New Michigan Investor - Looking to Connect

Detroit, Michigan
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New Michigan Investor - Looking to Connect

Joshua Barratt
Member since 2026 · 1 post · 2 votes

Hi everyone,

I’m just getting started in real estate investing and wanted to introduce myself. I’m currently planning to sell my home next year and use the proceeds toward purchasing my first house hack in Michigan’s Tri-City area—Midland, Bay City, and Saginaw.

My initial focus is on long-term rentals and small multifamily properties, with the goal of gradually building a portfolio that includes both LTRs and STRs. As I grow, I’m also interested in eventually investing in the Detroit market and exploring other opportunities throughout Michigan.

Right now, I’m focused on learning, preparing for that first purchase, and connecting with investors, agents, lenders, property managers, contractors, and anyone else active in the Michigan real estate community.

Looking forward to learning from everyone here and meeting as many people as possible.

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Jules Aton
MD/DC · Member since 2024 · 1k+ posts · 1k+ votes
1w

Hi and welcome to BiggerPockets!

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  • Jules Aton
    MD/DC · Member since 2024 · 1k+ posts · 1k+ votes
    1w

    Hi and welcome to BiggerPockets!

    1Reply
  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    1w

    Welcome to BiggerPockets, Joshua!

    It sounds like you’re approaching the first purchase the right way, learning the market, building your network, and figuring out what strategy fits before jumping into a deal.

    For a first house hack, I'd spend a lot of time getting comfortable with the numbers. Purchase price, realistic rent, taxes, insurance, vacancy, maintenance, CapEx, financing, and reserves can make a huge difference in whether a property actually works. I'd also spend time getting to know the Tri-City markets at the neighborhood level. Local agents, property managers, contractors, lenders, and other investors can give you a much better feel for tenant demand and property condition than broad market statistics alone.

    And since you eventually want to build into both LTRs and STRs, learning how to underwrite each strategy separately will be valuable.
    Happy to connect!

    [email protected]941-914-7779
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  • Jeff Roth
    Real Estate Consultant · Ann Arbor, MI · Member since 2022 · 466 posts · 256 votes
    1w

    Hi Joshua-

    Congratulations on getting started with real estate investing in Michigan. You plan to sell your house in the next year and then buy a small multifamily in the tri-city area of Midland, Bay City, and Saginaw.

    I was born in Saginaw, my parent's families are from Bay City, and am in Midland for business often enough and that too has seen a lot of development.

    Your plan to house hack a small multifamily is a great idea and the markets you mentioned are good places to do that. By house hacking, you can buy the small multifamily as your primary residence with less down and can rent out the other unit to help with expenses. Then, in a short time, you can refinance, pull out your downpayment, and go shopping again for another one to do the same. Consider using the other unit as a furnished mid-term rental or short-term rental as the revenue may be higher than a long-term rental-something to consider anyway.

    Duplexes are great properties to do this with and are about as easy to sell as a single-family house most of the time should you need to.

    To Your Success!

    1Reply
  • Brad SeidBusiness Member
    Lender · Licensed in 28 States · Member since 2026 · 161 posts · 46 votes
    1w

    @Joshua Barratt Welcome! Sounds like you have a solid plan for getting started with your first house hack. Since financing will be an important piece of the first purchase, feel free to reach out if you’d like to explore lending options for multifamily or investment properties in Michigan. Happy to connect!

    [email protected]248-408-3855
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  • Diana KhanPro Member
    Attorney · 10451 Mill Run Cir #755 Owings Mills, MD 21117 · Member since 2024 · 483 posts · 177 votes
    1w
    Quote from @Joshua Barratt:

    Hi everyone,

    I’m just getting started in real estate investing and wanted to introduce myself. I’m currently planning to sell my home next year and use the proceeds toward purchasing my first house hack in Michigan’s Tri-City area—Midland, Bay City, and Saginaw.

    My initial focus is on long-term rentals and small multifamily properties, with the goal of gradually building a portfolio that includes both LTRs and STRs. As I grow, I’m also interested in eventually investing in the Detroit market and exploring other opportunities throughout Michigan.

    Right now, I’m focused on learning, preparing for that first purchase, and connecting with investors, agents, lenders, property managers, contractors, and anyone else active in the Michigan real estate community.

    Looking forward to learning from everyone here and meeting as many people as possible.

    @Joshua Barratt, it sounds like you have a good amount of time to prepare before that first purchase. Since you’re considering both long term and short term rentals, one thing I’d add to your research is understanding what you can actually do with a property before you buy it. The numbers may work, but I’d also want to know whether the property and local rules fit the rental plan you have in mind.

    I’ve worked with investors where questions about leases, title, property use, or landlord responsibilities came up after they were already moving forward with the deal. Looking at those things earlier can help you decide whether the property really fits what you’re trying to build.

    I like that you’re using this time to learn and build relationships, @Joshua Barratt. I’m a real estate attorney and investor, and I work with landlords and investors regularly, so I see a lot of the legal side that comes with owning rental property. Happy to stay connected as you work toward your first house hack.

    [email protected]240-266-0291
    1Reply
  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    1w

    If I was starting out again with what I know now, I'd look to acquire a 2-4 unit property with an FHA 3.5% low-down payment mortgage.

    I'd also look into using an FHA 203k renovation loan, allowing me to buy something ugly, thus unqualified for a standard mortgage, which would weed out a lot of competition and push the price lower.

    To maximize my cashflow and gain landlording experience, I'd do STR and MTR in the other units, as well as the other bedrooms in my unit.

    Since most cities won’t allow basement rental units, I’d consider finishing the basement, just well enough for me to live down there (cities don’t care if owner chooses to live in basement), so I could rent out ALL the units/rooms.

    I'd save all my cash and look to refi the property in 1-2 years out of the FHA mortgage, so I could use it again if necessary. Depending on how close I was to having 20% equity in the property and being able to avoid PMI, I'd consider using some of my cash to pay down the mortgage when I refinanced. Otherwise, I'd save my cash for the next acquisition.

    I’d also be posting on every social media platform and telling everyone I knew that I was looking for more real estate deals. I’d aim for low downpayment land contracts and lease options.

    After refinancing out of the FHA mortgage, I'd evaluate if I wanted to repeat the 2-4 unit FHA 203(k) process again or if I had the 20% down to target 5+ units.

    While still living in the property, AFTER the refi out of the FHA mortgage, I'd also explore securing a HELOC to tap my equity for emergencies.

    Good luck with whatever you decide to do!

    [email protected]248-209-6824
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    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1w

    Hey Joshua,

    Welcome to BP! Happy to connect on the lending side

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
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    1Reply
  • Ashley RigsbeePro Member
    Customer Success & Onboarding Specialist at BiggerPockets · Charlotte, NC · Member since 2023 · 85 posts · 33 votes
    2d

    Welcome, Joshua! Planning the first house hack a year out gives you time to learn the Tri-City submarkets block by block. Looking forward to seeing how it goes with your success in the forums!

    BiggerPockets
    0Reply
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