All Forum Posts by: Leo Furest

Hi @Lisa Donaldson: my situation is very similar to yours. I live in Latin America, and started investing in Detroit MI. I travel every month to monitor everything!

Hi Sam, my case is very very similar to yours. Maybe my advantage is that I already started the process you have decided to start almost a year ago and I can only talk about Detroit, MI that has been my personal investment experience.

Believe me, I am far away U.S. (more than 11,000 kms away. This means 2 connecting flights) and one year ago decided to start investing in Detroit MI, I started traveling, knowing the city, the trends, talking to locals, realtors, CPAs, attorneys and all type of people you can imagine (I also stopped the car in one of most dangerous Detroit neighborhoods and started talking to locals. Believe is not as creepy and dangerous as many investors wannabe tell you).

Recently and as I am dedicated to finances we created a specific and simple SPV (special purpose vehicle) to deploy foreign money there. Long story short, we set up a local team formed by realtors, rehab contractors, property managers, Cpas etc etc and we also travel there 10 days per month. The objective: SFR 3/1 25k-45k in decent working class neighborhoods.

Result: pretty satisfied with solid returns but also conscious that you must pay attention to details and be monitoring everything. 

Please feel free to PM me if you want to further know about my experience!

Regards,

Leo.

@Todd Vernon Chunnand @Charles Wilson how are you guys? Did you finally had a good experience with these attorneys mentioned in this post? I am starting to buy my first properties to rent in Detroit and looking for a trustable attorney that can be in charge of legal documents (lease agreement) etc. 

Also, please let me know has your Detroit investment experience been.

Thanks,

Leo.

Looking for the same @Cody Harris and @Victoria C.

Paul I have a crazy but innovative idea. BUY the other motel and reconvert it to a multi family complex. You can move all the existing HDTVs and nice furniture to your actual motel. You will not only have the best Motel in town but also a passive income monster with the reconverted multi family property!