Real Estate Agent · Surf City, NC · Member since 2017 · 648 posts · 597 votes
6y
I am continuing to buy properties and help others do the same. Most investors that I am working with are targeting the B-C class neighborhoods and house hack properties. I just closed on our latest house hack deal a month ago and couldn't be happier!
I also stopped watching the news a few months ago which has helped a lot with my sanity haha
@Paul DeSilva I feel like the workers who lost jobs early on were in a particular class. I'm concerned about the ripple into other classes that we are seeing. My properties rent for a rate where it may end up a recovery situation for someone downsizing but I'm pretty confident I can get them rented wcs.
My concern is ever having the ownership of my property management decision rights returned from the feds. If I can't get em out I can't turn em over.
I think that we will find out a lot more in the next few weeks.
Investor · St. Louis, MO · Member since 2019 · 28 posts · 11 votes
6y
@Paul DeSilva, what a relevant question and what an awesome number of responses.
Exactly what most of us are thinking everyday; so great to hear from so many and that so many are still moving. That's what we want to know, that we're not crazy AND stupid to keep moving right now.
We bought our first rental-sf 3/2-closing on March 13 and the next week in Missouri the stuff started hitting the fan.
Looking at refinancing now to BRRRR-successfully rented-and realizing the values are skyrocketing so we'll only leave 8k of our 70k downmnt+rehab monies in the property.
We'll be looking hard for another here soon and like the collective wisdom seems to say, be more scrutinizing with the deal.
Gotta keep moving.
Instead of saying good luck I think we should be wishing preparedness to each other.
Specialist · DETROIT · Member since 2019 · 116 posts · 243 votes
6y
We are buying and selling a handful like clockwork every 2 weeks in Detroit. We are also running a 1/2 dozen rehab crews to the bone 7 days a week. Contractors and workers pull 12 hour days and those of us running the ship are 16 hrs a day 7 days a week. It's been this way right through the Covid with the exception of March. Detroit rental market is fabulous these days. I was just looking at this 5 bedroom 2 bath beauty we just finished renovating on the east side at Alter and Outer drive in Chandler Park Close to Gross Point and the water. Well we just officially tenanted it today for $1500 section 8 a month. We had 4 different $1500 voucher section 8 tenants come by today and they all adored the property and wanted to move in tomorrow. They ALL left their package! Anyways, the property is marvelous as I mentioned and we put some decent money into the full rehab that we turned out in 3 weeks might I add (pat on the back for us. Not easy in Detroit.) Anyways we should sell this with our eyes closed for $70K-$75K.The ARV is $80K-$85K never-mind the $1500 a month gov guaranteed rent PLUS all utilities. Anyways the point of the story is I was just looking online and saw that it was for sale for $1000 in 2018! So I guess the point of the story is if you were wondering how the market in Detroit is progressing these days, VOILA..... Furthermore if you are looking for a team that knows there way around and has a lot of muscle in Detroit feel free to message me. GO DETROIT GO!!!