Rental properties in Metro-Detroit

[Kyle Berns]

Hi BiggerPockets!

My name is Kyle Berns. I am a 26 year old finance major from Eastern Michigan. I currently work over in Troy, MI in mortgage underwriting. I bought my first of two rental properties in the Saline/Ann Arbor area back in 2014 and they are working out great thus far. I found BiggerPockets a few months ago by accident just browsing online, and I absolutely love it. I have been listening to about 2-3 of the podcasts per week and reading as many articles and forums as possible. I think it is awesome there is this community online for people interested in real estate investing.

A little about me…I plan to purchase two more rental properties by the end of this year, one by September 30th and another by December 31st. I have an open HELOC on one of my properties and also pre-approval for traditional financing. My plan is to use the delayed financing technique to build a larger portfolio of rental properties, now that I have a decent amount of equity built up. My 2 year goal is to build my income from real estate to a point where I am replacing about 50-60% of my currently monthly income. After this, I plan to move to a part-time W2 job, giving me more time to focus on real estate and other business ventures. I plan to be fully self-employed and in business for myself by age 30.

I hope to utilize BiggerPockets to connect with, share information, and learn from other investors in my area of Metro-Detroit. I am now actively looking to purchase my next investment property in the Woodward corridor area (Madison Heights, Ferndale, Hazel Park, Oak Park, etc.) I am wondering if anyone on BiggerPockets has invested in these neighborhoods? If so, how has your experience been? A few real estate agents I have spoken with are saying these are great rental markets, in particular, Madison Heights considering its location relative to Royal Oak, is this correct? Any issues finding profitable deals in these neighborhoods? Have you had trouble finding quality tenants? Any issues with crime? I would welcome any advice or suggestions! If you have questions or would like to connect please message me and I would love to speak with other investors in the area. 😊