All Forum Posts by: Dan Gheesling

@Neil Anthony 

Great question! With 175k and starting out I would invest in SFHs in the Metro Detroit suburbs.

Stable area, low acquisition cost, and break even points around 5 years depending on the neighborhood.

3 bedroom 1 bathroom, 1000 sq ft homes, in the Suburbs you can get around 40k with 800-900 rent range, netting around 450-500 per property after taxes/insurance.

Best of luck!

In Detroit and the surrounding suburbs you can get involved around the 30k mark. The further out from the city you go (generally speaking) the price goes up.

@Adam Smith I had some luck with Key Bank. 

All the big banks that I encountered are not efficient or open to creative financing.

@Emily B. sounds like a potential diamond in the rough, aka a great find! Good luck. Keep us posted if you get it or not!

@Peter Grosso In terms of investing, what do you mean by faint of heart?

@Mike H. hey Mike thanks for taking the time to answer honestly. I really appreciate it and it is a tremendous help. 

Do you invest in the city of Chicago? I wonder how comparable things are to Detroit from a number standpoint.

Hey Kevin - if you're in Michigan you may be able to take out a personal line or business line of credit depending on the acquisition cost etc.

Lending is a little bit tight here in Michigan, but after making a ton of calls Key Bank was able to lend a decent amount at a good rate to me.

PM me if you need any contact info.

When you hear about Detroit Real Estate most people get scared and picture burned down buildings, blight, etc. Myself included.

One of my initial fears was that I wouldn't get my money back out, and that the renters wouldn't pay on time or at all based on what I read in the news/online/etc.

Whether you invest in Detroit or not, what are the biggest questions/problems/concerns do you have about investing in Detroit?

To be completely transparent I am working on creating an online resource for investors just to learn about the city (not be a sales page, or sell properties etc) for those who are interested.

Thank you for your honest thoughts and questions, it will really be a huge help into really understanding the questions people have so I know to spend time sharing that information opposed to others.

If there is anything I can do to help in return for you answering this post honestly do not hesitate to ask!

@Tim Dingman it seems somewhat split here. Either people on BP love Detroit or hate it, no real middle-ground.

Best of luck @Tim Dingman there is a need for a GREAT PM in the Metro Detroit area.

If you establish your company as efficient, trustworthy, and dependable you will dominate the market.

Always tough to find a great PM, so best of luck to you with you business.