Team Building in Michigan Market

7 Replies

Hello BiggerPockets,

I am fairly early on in my investing journey and I was curious if anyone has had any recent activity or current experience in the Lower Peninsula of Michigan? I am originally from there and would be interested in finding a great team interested in that market!

I look forward to networking and prosperity in Real Estate.


 

@Scott Kane Believe Greater Detroit is what you meant by Lower Peninsular of Michigan.  There are lots of activities especially in the tri-county area: Oakland, Macomb and Wayne.  Ofcourse adjacent counties are also very active.

Plenty of opportunities among various types of real estate.  This includes rentals, fix and flips, wholesaling and other ways of RE Market.

Good luck.

Originally posted by @Scott Matthew C. :

Howdy, and welcome to BP! I'm not entirely sure what you're asking. Perhaps you can provide more detail of what you're wanting/asking. 

Hey Scott Thank you for the post. I have been trying to evaluate the greater Detroit Metro area for investment opportunities because the prices seem great at first. I have noticed quit a few homes that may have great potential due to that low cost but if I remember correctly these may not be the greatest neighborhoods. Some homes are even listed with upwards of 9K in back taxes in areas that when renovated don't appear to have a worthwhile ARV once the taxes are added in. I'm aware that not all properties will be a good deal and I know that the economy can only rise. I guess what trying to figure out is if the inventory pool in that area contain properties that will rent well or if its more of a fix and flip economy there. If I'm not asking the correct questions I welcome input.

@Scott Kane

The "lower peninsula" is pretty massive so I'd recommend focusing on a market first, and then trying to find a broker/PM to help you out. I've invested in some of the suburbs of Detroit (Westland and Taylor) and they tend to be pretty decent cashflow cities. Other cities in the general area include Redford, Garden City, Wayne. These are all within Wayne County. I grew up in this general area and it's important to have the PM/broker team because there are good areas of cities, and bad areas of cities. 

I haven't personally looked at situations with backtaxes, I've set up searches on Zillow and will ask my broker about opportunities as I see them come in.

It's a good market but the most important component is your team!

Hi Scott! I have experience with buy and hold properties in Metro-Detroit but I have investor friends who flip, AIRBNB, and BRRRR in the same areas. Depending on how/when you buy, a lot of investing in this area is focused more on cash flow than appreciation, as goes for most of the midwest. But you can absolutely find a sweet deal that offers both. It all depends on what your goals are.

I work full-time in the mortgage industry and would be happy to help with any lender-related (or other) questions. Happy investing!

@Scott Kane You've picked a great rental market. I'm in the Lansing area and am very familiar with the neighborhoods and surrounding towns/cities. 

If you're looking for a first investment, I highly recommend a property that doesn't need much work and is ready to rent. There are plenty of flip/BRRRR properties available in the area as well, but you could overwhelm yourself with that as you are 'early on in your investing journey' and out-of-area.

Work on getting your team built up in the area and those projects down the road will become much easier and more profitable. I'd love to chat to see if we would be a good fit and to dive more into what exactly you're looking for.