All Forum Posts by: Jon W.

@Christian Hutchinson I have a unit in Oak park that will be available in a 2-3 weeks. Rent is $850. 3bed 1bath brick on a slab. Carport, no garage. 

@Mike Cousineau I agree with @Brandon Krieg.  Getting your spouse on board should be priority #1.  If she is not on board and you stumble from the start you may never get to try again. Good luck

@Joe Fornasiero Look for both SFR and multi. When you find a good deal jump on it. As you start investing you will learn what suits you best. Most likely you will enjoy both. That way you are not passing on good investments. Down the road if you decide you prefer one over another you can always rebalance your portfolio.

@Scott B. I agree with both @Jeff Rabinowitz And @Tom A.  and have found that a single family divided into many units does not rent as well as a property built to be a multi. I have a 4 unit right next to a 6 unit. They are similar in all ways except that the 4 unit used to be a single family.  The 6 unit rents much easier because the layouts are traditional. Keep that in mind and good luck. 

@Bryan Blancke Check out Oak Park too.  Every time I drive through the city I am impressed by how nice it.  Brick homes, manicured lawns, mature tree lines streets...I am sure there are lesser areas of the city too but overall I think it is an excellent area to invest.

@Justin Sadauskas I agree with @Alexander Felice  Check with your attorney first to make sure it is ok. I have a friend who had a grower as a tenant without issue. Could have electrical issues or potential fire hazards. You would also want to verify their license to make sure they are legit. The extra rent is enticing but they may be throwing more rent at you for a reason. Take your time to vet everything out. I would check with your insurance agent too. 

@Tereal Wilsonn what city in metro Detroit? Could be a good deal. The cost of insurance you should be able to get lower if you are living there. 

@Doug Dattawalker you can find great rental stock in all or the border cities to Detroit. You can find great rentals is Detroit too. As @Scott Wilcox and @Mike Carino mentioned, you need someone with boots on the ground in Detroit to vet the property because things can change dramatically by block. Scott and I just spent a day in Detroit looking at investments. There are great areas and then areas that will take many many years to stabilize. Good luck and feel free to PM me if you want more details. 

Jon

@David Bayon  PM me and I can share a financing contact that can help you.  I had him work a refi for me and he was able to secure a non recourse loan.  I was also sourcing small local banks in the metro Detroit area and found one that I was able to get better terms with so went that way.  So you might be better off with a small bank.  I don't know how important non recourse is to you.

@Amy B. Try a mortgage broker.  Sounds like Gold star might be one. They usually have more options.  Like others have said, your house is not an investment.  But buying something under market that you can fix up is better than buying something already fixed up.  Good luck. It sounds like a decent deal.