I BOUGHT A HOUSE IN DETROIT!!!!!!

[Julian Hall]

Hello BP. I am proud to say that I will be closing on my second investment property in my home town, Detroit on Monday!!!!! Despite all of the negativity I hear on the podcast from Brandon I want to take any open BP members through my investment journey in Detroit. My first deal was a single family for $14,000. With $3,000 in cosmetic repairs. There is currently a tenant in place paying $800 a month. The second home is being purchased at $25,000 and I plan on getting a tenant in for $850.

[Kyle Tanner]

Congrats. There re 2 very important lessons than any Landlords in Detroit learn.  You can learn them from me, or you can ignore and learn them on your own and call it a 'stupid tax'.

1 - Many Detroit tentants can be flakey, and will try to get you emotionally involved in their drama. Let your tenants know you have a ZERO tolernce on late rent. So, after your 3 or 5 day grace period after rents are late, IMMEDIATELY start the eviction process.  Evicting a tenant can take up to 90 days in Wayne County, so start early.  You can always cancel at any point along the process.  If you get emoitionally involved and let him go, 30, 60, 90 days then find out they are taking advantage of you, then you'd be looking at 6 months of no rents.

2 - Between tenants, do NOT let the sun set on an vacant property that is not boarded up and has it's furnace and hot water heater.  Tenants need to move and out new ones move in the same day, or you need to arrange for someone to stay in the home overnight, but do not leave it vacant overnight.  It could cost you thousands in repairs.