All Forum Posts by: Christian Hutchinson

Grand River and Evergreen is going to be tough. Personally I wouldn't invest there. But your pregnant at this point. It lacks access to a major freeway, job center (mall, school, hospital, or company). The only good thing its on 2 major bus routes, but IDK if thats even a redeeming quality.

First question is what have you done to the property to make it "stand out". New appliances(stainless steel), new paint (it helps), do you allow pets (people with pets are willing to pay more).

How are you finding tenants? CL, Zillow? Are you running a credit and background check? charging an application fee? Deposits? Require 3 times the monthly rent to afford the property? Do you require pay stubs?

Do you issue a lawn mower/snow shovel with the property? people who are willing to sign a lease to do so make better tenants.

I might put an offer in on a MF unit, could be up to 4 units, I'll need 100K to rehab, the building will run about 100K. Anyone know where I could find that sort of money?

your issue is its a 2bedroom home. If your parcel has space or you can go vertical, add a bedroom and bathroom. Your property sounds below market for Brighton because its a bedroom community, people want 3 or 4 bedrooms. Sounds like you did a ton of work already, adding a bed/bath will run maybe 50k at most. Your rent will go up 300 to 700 per month. Your value will go up greatly and appreciate at the rate SFH do in Brighton.

A 2bedroom is not a house its a glorifed condo/townhome.

When I hear "good schools" and Metro Detroit I'm thinking: Troy, Rochester, Utica, Canton, some Livonia, GP, Novi, some Dearborn, some Walled Lake, some Farmington, and Birmingham

Seeing cash flowing rentals are few and far between in those markets most rental markets fall into the "solid" category for schools. Warren Con, Redford, Berkeley, Royal Oak, Lamphere, Westland, SLS(2 of 3 districts). Great for renters, but I would never let my kid go to school in those places.

I'm warning you now, take $15k go to a local strip club and pour a bucket out on a couple dancers, your ROI will be better than what your talking about doing. PM/Turnkey + Detroit = disaster.

There are probably reputable TK Operators out there, just like there are honest lawyers, honorable homeless people, or socially-conscious private equity executives. If I were you I would call the Detroit office of a larger RE Firm/Operator and take someone who is randomly assigned from the pool, tell them your budget/risk tolerance they at least have a larger broker/company's name on the line, they will be somewhat honest/above board.

The City of Detroit Market is littered with scammers and people trying make a quick buck, the TK people are probably the worst, I would never do business with them.

Your next best bet is flying out here to Detroit, paying for one of the regular Detroit Posters dinner at a decent restaurant and running your property ideas by them, the $200 on dinner and $400 flight will save you at least $10K in mistakes you might make dealing with one of the scammers.

anyone have an inner-ring(MH, Hazel Park, ferndale) suburb 3-bed home for rent at $1000. I have a qualified applicant thats a my backup, before I tell them they are 2nd place, I want steer them an alternative.

income/credit/background verified

these scam artists make my blood boil, they rampant in Detroit.

There was a sizable write up about this last week in the local paper. These people make a quick buck, and it further destroys neighborhoods by distressing properties.

I have a garden level unit (1b/1ba) in Brush Park in Downtown/Midtown Detroit, MI.

I charge $1000/mo.  I'm trying to determine whats the market rate now.

FYI, Cable, internet, gas, water, heat are included.

I don't want to run off my current tenants, but I want to be able to increase my profits so I can continue to improve my properties and fuel growth...I know lots of units are coming online, so it creates a slight softness in the market.

Anyone holding in these areas of Detroit with some insight?

Im always willing to share information on BP.  Im in a market where there are lots of people trying to make a quick buy on unknowing out of towners, and foreigners.

I rather tell them the honest truth.  It helps NO ONE for them to buy a house for 70K that was worth 20K, have a ton a problems, get discouraged, the house fall into further disrepair, go vacant, and it further destroy the neighboring property values.

Just tell them the truth, and manage the expectations..  Its better for all.

 I own firearms, however in my SFHs I state in the lease that firearms are allowed.  I just tell the tenant to give me notification.  This is so if we need work done, inspectors, etc I can remind them to secure their weapons.   Its really a safety issue for me.

In my Multi-Families, I do not mention firearms.  Because with multiple parties living in close spaces with shared stairways, laundry facilities, and green spaces I rather them call me or the police if they feel they see something suspicious. Because the last thing I need is for a scared tenant to pull a firearm on a another tenants cousin who is hanging out for a week because they pop up randomly in the backyard at 10PM in the evening.