Brandon Turner's Favorite City !!

[Brandon Parkes]

I've been a real estate investor in Canada (Toronto, Greater Toronto Area and Hamilton) for about 6 years now. Due to inflated housing prices, and newer strict borrowing rules, I decided to set up an LLC and purchase through a friend of a friend who has a turnkey company in Brandon Turner's favorite city, Detroit. I bought a 4000sq ft Duplex (4 bdrm, 2 bth x 2), 8 minutes from Greektown and 10 min from the border.

This was back in May of 2018, and since then I have read many of the BP books and listened to roughly 100 podcasts. If I knew then, what I know now, I probably would have looked for a different avenue and likely a different location as well.

From being new to the US market, I'm a virgin to the processes and expectations there. For example. I throw one of my houses for rent on Craigslist up here and have 100's of applicants the first day.

The property manager that is trying to tenant the home in Detroit is taking a lot longer than I was informed. I've been told that housing directors came by and walked the property, so it's moving forward, but then there were a few more things to be done by the turnkey company. Then I saw it pop up on Zillow for rent, so I assume there's progress, but again, I feel like this whole process is dragging. Bigtime. I fell like it's almost done, but still, not.

Anyone with experience in Detroit, with tenanting, with property managers, experience with expected timelines, etc etc. I want to make sure my money is going to a good, competent person. I was hoping to have purchased #2 by now and #3 by May. This experience has tainted me quite a bit and I am really hoping it gets straightened out asap.

Any comments, feedback, support would be welcomed. Thanks!!

Brandon Parkes

[Chad U.]

Originally posted by @Brandon Parkes:

I've been a real estate investor in Canada (Toronto, Greater Toronto Area and Hamilton) for about 6 years now. Due to inflated housing prices, and newer strict borrowing rules, I decided to set up an LLC and purchase through a friend of a friend who has a turnkey company in Brandon Turner's favorite city, Detroit. I bought a 4000sq ft Duplex (4 bdrm, 2 bth x 2), 8 minutes from Greektown and 10 min from the border.

This was back in May of 2018, and since then I have read many of the BP books and listened to roughly 100 podcasts. If I knew then, what I know now, I probably would have looked for a different avenue and likely a different location as well.

From being new to the US market, I'm a virgin to the processes and expectations there. For example. I throw one of my houses for rent on Craigslist up here and have 100's of applicants the first day.

The property manager that is trying to tenant the home in Detroit is taking a lot longer than I was informed. I've been told that housing directors came by and walked the property, so it's moving forward, but then there were a few more things to be done by the turnkey company. Then I saw it pop up on Zillow for rent, so I assume there's progress, but again, I feel like this whole process is dragging. Bigtime. I fell like it's almost done, but still, not.

Anyone with experience in Detroit, with tenanting, with property managers, experience with expected timelines, etc etc. I want to make sure my money is going to a good, competent person. I was hoping to have purchased #2 by now and #3 by May. This experience has tainted me quite a bit and I am really hoping it gets straightened out asap.

Any comments, feedback, support would be welcomed. Thanks!!

Brandon Parkes

Fellow Torontonian here.  

First of all, I hope you consulted with a cross border tax/legal specialist on the best structure to use for this purchase. LLC's aren't generally the best vehicle for Canadians to hold US real estate, but may be suited for your purpose if it was done correctly.

So has it been vacant since purchasing? Or have they been doing a rehab and now trying to rent it out?  We have a few mortgages and Land Contracts in and around Detroit so somewhat familiar with some areas. I have a few contacts that we use who may be able to assist you in your situation.