All Forum Posts by: Tommy Desmond

@Anthony Chacon, It's nice to meet you. I'm based the metro Detroit market, specifically Oakland and parts of Macomb county. There is some very good ROR in my markets. I've got a couple multifamily properties. How many units are you looking for and what kind of cap rates are you expecting? 

Hello Judy, 

That's a great area. I have rentals in Royal Oak and Ferndale, and I'm starting to look more at Hazel Park. It's definitely got opportunity as Ferndale's rental rates climb, people are spreading further out from the Woodward corridor. I see good potential in that area. 

Nice to meet you. 

Those kind of cap rates aren't unheard of in Michigan, but it definitely depends on the area. At the moment, there's a ton of investor activity (at least where I am), so I'd be very surprised that a multifamily unit like that doesn't have considerable activity on it.

I'm in Oakland County (southeast, MI). Where is the property? Sanilac? 

I'd definitely look at any deferred maintenance and check what they're assuming for capex.  

Welcome to the community! I'm based in Troy as well. I've rehabbed and hold rentals primarily in south Oakland county. Nice to meet you. 

Do you plan to manage yourself, or are you looking for management?

I'm interested primarily in south Oakland, but there's some good deals in west Macomb as well. 

Simple rules. Sounds good. 

I look at average days on market to estimate how quickly properties are selling in an area. I'm in southeast Michigan, so I prefer to stay close to areas that have walkable downtowns, they always see to be in demand. 

I like to know an area will allow for multiple exit strategies if needs be too. If something goes wrong and my intended flip ends up costing more to repair than expected, I can hold it and rent it instead to still get the return out of the place. 

I also leverage my retail listing business as an agent to determine areas that people have a high interest in moving to. 

Hello Geof! Nice to meet you. I'm also an active investor in Royal Oak and Ferndale. I live in Troy and I work at the KW in downtown Royal Oak.

Royal Oak is definitely doing great at the moment, we have a ton of new build projects going up and prices are strong to be sure.

What are you interested in? Rehabs or holding?

It's a killer area to be investing in, even though we all know about @Joshua Dorkin's feelings about Detroit, lol ;)

Hello Pete!
I'm in Troy as well and I invest in Oakland county and parts of Macomb. Nice to meet you.

You only really need an architect if you're doing major structural redesigns of the floorplan or otherwise dramatically modifying the property (like adding a second floor).

If you're just doing a superficial rehab (new flooring, paint, kitchen remodel), you don't need an architect.

If you're somewhere in the middle, like tearing out a wall to open a floor plan, depending on how much wall you're taking out, you might want to talk to an engineer. On most of our projects, if we take out a wall to open the kitchen, it's usually a short enough span where we can just estimate the header requirements on the site.

It's up to you. It depends on the size and scope of your remodel. I personally only use architects when I add to the second floor.