Real Estate Agent · Detroit, MI · Member since 2017 · 48 posts · 32 votes
Hey Local Investors! I'm looking to invest in multi-family properties and want to know which cities are working well for you in the metro Detroit area, specifically for multi-family units.
Investor · Fenton, MI · Member since 2012 · 24 posts · 13 votes
9y
hi Taylor.
We've picked up an apartment in Romulus this past September. It's going very well so far. The number of renters interested in the property are astounding! We've been able to raise rents $100 on freshly rehabbed units. The only challenge is finding qualified tenants. We cycle through a lot of applications to get to one that's qualified.
Investor · Fenton, MI · Member since 2012 · 24 posts · 13 votes
9y
hi Taylor.
We've picked up an apartment in Romulus this past September. It's going very well so far. The number of renters interested in the property are astounding! We've been able to raise rents $100 on freshly rehabbed units. The only challenge is finding qualified tenants. We cycle through a lot of applications to get to one that's qualified.
Real Estate Agent · Detroit, MI · Member since 2017 · 48 posts · 32 votes
9y
@Chad Brizendine that's interesting! I live in Romulus and I hardly ever see multi-families on the MLS in Romulus. I want to start out in that area or surround cities like Belleville, Westland, Garden City, etc.
Do you manage the complex yourself? What qualifications do you want your tenants to meet?
We've picked up an apartment in Romulus this past September. It's going very well so far. The number of renters interested in the property are astounding! We've been able to raise rents $100 on freshly rehabbed units. The only challenge is finding qualified tenants. We cycle through a lot of applications to get to one that's qualified.
Hope this helps!
Chad
What part of Romulus? I live near the area, so just curious.
Investor · Fenton, MI · Member since 2012 · 24 posts · 13 votes
9y
North side of metro airport is where this one is, right off 94 and Wayne rd.
Yes, these properties you will usually trade hands off market. These are the ways one would typically find a deal (in order of best to worst):
1. Off market from broker or colleague.
2. Directly from broker site (incomepo.com, marcus&millichap, commercially.com, etc).
3. Loopnet.com (typically when sellers have exhausted options 1 and 2.
It is rare to see MF trade on MLS, but my friend picked one up last year in Lansing and is doing great!
I'm mentored by a group from Texas, they willl be coming to Detroit next weekend so if you'd like details, please let me know. They have a large syndication group and they teach MF and SF.