All Forum Posts by: Geof Greeneisen

Hi @Valentino Smith congrats on jumping in. I think the market you're looking at is one of the sweet spots in our area if you are trying to balance cash-flow with potential appreciation. Limited duplexes or multi-family though.

I've got houses in Hazel Park, Royal Oak & Ferndale. Ferndale has been hot for the last couple of years and I've had a hard time getting rentals there recently. Most of mine are north of 9 but the two I've got south of 9 are solid rentals. @Aaron Yates I'm actually seeing the market in south Ferndale appreciating quickly. Feels the same to me as north Ferndale did 3 years ago. Same housing stock, rising prices, lots of dumpsters in the front yards, minimal days on market. I wouldn't have a problem picking one up in the 'dales area which goes all the way down to 8 mile. Those houses will still get $750-$775/mo.

Have fun it's a great business. Let me know if I can help in any way. Best of Luck!

Hi Eric,

Welcome to BP! I've been mostly buy and hold lately but have flipped some in Livingston County. You are in my backyard so if there is anything I can help with please let me know.

Best of luck!

Hi @Tereal Wilsonn I've found success in the market just north of you with Postlets.com. Once you create an account (free) you can create your listing which then distributes to Zillow & Hotpads (where I get most of my leads) among others. It will also create a brochure you can drop into Craigslist for a more professional look.

Hi @Mubasher Riaz I've got properties in S Oakland County. My premiums run $40-$50/month.

Hi @Peter WIlder welcome to BP!

I have found you can make money in real estate in any market, so long as you've chosen the right business model for that market. Another thing I've learned is I don't know half of what I think I know. I'm always learning in this business which makes it fun.

If fix & flip is your game, get in an run with it. If buy & hold, wait til you're where you plan to live for a while and win through perseverance.

Have fun, enjoy the ride and best of success to you!

Welcome Jennifer,

Don't hesitate to reach out to anyone on the site. It is a very welcoming community.

Best of luck to you in reaching your goals!

Like @Rob K. said I usually let the tenant make the contact with their housing authority. They give their case worker your number then the case worker will walk you through the process.

To give you an idea of what the Fair Market Rent formula is you can find it by doing a search for: HUD Section 8 Rental Rates. At www.huduser.org you'll be able to follow the prompts to identify Oakland County rental rate limits for 1, 2, 3 and 4 bedroom units. Sorry, couldn't post the link.

Bryan H. I just had an 800 sq. ft. house done for $2,200. I think there was a total of 10 sq. to do that house, maybe 11 with slop factored in. You'll want to expect some plywood replacement. When I priced out Hansons and Mr. Roof they were at $4,500 to $6,000.

With a hip roof I would anticipate you could get it done for $3,000 - $3,400 all in.

@Holly, I'm not sure what phase I or 2 is? But when I''m tracking a market I go back to historical data. Maybe I over analyze but I like seeing market trends. I track Days on Market, Sale Prices and List to Sale ratios. I graph these and drop in a trend-line to see what direction a market is trending.

I pull interior and exterior pictures of recent sales to determine the amount of rehab necessary on those houses. I will watch a market for 6 months or so before I jump in. I tend to loose out on some great deals but when I decide to go in I feel I'm well informed. I'm a buy & hold buyer so I feel a little more due diligence up front will help in the long run. I need to be very comfortable with the area I'm investing.

I typically target the areas that were on the rise prior to the recent real estate crash. The markets that were just taking off in our area are the ones that got hit the hardest. Now they are taking off again.

I'd much rather buy on the upside of a market correction than to sell in haste on the downside of one.

As a Michigan investor I would urge you not to! Obviously everyone has their own niche of the market where they are comfortable. For me, my niche has gone through the roof. You'll have to be prepared to move quickly. There is still appreciation coming I believe for the next several years. New construction is on fire and costs are rising which seems to be pulling up the values of the existing product.