Real Estate Investor · Grosse Pointe Park, MI · Member since 2013 · 11 posts · 2 votes
Hello bp members!
I currently live in Sterling Heights, one of the metropolitan areas just outside Detroit.
I'm new to this site and new to real estate investing. I've been reading alot of the articles on here and I've already learned so much! In fact, it was the beginner guide that prompted me to right this introduction.
I recently took a wholesale training course with RichDad Education that taught me alot about beginning my investment career but after reading a few articles about starting out I've decided to work as a real estate agent first.
I'm interested in buying small multifamily homes in Oakland County since that's where I'll soon be working. I love the area, Ferndale to be specific. I want to learn about my specific market and I don't want to do it alone. haha
Hope to connect and build relationships with like-minded people here!
Thanks everyone for the welcoming! @Aaron Yates what kind of properties do you invest in?
@Valentino Smith , currently I have rentals. I have limited capital so i do what I can. I'm trying to expand into flipping and am in search of more capital.
I buy my rentals in low income areas because they are cheaper but still give me a good return. I want to expand into nicer neighborhoods. I need 20 free and clear rentals to quit my job which is my goal on my 40th birthday.
welcome to bp @Valentino Smith . I have a few properties in Hazel park. Ferndale is thriving around 9 mile and north of there. Its going downhill closer to 8 mile just as many cities are in neighboring areas.
Welcome, Valentino! I'm downriver, but Aaron and some others on here are tearing it up out where you are living and planning to invest. Some more of them will probably chime in soon. Look around, ask questions, and best of luck.
Thanks everyone for the welcoming! @Aaron Yates what kind of properties do you invest in?
@Valentino Smith , currently I have rentals. I have limited capital so i do what I can. I'm trying to expand into flipping and am in search of more capital.
I buy my rentals in low income areas because they are cheaper but still give me a good return. I want to expand into nicer neighborhoods. I need 20 free and clear rentals to quit my job which is my goal on my 40th birthday.
Hi @Valentino Smith congrats on jumping in. I think the market you're looking at is one of the sweet spots in our area if you are trying to balance cash-flow with potential appreciation. Limited duplexes or multi-family though.
I've got houses in Hazel Park, Royal Oak & Ferndale. Ferndale has been hot for the last couple of years and I've had a hard time getting rentals there recently. Most of mine are north of 9 but the two I've got south of 9 are solid rentals. @Aaron Yates I'm actually seeing the market in south Ferndale appreciating quickly. Feels the same to me as north Ferndale did 3 years ago. Same housing stock, rising prices, lots of dumpsters in the front yards, minimal days on market. I wouldn't have a problem picking one up in the 'dales area which goes all the way down to 8 mile. Those houses will still get $750-$775/mo.
Have fun it's a great business. Let me know if I can help in any way. Best of Luck!
, really? I was just discussing south Ferndale the other day with a local agent. They are who told me it was going downhill. I should check myself. I always tell people to do their own due diligence and here I am taking the word of someone else who supposively knows that market.
Or maybe they told me that to keep me out of the market... ????
Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info. Here you will meet fellow wholesalers and rehabbers who will be your cash buyers. FInd out their buying criteria.
Consider checking out HUD homes for small multi's owner occupied gets first crack.
wow, I can't believe the response this post got! I'm already glad to be a part of this community! Thank you all for your advice and suggestions! I'll get to work on everything!
Hi @Valentino Smith congrats on jumping in. I think the market you're looking at is one of the sweet spots in our area if you are trying to balance cash-flow with potential appreciation. Limited duplexes or multi-family though.
I've got houses in Hazel Park, Royal Oak & Ferndale. Ferndale has been hot for the last couple of years and I've had a hard time getting rentals there recently. Most of mine are north of 9 but the two I've got south of 9 are solid rentals. @Aaron Yates I'm actually seeing the market in south Ferndale appreciating quickly. Feels the same to me as north Ferndale did 3 years ago. Same housing stock, rising prices, lots of dumpsters in the front yards, minimal days on market. I wouldn't have a problem picking one up in the 'dales area which goes all the way down to 8 mile. Those houses will still get $750-$775/mo.
Have fun it's a great business. Let me know if I can help in any way. Best of Luck!
I agree with Geoff. South of 9 mile has been appreciating quickly.
Welcome to the site. I work ferndale actively and have a mailer going out next week to a segment of the market.
I personally haven't found the duplex's in ferndale to hit the numbers needed for my personal goals. You may find different. SFR's are where it's at imo. @Jon W. can comment more on that as well.
@Geof Greeneisen
, really? I was just discussing south Ferndale the other day with a local agent. They are who told me it was going downhill. I should check myself. I always tell people to do their own due diligence and here I am taking the word of someone else who supposively knows that market.
Or maybe they told me that to keep me out of the market... ????
@Valentino Smith I'm likely speaking at the next renegade real estate investors meeting in berkley, I'd love for you to attend. Lots of good information, I'll be talking about getting bank renovation money to rehab your owner occupied / non owner occupied properties and the different moving parts associated with it.
@Joe Delia found them on facebook! and my last acting class of this semester is scheduled on the same day of the next event. If anything changes I'll definitely be there!
@Geof Greeneisen
, really? I was just discussing south Ferndale the other day with a local agent. They are who told me it was going downhill. I should check myself. I always tell people to do their own due diligence and here I am taking the word of someone else who supposively knows that market.
Or maybe they told me that to keep me out of the market... ????
Your agent is clueless. Should of called me :p
@Joe Delia , it wasnt my agent. Just an agent i was speaking with about a warren property. But i will keep you in mind if i venture there.
@Geof Greeneisen
, really? I was just discussing south Ferndale the other day with a local agent. They are who told me it was going downhill. I should check myself. I always tell people to do their own due diligence and here I am taking the word of someone else who supposively knows that market.
Or maybe they told me that to keep me out of the market... ????
Your agent is clueless. Should of called me :p
@Joe Delia , it wasnt my agent. Just an agent i was speaking with about a warren property. But i will keep you in mind if i venture there.
Sounds good buddy. Lets get lunch when you're in town. My treat. We're closing a deal on Herbert in warren in the next month or so. I may have another a street over coming on the market next year, it's a retail sale though.
Joe, I agree with your thoughts on Ferndale. I have not found any multi families there that have made sense. I really like the area and would like to own property there...I guess me and everyone else. I am going to try to make it to Renegade. Hope to see you there.
Welcome from New Jersey!! I have to warn you that Brandon & Josh give Detroit a hard time on their podcast. If you have thick skin you can learn a lot. Just saying....
There's a sizable Metro Detroit contingent here on BP.
I flipped a couple houses in Ferndale a few years ago and it was an appreciating market then. I haven't found the rental numbers to work as well as in some other areas with lower property taxes. Ferndale's millage rate is pretty high, and their assessments aren't that low either. They combine to generate some hefty property tax bills.