All Forum Posts by: Lance Carlson

Hi Devin!

Welcome to Ace duece. I've lived here all my life and started a small tech start up called HealPay convenient located downtown. Between my wife and I, we know the local market like the back of hands. Let's catch up sometime!

@Devin Drowley

Interest rates are low right now and the hot summer season is going to cool down the market a bit so you can find wedge deals. Rent hacking is an amazing way to get ahead financially. I wouldn't worry *too* much about the recession bringing down the value of the home especially if you get are able to get a deal on a "slightly" worn project that only requires some paint, maybe new carpets or smell removal. It sounds like your goal is cash flow. Rent hacking is the #1 way to do this given your situation whether that is LTR or STR. If you're consider STR, be wary of home owner's rules and make sure your local community is cool with you having short term guests.

I'm also a local tech/business owner programmer in Ann Arbor. Let me know if you want to meet up!

I think the general rule of thumb is that if you're purchasing a property for the sole purpose of AirBnb, that you should make sure it would still cash flow if it were strictly a rental property. That way, if you are unsuccessful AirBnbing it, you can still rent it out the traditional way. This can be hard to do in these AirBnb ripe places because the value of homes are so high like in my home town (Ann Arbor). If you want to cash flow here, you have to find a good deal.

Also, you should start building your credit today! Open up a credit card line and pay it off every month.

@Robert C. ack! but those taxes in CA are killer!! :)

@Paul Riser Makes sense! Downtown is looking better and better every time I'm down there. Hoping this will spread out to the surrounding areas!

What does everyone think about Glibert's hold on the market. His recent health scare may slow down some of the positive impact he was making. I heard this news and cautionary tale from a successful local developer that highly I respect.

I've been a little bit trigger shy in Detroit and the long term outcome of the city is a big factor. A lot of great progress has been made, but will it continue? I'm not sure. I would love to think so and pat myself on the back in 30 years for making such a genius move. What do you all think?

I live about 40 minutes away from downtown. Let me know if you guys have questions!

@Justin Franklin though I have not used her yet, Connae came highly recommended by my agent:

https://nremg.com/

I spoke with her over the phone and she seems extremely proficient. PM if you want her contact info!