All Forum Posts by: Rodolfo Goncalves

Don't get me wrong, I love my fireplaces too; I have one insert and one free standing in my house and go through 5 cords of wood every winter.

In my experience, I don't think this feature will add any value to the house. I prefer buying houses without fireplaces due to liability. I have 3 rentals in the region and none of them have fireplaces.  All of them appraised higher than the comps. Maybe you can consult a local appraiser to receive some insight. 

Hi,

I am looking for a local (Southeast Michigan) CPA and Lawyer with a good knowledge in advanced real estate strategies. Any recommendations?

Hi,

I recently used Beyond Painting & Remodeling. Not cheap but they do the work the way it should be done. The owner Bob manages the projects himself. Google them and good luck.

Grosse Pointe is an oasis in the outskirts of Detroit. My wife's grandparents lived there for their whole life until they passed about 10 years ago. I used to enjoy the walks on tree-lined roads all the way to the lake front mansions. Probably you will not find "deals" there to buy as investment, but I would easily live there if I needed to be closer to Detroit. Now Eastpointe is the opposite: a run-down community with C-D properties. Other "Pointe" communities are a better option (in my opinion) for investment properties since they are in between the two we mentioned here.

I wish my son ever asked me this question.  Very good advice so far, here are a few of my thoughts.

1. As said before, do not skip higher education. Choose a college that will give you a good education on the subjects you are interested. If real estate is your focus, go after business and accounting among other courses. Boutique colleges (UOM, MSU, etc) will give you a strong resume which is useless if you have independence in mind. Frat parties and campus life are cool, but a distraction for people with a short term goal in mind like you (I wish I knew this when I was 17). You can get an associate degree in a community college and finish your bachelors after, saving tens of thousands of dollars.

2. Read, read, read. Work, work. work. While you don't have the cash to start, use your time wisely. School will give you part of your education, but the majority of your knowledge will come from reading and working on subjects related to your goals. If you haven't done so yet, read Rich Dad Poor Dad and Set for Life, two of my favorites.

3. 80% of the US population is in some sort of debt. Don't get advice from anyone without checking if that person can be trusted.  For example, in my family there is not a single person that I can discuss financial independence, everybody believe in working for a good company and retiring at 65. And everybody is in debt.

4. Find a mentor. Work for free if necessary to acquire the knowledge you want to have. You will be surprised on how many "important" people are willing to develop a mentee. If you haven't done so yet, watch "The Pursuit of Happiness" with Will Smith. 

5. Consider the well-being of others in your projects. I personally rent a house at a discounted price for a family of (legal) Syrian refugees. It is totally possible to make money and still do the right thing. 

6.  Mens sana in corpore sano. Eat healthy foods, exercise both body and mind,  and develop good habits. 

I hope this helps and I wish you the best. You are making the right questions and certainly in the right path. Remember, this is my opinion, please do your own research.

I am interested. Please keep me in the loop.

@Keri Middaugh Thank you for reaching out. In the moment I am in the middle of two transactions, but should be ready for the next move in about 4-6 months. Let's keep in touch.

Good luck with your project!

For sure the median income directly influences house prices. If you look it up on the map, Adrian is isolated in the middle of farm land, without direct access to major highways. What worries me is the abundant offer and lower prices for MFH. Maybe the rental market is not that good and landlords are struggling for a good ROI, so they are choosing to sell.

I am not closely tracking the Tecumseh market, but there are always many properties for sale at good prices. 

Milan should be good due to its proximity to Ann Arbor and it is right by US23, but offer is very small.

I live in Ypsilanti and like the city. There is a huge overflow from Ann Arbor (where rental prices are very high, even prohibitive for down-to-earth middle class) that makes Ypsilanti a great market. However, "rentable" turn key houses are hard to find, so you need to be willing to do some rehab. I recently purchased a $80k SFH in and residential / commercial area, 1 mile from downtown; not pretty, not ugly, but an area with good families living around. After a quick rehab I rented it for $1k (renters pay utilities) without even advertising it. I could have easily asked $1.2K, but this is for a family that I am helping.