All Forum Posts by: Keith Jourdan

Originally posted by @Joe Villeneuve:

I hope you're not hearing stay away from all.  There are some great micro-markets in Westland, Redford, Livonia, Ypsilanti, Wayne, Garden City, Taylor, and more.  I'd stay away from Ann Arbor unless you have big pockets and lotsof time to wait.

Agree 100%

I own several rentals in Westland/Wayne/Redford and they have been great to me. These cash flow far greater then Canton/Livonia will. 

I tell everyone to stay away from Detroit, unless you are in a select few areas, Indian Village/Midtown/Palmer Woods/ Cork Town. However these areas are mostly $300k+ at the moment and do not cash flow at all.

The rest of Detroit is a landlord nightmare. Sure you can buy all the turnkey houses you want for $30k and have a long line of renters willing to pay $750 per month, but things will not go as planned. Very high turnover, tenants wont pay, when the tenant moves out and the house is vacant you will get your furnace/Water heater stolen. Home insurance is very expensive/ taxes are very expensive.

Ecorse/Melvindale/River Rouge are not the best areas, better then Detroit but not nearly as nice as Westland/Garden City/Wayne area. Parts of Melvindale that border Allen Park are pretty good.

I try and push my clients to Redford/Westland/Wayne area. Buy for 80-110k and rent for $1100-1300. in a good/safe area.

I love the Westland / Redford /wayne /garden city area. Single family homes can be had for 85-125k that generate 1100-1300 in rent . Have helped several bigger pockets members buy these in the past few years .

Originally posted by @Mario DeGrazia:

Starting to see some action in Old Village area. Since the Starkweather Lofts started going up it seems investors/developers are taking interest. Has me excited!

It's a great area . I'd love to find a nice 2-4 unit for a reasonable price. Everything that comes up is asking A LOT

been following the annual auction the past few years . Have bid on a number of properties but have always gotten outbid . 

ALOT of competition around here 

Has anybody used this company? 

let me know thanks!

gone 

3 bedroom 1 bath, full basement, roof in great shape, furnace/AC/Water heater in working order. Hardwood Floors underneath existing carpet. Great price for the area. Minimal work needed. Westland/Livonia/Wayne/Dearborn/Canton area

Pictures can be seen here

https://detroit.craigslist.org/wyn/reo/6223878546.html

Originally posted by @Joshua B.:

@George P. @Keith Jourdan - I heard through the grapevine that the developer of those big, modern apartments on Main/Plymouth Road near Old Town is having a very difficult time filling that place up.

I used to live on Mill st for 5 years lol. Your right it has a much more gritty feel then the high end downtown Plymouth. A lot of  rentals in old village is the reason for this . I really enjoyed living there , beside the trains being VERY loud . I could see it becoming more trendy in time and prices becoming a little closer to what the other side of the tracks command. 

that large apartment development is asking top dollar. $2300 for 2 bed units !? That's a mortgage on a $400k house in downtown Plymouth. 

its amazing what has happened to prices in that area. I remember when they built the daisy square lofts 10 or so years ago, they were selling new for $110k, now they are $300k 

I am in my third year as a residential agent. After all broker fees etc, 1st year a little over $50k, second year a little over $70k.

From what my broker told me this is great success for the first 2 years. Our market is mostly $50k-300k homes. 

If you really apply yourself and do a ton of open houses/networking you can do great your first few years.

I personally know agent who make $500k+ per year, but they all have 10+ years experience. 

Thanks for the kind words everyone. Getting tough to find houses to flip out here!