Investor · Royal Oak, MI · Member since 2015 · 63 posts · 20 votes
Greetings everyone! My name is Steve Lovett, and I'm a landlord in Metro-Detroit. I have 8 rentals and have rehab and management experience. I learned about BP initially when listening to Brandon's book on Audible. Then I discovered the podcasts on Stitcher. What an amazing wealth of information! So I HAD to join BP and look forward to interacting with everyone. I invest in a unique area with some amazing returns, and am looking to add some flips to my real estate portfolio this year. I look forward to interacting with the community on this site.
Homeowner · Southfield, MI · Member since 2015 · 6 posts · 2 votes
11y
Stephen Lovett welcome to BP. My wife and I are newbies to the investment arena in the area. We currently have one condo renting in the Southfield area. We are looking for more opportunities in the greater Detroit area.
I completely understand what you mean about the information drawing attention. My wife and I came across a few areas in Detroit we considered purchasing through an auction.
Looking at previous purchases we felt we would not bid over $15k to leave room for renovations and unexpected costs. House ended up selling for $32k.
This is only one example, therefore I can attest that some people are seeing the increased value in the area. Oh and rentals in that area are going for no less than $750/mo for 1000 sq ft.
Investor · Royal Oak, MI · Member since 2015 · 63 posts · 20 votes
11y
Hi Shaun,
Thanks for the warm welcome. Yeah rents are quite generous still given the price of properties. I have found that the properties sold through the Detroit Land Bank (where they auction 2 a day) are going very much at retail values or above. This is good for the city, but as an investor, I don't really consider those. The tax auction has the best deals, but its more risky as you can't get into the properties first. Of course, always drive the house and the neighborhood at different times. There's lots of great inventory out there, it's more of knowing the city and the different neighborhoods to invest smartly. If I can help you guys, reach out to me.
Homeowner · Southfield, MI · Member since 2015 · 6 posts · 2 votes
11y
Stephen,
You basically summarized what it has taken me about a month to figure out. It seemed like a good opportunity at first, but it appears the word is out and it appears more large companies are involved now.
Investor · Royal Oak, MI · Member since 2015 · 63 posts · 20 votes
11y
The large companies are no competition however. Because many of them are not local (many international) and they don't know the area or have boots on the ground. They buy a lot of the worst stuff in bulk and then wind up sitting on it then having to sell even cheaper. Let them buy the big bulk stuff and you look for the needles into he haystacks.
Residential Real Estate Agent · Eastpointe, MI · Member since 2014 · 231 posts · 52 votes
11y
@StephenLovett
Renegade Investors is a good local REIA meets 1st Tuesday of every month in Detroit. The organizer is changing the format and possibly the location so just look it up on Meet-Up. Great group of experienced people who are really helpful.