Detroit Rental Investor from Cali

[Juan Avalos]

Hey everyone! so after months of research and stuff I decided to land on the Detroit Investment scene :-) I am in contract to acquire my first ever rental purchase! its exciting and stressing... " did I make the right choice" " Did I buy in the right neighborhood" " Will the home continue to produce cash flow" " How much money do I need to put in to keep the house alive".. FINALLY I said screw it and made the purchase - I have great credit but didn't use it because if everything works well I plan on leveraging down the line with a multi in Detroit --if any newbies want to link up about Detroit properties let me know!  so here's a quick breakdown of the property I bought

Purchase price - $25,500 ( Cash )

Closing cost - $1500

Taxes and Ins are or will be - $1500

Renting with tenants in place ( they will stay)- $750

PM- 8%

All utilities paid by renter and lawn as well

Vacancy should be - ?

Maintenance should be- ?

Misc- ?

am I missing any other cost I should calculate in this?

Of course with this price home needs some love, but it works enough for the tenants to stay for now :-)

[Brian Baker]

Hey fellow MI investors - I'm looking for a good resource to find listings in the Detroit area besides Realtor.com and Craigslist. I'm looking to BRRR with purchase prices under 15K, all cash purchases. I know it's low but from what I've seen the deals are out there. Any ideas?