All Forum Posts by: Jamiel Strickland

@Account Closed,

It is tough to refinance in Detroit unless you are in one of the hot neighborhoods (Corktown, Boston Edison, Rosedale Park, etc). Those areas are good areas but have higher price points, if you are looking to buy homes in decent areas under 50k, areas I like, then doing the BRRR strategy is not the best exit strategy. The thing that makes it a little harder is that lenders do not like to lend for cash out or HELOC under 75k. Also, appraisals in Detroit can be unfavorable because so many people buy homes Quitclaim deed which mess up the values when trying to find comparables.

Here is a blog I wrote about investing in Detroit! Check it out but Yes, you should consider investing here!

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

@LaMetrius Jackson,

1. Check out some REI Meetups, Renegade Detroit is a good one and check on Meetup.com

2. Check out videos and books on wholesaling

3. Find one marketing strategy and stick to it until you get good at it (Bandit Signs, SEO, cold calling, door knocking)

If you need help, I wholesale in Detroit!

@Robert Fornwalt,

It is a few that I like but Renegade Detroit Investors Meeting, Metro Detroit real estate investors meet up, Ann Arbor Dirty house buyers real estate meetup. They all have good people in there you will meet.

@Loic Assobmo

I haven't worked with any personally I can recommend but if you go to the Renegade Detroit Meetup, it is many lenders in there you can meet in person and build a relationship with. 

Hey @Bryan Barnette ,

Tim Moore has a good team and does good work in property management. The company is Stratton Moore Property Management. I will message you.

@Tammy Lazere,

Those areas are solid, I personally wouldn't invest in Highland Park but the rest are pretty good. I would maybe add Corktown or Boston Edison if the numbers make sense on it. 

Hey @Chad Barson,

I am from that area Inkster and Wayne so I know all about the area and like to see new people join the real estate investing world lol

It is some fun meetups you should check out, at the real estate meetups you will meet private money lenders, hard money lenders, maybe even partners just that kind of networking is good. So I recommend checking out some Michigan real estate meetups. You can go to Meetup.com to see the next one coming up.

To find houses cheap enough in order to get a good deal, have to do marketing ( Direct mail, Cold Call, Bandit signs, PPC, SEO, Social media, tell people you are looking to buy homes, its so many ways). Then if they are motivated and want to sell, negotiate a lower price that's fair to the seller but also enough meat on the bone to do your exit strategy (wholesale, flip, BRRR, etc).

@Account Closed

The first investment property I bought was for $10,000 in Detroit. It is a frame single family home that is under 1000sq ft. I owned the property for 3 years come August. I probably have never learned more about real estate investing in my life lol. I only had $10,000 at that time so it is not like I had cash reserves. I am maybe the least handy guy in America I tried to change a doorknob, had youtube on my phone to help me, got so pissed off that I had a guy I found on Google charge me $100 to change door knobs thought it was a good price (really $100 charge for door knobs). Think about that for a second lol just writing this makes me angry I did something that dumb!

I am going to just be direct with ya, #2 is the only reason you have to overcome to invest. You are smart (I mean your an accountant for goodness sakes) I took intro accounting in college got a C and bragged about it to my friends. So you are more than capable of learning markets, real estate, all the other fun stuff. Meetup.com you can find real estate groups or on here on BP they have places to find them. 

After research, is to be active and do whatever strategy you pick (flip, buy and hold, wholesale, partnering with people) 

The best networking, best mentors, best realtors, best lenders, best contractors, all came from me being active. I am so grateful I went all into this house because I learned more than any book, blog, video, word of mouth can ever do.

I talk too much lol but yea #2 is the only thing you have to overcome the rest is easy to get. 

@DJ Cespedes ,

Cool man! I am from Inkster but invest in Detroit, Westside like West Chicago and Greenfield areas. 

@Gena Morris,

Lol just texted you with an HVAC guy to help! Talk to you soon.