All Forum Posts by: Joseph Bui
Joseph Bui has started 2 posts and replied 345 times.
Post: Thoughts on midterm rentals in Detroit
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Quote from @Amanda Rechsteiner:
Hi Joseph!
I have been building my portfolio over in Lansing in the mid term rental space. Just an idea based on my experience and how I got started... I did not know how this market would be for mid term rentals and if there was even demand to fill. I looked at other mid term rental listings but clearly don't know about their inquiries and success. After listening to several podcasts, I heard you can list it as unfurnished with "furnishings to come." I posted my listing on Furnished Finder UNfurnished to get a feel for the demand as I was finishing renovations on the house (if you do this, still make sure you have great photos to make it stand out!). This does not always work but hear me out. I had to give it a few days to give it some traction and then I had 3 inquiries within a week. Travelers wanting to move in ASAP and they trusted that I would have it furnished nicely. Our current tenant paid for their background/credit checks and filled out their application within a few hours of inquiring and paid the first months rent to secure the place within 24 hours. Got him all set up in our system (TurboTenant) and he gave us a week to furnish it. Ever since then, we still get weekly inquiries on the property to the point where I'm buying another house over there and doing about the same thing haha. At this point, I have more tenant inquiries than houses and I'm realizing it is a great market for mid term rentals. At the beginning before I knew that though, I was not in a place to furnish an entire house for the off chance of it not working out. This is how I proceeded and it worked so it is an idea. If you decide to go this route, just make sure you have professional photography taken after furnishing before your tenant moves in so you can update your listing photos.
You never know unless you try! Best of luck.
Great advice. Will give it a shot. Thank you.
Post: Thoughts on midterm rentals in Detroit
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I have a couple vacant rehabbed properties in the Detroit property area right now and I’m figuring out my next move with them. I’ve looked into midterm rentals and seeing that there are a lot of hospitals in the area, maybe traveling nurses might be a good target segment. Anybody have experience with midterm rentals in Detroit specifically targeting traveling nurses? My properties are in the Morningside/east English village vicinity.
Post: How do you mitigate risk while investing in Detroit?
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I have 8 doors in Detroit and it can be tough at times. I work with my PM to get a minimum credit score (650 or so) and income requirements (3x the rent). Don’t be in a hurry to place a tenant because it much more trouble to place a bad tenant than to keep it vacant. When a property is vacant, I board up all the windows until it’s rented again. Happy to connect and knowledge share.
Post: New to investing I would like some networking and advices :)
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I’m not familiar with the Chicagoland area but I do have 10 doors across Memphis and Detroit and happy to knowledge share.
Post: 1% Rule (or close) in Any US/state City?
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Not too many market have a lot of properties that match the 1% rule. I’m pretty heavily invested in Detroit and Memphis with 10 doors across both cities. Still possible to find 1% rule properties with cash flow in those markets. Happy to connect and knowledge share about what I’m seeing.
Post: New to Real Estate/Bigger Pockets
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Hi Jim, what markets are you looking into? I have a 10 door portfolio across Detroit and Memphis and would be happy to connect and knowledge share.
Post: New to Real Estate Investing
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Hi Colin, what markets are you looking into? I have have a 10 door portfolio across Detroit and Memphis and would be happy to connect and knowledge share.
What markets are you looking into? I have a 10 door portfolio across Detroit and Memphis and would be happy to connect and knowledge share.
Post: Aspiring real estate investor
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Hi Robert, excited that you are jumping into the world of real estate. I have a 10 door portfolio across Detroit and Memphis and would be happy to help answer any questions you have, especially in these markets. Lets connect!
Post: When Is A Good Market To Flip
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I'm bias because I have 2 flips in progress right now, but I'm a big Detroit fan when it comes to flipping. Even in up and coming neighborhoods, you can find vacant run down houses and turn a "quick" 20-50% return. Since prices are so cheap, you don't need to worry about hard money. On top of that, labor is cheaper, so a full very nice remodel shouldn't cost more than 60k at most. Most will cost way less. Happy to connect and knowledge share if you are interested.