All Forum Posts by: Michael Smythe

@Jesse Kassel surprised this property made it to DLBA auction!

Most of the good properties mysteriously never hit the auction.

Keep an eye on it...

@Chris Seveney the Detroit Land Bank sells tax foreclosed properties that Wayne County sells to the City of Detroit (more or less).

These are NOT lender foreclosed properties.

Why aren't you having your PMC handle this?

We do renovations for our clients.

If you can afford it, invest local and DIY everything.

The experience you gain will serve you well if you want to expand OOS.

We manage quite of few S8 rentals in Metro Detroit area.

What do you want to chat about?

You should be able to get another FHA loan due to job relocation.

FHA only requires that you have lived in your current home for at least 12 months before renting it out. You state 7 years, so you should be good.

Run this all by a lender, banks may not want to do it.

What lenders have you already run this by?

@Jake Kid if you find a PMC willing to manage room-by-room, plan on paying them more for the extra headaches involved!

@Sandra Gutierrez no offense, but it's scary that you are asking this question and not more specific DIY management questions.

Do you even have an idea of what you don't know?

What plans are you making to address your missing knowledge?

@Jonathan Leung the biggest challenge of investing in Metro Detroit is figuring out what Class of property/tenant you want to target.

Buying a Class C property and expecting Class A results doesn't work!

Along that same thought process, you should only use a 5% Vacancy Factor for Class A properties. It needs to be higher, to include Tenant NonPerformance, for Class B, even higher for Class C and so on.

Feel free to reach out to us if you want more logical advice:)