRRRR strategy works great if you're able to source off-market deals.

    That's what I've been doing there since 2019.


    Hi Travis, do you do any sec8? Im interested in possibly doing only sec8. Other investors experience seems to be mixed on this

    Yes, 3 of my 12 doors are S8. There are pros and cons, of course. 

     What has been your experience with s8 tenants? Do they take care of the property? Do they stay longer?

    0Reply
  • Travis Biziorek
    Investor · Arroyo Grande, CA · Member since 2014 · 1k+ posts · 1k+ votes
    3y
    Quote from @Daniel Hoang:
    Quote from @Travis Biziorek:
    Quote from @Daniel Hoang:
    Quote from @Travis Biziorek:

    Hey Daniel, I live in California but have 12-doors in Detroit and do a lot there with other investors. I also visit every 2-3 months.

    It's an awesome market but definitely a bit tricky. The BRRRR strategy works great if you're able to source off-market deals.

    That's what I've been doing there since 2019.


    Hi Travis, do you do any sec8? Im interested in possibly doing only sec8. Other investors experience seems to be mixed on this

    Yes, 3 of my 12 doors are S8. There are pros and cons, of course. 

     What has been your experience with s8 tenants? Do they take care of the property? Do they stay longer?


     Lots to unpack here and probably better conversation outside of the thread. 

    There are a bunch of pros and cons to consider. Some people like the program, others hate it... really depends on your expectations, how well you vet your tenants, your PHA, etc. etc. etc.

    Feel free to DM me if you want to talk more about it.

    0Reply
  • Rich Solano
    Investor · Freehold, NJ · Member since 2017 · 51 posts · 12 votes
    2y

    I am actually looking to do something very similar in the Detroit market. Many of my properties are in a centralized location in PA and want to build another s8 portfolio and I am narrowing down some options with areas in Detroit being a top contender. How do you typically fund your deals (assuming they are under $100k). Happy to connect 

    0Reply
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