All Forum Posts by: Keyonte Summers

@Lassy G. I always encourage investors to come out and see where their money is going, get to know you team and the people that will be managing your properties, money and rehabs. 

@Curtis Curley maybe around 30k minimum that give you wiggle room for any issues 

I would try building more capital or finding deals for other investors and getting compensated from that. If you can find a deal a maybe get a HML and than refi out you could have your first investment property and start from there.

My suggestion is having a local person you can rely on than get a in place. I have reliable people that I work with on my SFH rental to get those rent ready. But once contractors find you are out of town and you have no access to them they have the tendency to take advantage of that. Be careful of and vet these companies of individuals you use because if you don't manage the person managing your rehab things will fall apart.

To use the BRRRR you have to refi not use a HELOC. In MIchigan you are able to get a HELOC on an investment property i currently have one from that. It is hard to find a lender to do it but try a credit union or a local bank.

@Jesse Streng Great that you want to invest in the Detroit area but I encourage you to come to the city and spend a weekend here to get a feel for the market. It helps you understand the areas where you want to invest, your rehab cost and where you money is going. I currently live and invest in the area and know my market but many of out of state investors get taken advantage of if there don't play an active role Detroit. I don't want to discourage you but I want you to be cautious when dealing with the market. Returns are great if you get a good area and build a solid team but thats going to take some leg work in picking the right people that see's your vision. 

@Brian Miller I've actually had the happen too me when I had a house during the underwriting process and my realtor alerted me the owner would not show for closing. I got 2k from them backing out plus reimbursement for inspections and other due diligence things. My realtor and seller realtor were compensated also.

  That would be really pushing it, you might be able to buy a major fixer upper for 1-5k and a 15k rehab might get it rent ready but I wouldnt bet on it. If you want a safe investment and can use financing I would budget 20-35k for downpayment/closing cost that can get you in a nice area in detroit that appreciate well without risking to much of your investment. You dont want to buy any home and have the rest of the block boarded up because that would attract the wrong type of tenants. 

@Noelle Lothamer welcome, I'm a local investor in the Detroit area that has been growing my portfolio. I started acquiring SFH for buy and holds and will have my first multifamily end of this month. Fix and flips may be a good strategy if you can get a great area and purchase price. with bank owned properties its sometimes a hit or miss depending on how responsive they are when submitting offers, I havent had much luck. Tax foreclosed properties make sure you go check out the area before purchasing. Yesterday a Out of State investor had me go check their flip out and it was beautifully done but was sandwiched in between two vacant homes that had fire damage. The other blocks had similar homes so his return might not hit his expectations.

@Nancy Mascorro that question is really hard to answer since its really block by block with Detroit. You can base it by area code. Do you live in Michigan? if so I would drive the areas you plan on investing in. I prefer to stay east just because thats where I live and I self-manage so make things better for me.  What are you searching for when it comes to investment properties?