All Forum Posts by: Michael Smythe

Make sure you screen any PMC referrals BETTER than you would screen a tenant!

@Dan Hughes as others have stated, many newer investors have been spoiled by low interest rates.

You can still cashflow with purchases, but just like in the stock market, you have to chase higher risk investments to do so.

That means lower class properties or riskier areas. 

You can still cashflow with Metro Detroit purchases - if you buy Class B and C properties wisely.

Another option for cashflow is to invest in MTR or STR properties. Some vacation areas though, are saturated, making investing challenging to cashflow.

As an investor, you MUST be patient and stick to your criteria. 20 years ago, it was common for an investor to have to make low offers (to make their ROI work) on 100 properties, to get 10 accepted, to close on 1 that made sense after an inspection.

@Petr S. Are you looking at Detroit suburbs or City of Detroit?

We do a lot of business in both, so know the different pros & cons of each.

What are your acquisition criteria?

@Logan M. curious how you are funding your acquisitions?

@Judy Mueller 

Check out some of the great things happening in Detroit in 2024

https://michiganchronicle.com/2024/01/03/major-developments-that-will-define-detroit-in-2024/

Detroit also has many 2-4 unit properties. You just have to be careful what neighborhoods you invest in. We've ranked Detroit's 178 neighborhoods by property class. Contact us if we can help in any way.

Syndications

@Duarte Marques some incorrect assumptions.

"the property has to be in incredible conditions all the time because of the yearly inspections"
---Not true. You may want to lookup S8 inspection requirements to confirm. Property just has to be in in okay condition. All S8 really cares about is mostly health & safety issues and that everything works adequately. Ugly, old FUNCTIONAL kitchens & baths are acceptable. They may only matter to the tenants choosing which house to rent.

"In class C neighbours"
--- Majority of S8 houses are Class C. Class A and most Class B houses have rents that exceed S8 limits. 

@Tony Stephan we'd be interested in knowing who you fired and why, but please PM us as we don't want to make this a negative post:)

@Forest Wu

Check out some of the great things happening in Detroit in 2024

https://michiganchronicle.com/2024/01/03/major-developments-that-will-define-detroit-in-2024/

We've also got a breakdown of the 178 City of Detroit Neighborhoods by Property Class, so you know what you're investing in.

What else can we assist with?

@Adrianne Tolentino contact @James Wise