All Forum Posts by: Tim Dingman

Hey @Tyson Herman , welcome to BP. There's an active contingent of real estate professionals working in SE Michigan here on the forums, so I think you'll feel right at home.

I myself tend to operate in Detroit and the immediate area, so I'm happy to answer any questions you might have there. I'm not as familiar with the farther-out towns you're operating in, so I may have questions of my own for you. I'd love to expand my property management practice out that way of course.

One quick tip for you: set keyword alerts for Detroit and Michigan, plus any other area towns you might be interested in. That's the best way to find other BP members from around here.

Hey @Account Closed , good to meet another real estate professional interested in Detroit. As a part-time rehabber and full-time property manager in the city, here are my general thoughts for anyone looking to invest in the local real estate market:

• The greater downtown area (Downtown, Midtown, New Center, Woodbridge, Corktown, Indian Village, Lafayette Park, and Rivertown) is a pretty safe bet. I recommend reading this report to gain a fuller understanding.
• The rest of the city is a patchwork of good and bad areas. There's not a lot of blanket advice I can provide there, although some of the realtors here (calling @Cierra Seay !) can say more.
• Most deals in the city are buy & holds, not flips.
• It's imperative to have someone on the ground here. Managing from afar is a recipe for chaos.

I also recommend checking out Motor City Mapping, which has up-to-date pictures and information on the state of every property in the city. Why Don't We Own This is a similar tool (made by the same company), but it's more useful for the Wayne County Tax Auction, which isn't until September 2015.

If you have any other questions about the city, feel free to PM me!

Charlie LeDuff is a local celebrity. He does amazing work all around Detroit + the suburbs.

Michigan passed three laws cracking down on squatters earlier this year. Most importantly, landlords can now use "force (but not including assault) and self-help" to remove illegal occupants. You can read more about them here.

I'll second @Joe Villeneuve on Michigan. I understand trepidation about Detroit, (although there are great CF deals here,) but people often don't realize that a lot changes once you cross 8 Mile. A lot of towns that border the city are actually pretty nice, and many tend to have lots of renters. (The farther-out suburbs have more homeowners, so that would be better territory for flippers.)

Hi @Xiuyuan W. ! Welcome to BP.

As a property manager in Detroit, I'm not surprised to hear that you are having trouble finding trustworthy professionals. What kind of experiences have you had? Also, what is your general investment strategy? (Flips, buy & holds, etc.)

I'll second @Lynn Lewis 's endorsement of Renegade Detroit Investors. Everyone there is helpful, knowledgeable, and welcoming. They advertise a "no BS atmosphere," and I think they deliver. I'll certainly be at the next meeting!

Hey Ellyse! As @Jeff Rabinowitz mentioned, there are lots of fellow SE Michigan residents on BP. I myself am a part-time rehabber and full-time property manager in the city.

There are definitely deals to be had here. We've been compiling several for potential clients who would purchase the houses and manage through us.

The Detroit renaissance is very real. The change I've seen since I arrived in August 2012 has been astounding, and there's a lot more in the works. That said, the renewal is not evenly distributed. The greater downtown area (Downtown, Midtown, New Center, Corktown, Woodbridge, Eastern Market, Lafayette Park, Rivertown - see report here) leads the pack, although there are other great neighborhoods distributed throughout the city.

Also, most properties in Detroit are better for buy & holds than for flipping. It's not uncommon for a rehab to put an owner underwater but still yield good returns. For instance, you might purchase and rehab a house for $25k, have it appraise for $20k, but have it rent for $500/month.

Welcome, Hugh! As a part-time rehabber and full-time property manager in Detroit, I can echo some of the sentiments about the $500 houses. That said, I've seen that there are definitely deals to be had here, and I'm glad to hear you have a team on the ground who knows the area.

I'll be interested to see how your efforts progress, so keep us posted!

Hey Bruce! Welcome to BP. If you're interested in following the real estate market back home, I'm a property manager in Detroit and the metro area and have a decent sense of what the trends are. There are opportunities for both flipping and buy & hold here, although the flips tend to be in the suburbs and the buy & holds tend to be in the city.

I can also endorse the podcasts as treasure troves of value. I'm guessing you have a commute, so you may as well spend that time enlightening yourself!

Charlie LeDuff is a total celebrity around here, and for good reason -- he does amazing stuff.

Michigan recently passed a few laws meant to expedite evictions and increase punishments for squatters. You can read about them here.