1 of 2 Morning Side Neighborhood Multi Family investment in Detroit, Michigan

[Sara Emmanuelle Dube]

Investment Info:

Small multi-family (2-4 units) commercial investment investment.

Purchase price: $102,400
Cash invested: $117,400

This is a duplex in Morning Side Neighborhood, Wayne County.
This property is currently managed and being renovated under Logical Property Management.
One unit is occupied the other is vacant. Is is pending repairs in order to get approved for the Certificate of Compliance from the city of Detroit in order to rent.

How did you finance this deal?

Cash purchase

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Redfin Real Estate
LPM Logical Property Management

[Travis Biziorek]

Quote from @Sara Emmanuelle Dube:

Great to know im talking to a local. Yes that playground, both places on Devonshire. 

#STR interesting, had to look that up. Is that something to consider? Do you need a different PM ?

Do you go exclusively to visit and keep an eye on your properties?

Thanks Travis

As Drew mentioned, I self-manage my short-term rental as well as my other properties. Usually, when I visit I'm meeting with clients, giving tours of the city, etc. I don't spend much time checking on my own stuff.

There are some small, local operators that will manage STR's for you but it is expensive. I usually see minimums of 20% gross rents which start making the numbers pretty tough at that point.