All Forum Posts by: Jamiel Strickland

@Chris Wilburn ,

I invest in Detroit, but I house hack in Dearborn which is a suburb of Detroit. House hacking in Detroit I wouldn't do because the areas where there are Duplexes I usually do not like the streets where a lot of 1-4 are located. I like single family homes in Detroit a lot! When it comes to 1-4 property really hard to find a good neighborhood that has them. You can house hack in a suburb close to Detroit and invest in Detroit and Metro Detroit. 

Hey @Dax Causey

I would go on youtube and type in wholesaling how to find ARV its long explanation lol

You have to walk the property and get pictures of the home. Schedule an appointment with the owner to see the property and use a camera to take as many pictures as you can! During the time walking your talking to the owner building a relationship and asking him about the house what he has done, haven't done. 

You don't, you can but I do not. I have the buyers bring their contractors/inspectors/whoever.

Hey @Dax Causey ,

I can refer to a good title company but I do not know what you're looking for? Title company only work with title/deed work. You have to learn how to find the ARV and other things regarding it. Maybe you're looking for comps? Want to help explain a little more maybe I can.

@Tristan Bennett ,

Hey Tristian, we have been going through a lot of positive changes, especially from a macro standpoint. You can get property cash flowing for more and spend less purchase price (If you work with me lol) but even if you were to talk to others here it's not hard to find what your looking for that is the good thing! A $60k-100k single family home cash flowing $100-$200 for you and your partner can be done here fairly easy depending on who you work with.

I really appreciate you coming here because you need to meet people, look around some of the nicer neighborhoods, and just see for yourself. Bring some warm weather when you come btw!

Two biggest things I see to their downfall for out of state investors are

1. Bad Contractor/Handyman

2. Bad Property management

I hate to say it, but we do not have the best of either from my experience. When you find one (ask around get referrals) If they are good they will be the biggest difference maker in your success here. Finding the home won't be as challenging as you think. Here is a small blog I did maybe help some.

https://www.biggerpockets.com/blogs/11212/79827-wa...

@Erich Bradburn ,

I am from Inkster right around the corner from Garden City, I wholesale in Detroit and well as Metro Detroit. If you need some help I can maybe guide you a little in the right direction. 

Hey @Matthew Pruett ,

1. Detroit, in particular neighborhoods or zip codes. Also some Metro Detroit places (downriver but East of Canton)

2. I have an excel sheet I use, but lately, I do it on paper (probably old school but like to write everything out) Then I have some of my friends that I built relationships review my numbers to make sure I am not overshooting anything. 

3. I cold call absentee owner lists, bandit signs, built relationships with other wholesalers and realtors, telling people I am looking to buy homes. 

Happy investing!

@Brandon Jurczyszyn ,

Tim Moore

He does property management and can help you! I can send you his information. 

@Adnan M. ,

I house hack in Dearborn, 3.5% FHA, Duplex, I do not live for free. I think podcast and others say live for free not realistic very hard to do BUT I do live cheap. I pay like $300 a month in rent.

I bought a free and clear property in Detroit. Cash flow about $550 a month. 

Now I am going to pay off all this debt with my job and rental income. But I will still have my properties. 

The answer is very simple: Do both.

Right now aggressively pay down debt as your learning real estate, maybe $3000 a month into debt and $1k into savings. Save maybe $10,000 in 10 months ( if you need a lender and agent I got you lol, my friends will make it easy and cost less for you). Now you are doing both, right! 

You do not have to listen to the gurus that say house hacking you have to live for free. If you pay only a couple hundred dollars a month to your mortgage I don't think you will complain. Let's say right now you are paying $1200 a month in rent. You house hack you rent payment is $1200 but your tenants pay $800 of it. Now you only pay $400 a month compared to $1200 a month. You put that $800 a month from house hacking in savings. 3 years of saving just on rent you have $28,800 now you buy a house in Detroit all cash in a nice area and it is free and clear. Now you cash flow $500 a month. You have two properties, and during those 3 years, you probably come close to paying off the debt if you stay on that $3k a month to the loans.  

That is a 4-year plan with real estate involved (2 properties) and maybe no debt. Right now you would pay off the debt in 2-3 years but no real estate. 

@Pedro Torres,

Yes, it is hard to find good property management that will service all of Detroit, But I have made good relationships with property management companies here that do good jobs. I can send you their information if you need it. I wholesale, so I get properties at a deep discount, I would never have my investors pay retail for a house or myself in Detroit. If you have cash you can really do some negotiating to get it much lower. 

Hey @Pedro Torres

I really like when people have good experience with investing in Detroit and I think you will but it is some small additions I like to add to help you.

1. @Bala A., he is right, cash goes further in Detroit, whether buy from realtor or wholesaler you will get a lower priced house if you do cash. 

2. Class D+ in Detroit is probably not Class D+ in other cities, I do like Morningside but its a reason it's hard investing in Detroit because market evaluations are hard to grasp for most investors. 

You have a good plan, when you come to Detroit you will be more confident in your buying strategy. 

Here are a few things to know to give you knowledge about Detroit.

https://www.biggerpockets.com/blogs/11212/79827-wa...