New investor in metro detroit

20 Replies

Hello all. My name is Matt and I've wanted to get involved with real estate for about a decade. I have done handy man type work on lots of occasions and finally was able to purchase a rental a couple years ago (partnership with my father)

@Matthew Harrison

Hi, Matt - welcome to BP!

I live in Dexter and invest in western Wayne County. Livonia is an area I was thinking of looking at in the near future. Congratulations on moving forward after ten years and good luck!

Joe

It's hard to find good rentals in Livonia. Cost of properties is too high compared to the rents(some areas of the country would love to have Livonia's returns) and there are other areas locally that hit better numbers.

I live in Livonia as well and have properties in Redford. Let me know if you want to meet for coffee/lunch some time.

Originally posted by @Matthew Harrison :
Originally posted by @George P.:

I have 8 or 9 in livonia.  

 What type of rent are you bringing in? Did you have to find great deals on the homes to make the number work?

 lowest is 1,025 with Clarensville schools.  highest is 1,350.  I got all these below 80k.

Originally posted by @Matthew Harrison :

Live in Livonia now, lived in Redford for many years and that's also where our rental is. I work in downtown detroit. You?

 Sorry for the delay in getting to you.  I have property in Hazel Park, Madison Heights, Royal Oak, Pontiac and Keego Harbor.  I lived in Royal Oak for years and now live in Livonia.  Redford seems great for getting good deals for rentals but I have flipped the two properties I bought in Livonia as there is great money to be had because of the school system, low crime and city services that buyers are attracted to.

Welcome! BP is a great resource, as are the local investors. I live in Farmington, have rentals in Livonia and Farmington Hills, and have been actively wholesaling in the metro market. If there is anything I can help out with, send me a message or email!

Originally posted by @Ted Tackeberry :

@George P.

How long have you owned your properties? Are there others areas that you would recommend? I am new to Southeast Michigan. I live in the Wixom area and the inventory is almost nothing. 

 anywhere from 1 month to almost 6 yrs.

i purchase around my house, so i dont know the other areas well (for investing). 

@George P.

See you have 20+ rentals. How have you financed all these in a short period? PS. New to BP. Grew up in Livonia, flipped homes in Royal Oak in early 90s.

Originally posted by @David Miner :

@George P.

See you have 20+ rentals. How have you financed all these in a short period? PS. New to BP. Grew up in Livonia, flipped homes in Royal Oak in early 90s.

 I leverage the rest of the homes and bring a lot of cashflow as well.  in addition,  our w2 help as well.  it gets easier as time goes on. the purchase price is the most important thing to me. 

Originally posted by @George P. :
Originally posted by @Matthew Harrison:
Originally posted by @George P.:

I have 8 or 9 in livonia.  

 What type of rent are you bringing in? Did you have to find great deals on the homes to make the number work?

 lowest is 1,025 with Clarensville schools.  highest is 1,350.  I got all these below 80k.

What did you have to put into these to get them ready? what is your cash on cash ROI?

Originally posted by @Andrew Halbert :
Originally posted by @George P.:
Originally posted by @Matthew Harrison:
Originally posted by @George P.:

I have 8 or 9 in livonia.  

 What type of rent are you bringing in? Did you have to find great deals on the homes to make the number work?

 lowest is 1,025 with Clarensville schools.  highest is 1,350.  I got all these below 80k.

What did you have to put into these to get them ready? what is your cash on cash ROI?

 each house was different. some were 5k (years ago), to 50k when it needed major rehabs. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you