All Forum Posts by: Jamiel Strickland

Hey @Hang Chan,

I invest in Detroit and Metro Detroit. I am from here so I really know this market like the back of my hand. I go to meet ups, networked with other investors, and researched areas all throughout Detroit so its easy for me to understand what I am getting myself into investing here. What you focus on you find. I invest in Detroit because I know it. It took me years to learn the ins and outs but now I know. The same will go for you once you lock in on a specific area. 

@Chris Morris I have one in Royal Oak and looking to buy more. I love to meet and connect maybe we can work on these “opportunities” together. 

 I am not @DJ Rivera

@Anh Nguyen You have a great list of places to look into but even those have very different parts. For example Warrendale and University District are completely two different areas. Some of the places their aren't many duplexes in that subdivision like aviation for example, its mostly single family homes there. Best way to make money in Detroit is to invest in the best areas that aren't as “commercial" as a Bagley or University District.

Awesome! Those numbers worked out well for you!

Me and @Eric Friday (Monopoly Bros) joined David Toupin’s discord/community called the Real Estate Lab for investing in multi family was one of the best self investments we made. The community of people who ACTUALLY buy apartments and do deals is the real value. As well as the relationships we built, learning, and just overall experience. 

Investment Info:

Large multi-family (5+ units) buy & hold investment in Nicktown.

Purchase price: $5,600,000

Contributors:
Eric Friday

The Monopoly Bros ( Me and Eric Friday) closed a $5.6 million deal without using any of our own money.

What made you interested in investing in this type of deal?

We know our partners, audience, and community that we have relationship withs would be interested in investing in multi family so finding a great deal is top priority.

How did you find this deal and how did you negotiate it?

I cold called the seller from a list from Costar. The negotiation went well, we leverage David Toupin’s (one of our partners in the deal) portfolio and accomplishments to make the seller confident we would close.

How did you finance this deal?

1031 Exchange and bank financing. None of our own money, our partners needed to park their money from the sale of another large multi family deal.

How did you add value to the deal?

We brought the deal by cold calling the seller. We brought value to our partners by finding a great deal in a great location. They brought the money and experience to help close this 52-unit apartment. We negotiated equity position to be owners.

What was the outcome?

This 52- unit property is very well performing. We completely changed the color scheme to a classic black and white finish. Previous owners had painted the building 12 different bright colors that we though resembled a kindergarten classroom. We are also renovating the interiors as residents move out. Our renovated 2-bedroom units are leasing quickly for $1800. These units were previously leasing for $1100.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real estate Lab by David Toupin
Tory Scheffer - Real estate investor

Investment Info:

Large multi-family (5+ units) buy & hold investment in Nicktown.

Purchase price: $5,600,000

Contributors:
Eric Friday

What made you interested in investing in this type of deal?

We know our partners, audience, and community that we have relationship withs would be interested in investing in multi family so finding a great deal is top priority.

How did you find this deal and how did you negotiate it?

I cold called the seller from a list from Costar. The negotiation went well, we leverage David Toupin’s (one of our partners in the deal) portfolio and accomplishments to make the seller confident we would close.

How did you finance this deal?

1031 Exchange and bank financing. None of our own money, our partners needed to park their money from the sale of another large multi family deal.

How did you add value to the deal?

We brought the deal by cold calling the seller. We brought value to our partners by finding a great deal in a great location. They brought the money and experience to help close this 52-unit apartment. We negotiated equity position to be owners.

What was the outcome?

This 52- unit property is very well performing. We completely changed the color scheme to a classic black and white finish. Previous owners had painted the building 12 different bright colors that we though resembled a kindergarten classroom. We are also renovating the interiors as residents move out. Our renovated 2-bedroom units are leasing quickly for $1800. These units were previously leasing for $1100.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Real estate Lab by David Toupin
Tory Scheffer - Real estate investor

 Sure, what questions you have?

@Chris LumLee Hey super sorry to hear about your experience. I have rentals in Detroit and help investors as well for situations like yours because there are some shady PMs and contractors that try to take advantage of out of state investors. If you need help with anything feel free to message me see how I can help.