All Forum Posts by: Rassan Sampson

@Jonne Washington I was just asking about the neighborhoods with those low prices because I've visited the nicer ones you mentioned several times before buying my first investment in Detroit last year.

@Jonne Washington those prices sound like a bad time and wouldn't line up with my goals but I have to ask, which neighborhoods are you seeing those prices in?

@Mike Sullivan yea I have a property manager which is another challenge and probably a topic worthy of its own discussion.

To add on to what @Travis Biziorek said with regards to having a good reason to be there, I was traveling to Detroit frequently for automotive work and my in laws are there, I got married there last year in a Ford museum. I actually got the idea to invest after several visits so prices didn't take me there, just lowered my barrier to entry. I think it's a unique city that requires hands on exploration, never been anywhere like it.

@Mike Sullivan I started with my first investment property last year from OOS and bought in what I believe is one of the better neighborhoods in Detroit (EEV). My biggest piece of advice is to make sure you have really strong cash reserves. Between having the water heater and furnace stolen, non paying tenants, and the city inspection repairs, I've spent thousands more than budgeted. Luckily this won't end my investment career but I can see how these things can crush people's motivation and momentum.

@Travis Biziorek yea that should be manageable, let me know when you guys have details, thanks!

@David Harris is your goal to get into a primary residence SFH or to have a rental property SFH or a duplex to live in and rent out? That should have a large influence on what might be best.

I believe the FHA/203k loans are only for owner occupied homes so that can't be used for a pure rental but could be used for a duplex house hack which sounds like a great option (but I can't say I've done it myself).

@Sevag Guedikian @Travis Biziorek if you guys meet up in the LA area I'd be interested in tagging along. I work in LA and should be able to get to whatever area you decide on.

I chose to invest because as I was becoming more interested in real estate I was visiting Detroit frequently for family and work. I saw good potential which was unexpected because the reputation is awful but just like every large city there are good neighborhoods and I was able to drive through a few several times.

It's also much more affordable than my local market and I figured if I can get my investments working there, I can probably figure out other higher markets later if needed.

Hey @Alison Wise, thanks for updating the thread, really useful information.  Excluding driving time, on average how much time are you spending per appointment (meeting, scanning, shipping, etc.)?

Hi David, I only have entry level experience but my thought is that it depends on your goals. I recently got started and went with an SFR as they appear to be easier to find in Detroit, could potentially attract longer term tenants, and I might be able to sell it faster if needed. However, a duplex could mean significantly more cash flow, which for some people may be more important than all my previous points, it all depends on your priorities.