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All Forum Posts by: Alex K.

Alex K. has started 6 posts and replied 252 times.

Post: Help required to create LLCs in Wyoming/Georgia/Michigan

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243
Quote from @Nathan Nathan:

Hi, 

I am planning to create LLCs in Wyoming , Michigan and Georgia. Any trusted registered agent or advice will be highly appreciated. 

TIA


Michigan is fairly easy on Michigan Lara website it's $50 to open a new LLC and they're fairly quick with their turnaround. You can use urself/ US address for registered agent or an address you may have in Michigan. If that's not an option the cheapest and easiest option two would be to use NORTHWEST REGISTERED AGENT out of okemos Michigan.

Post: Rental properties in Detroit

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243
Quote from @Aishan Gonaduwage:

I am seeing good deals in Detroit that could cash flow in the current market. I’ve heard that Detroit is not a good place to invest as it is a city on the decline. Does anyone own rental properties in Detroit? Is it a good choice for investment? 

You heard false……. It’s on the rise but you just have to be selective regarding location and try to go for turnkey or keep it minimal regarding rehab 

 So you don’t have a nightmare story trying to manage a rehab from Out of Town. 

Post: Detroit Wholesalers: Why Do Your Deals Suck So Bad?!

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243
Quote from @Chris Morris:

Wholesalers in Detroit are making it nearly impossible to find good deals. Too many are locking up properties at retail prices and tacking on outrageous assignment fees, leaving no room for investors to profit. It feels like the focus has shifted from creating value to chasing quick payouts, with little regard for the end buyer. The result? Investors like me are left sifting through overpriced junk instead of finding real opportunities.

You may just be dealing with rookies instead of
Pros…….  

Post: Property Manager Question

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243
Quote from @Drew Sygit:

@Alex K. There are many issues like this, where trust, credibility and fairness come into play.

Our company management contract has a list of what rental income will be applied to and in what priority. This is also programmed into our PM software, so it happens automatically.

Our lease also states what rent will be applied and in what order and also a security deposit.

So, you may want to check these documents to see if this is covered with your PMC.

While we always try to be fair with our clients, we also have to generate enough income to pay our bills. 

In your case, you mentioned your PMC tried to collect the final rent payment. How were they compensated for their time spent on this? Typically, it would be covered by the late fee income. 

Perhaps you could discuss this with them and they may decide to adjust the charge. They are within their rights though to deny your request. 

In a perfect world, PMCs would be able to track exactly how much time their staff spent working for an owner and then charge based upon those hours & an hourly rate.

Pretty sure most owners would end up paying more if this was could be done.

Great sales pitch and many valid points! But I’m not currently looking for a property manager. 

Post: Windsor Builder/Realtor looking to invest in Detroit

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243
Quote from @Michal Liviatan Carpenter:

Hi @Levi Goulet 

I am a US loan officer based in Toronto and assisting Canadians to invest in the US.. 

Taxation- Only a CPA who understands CRA and IRS. There is no one solution for all and it is a case by case based scenario. 
It is recommended to treat a rental investment as a strict business and do the separation.. There are benefits like liability protection and expenses as a write off BUT for one property or a small portfolio I also see many who personally holding the property and guaranteeing the mortgage. I have my 3 favorite go-to cross borders CPAs I can refer you to.

Setting up a US entity is the easiest part. 5-7 business days to process and done remotely. It’s the EIN that takes time, provided by the IRS. You will need it to secure financing if an entity is your investment vehicle.  

The BRRRR method is completely doable for a foreign national investor. DSCR nature is to be more expensive than conventional loan but also accessible and fairly quick to get it done.
Feel free to dm for any questions.. There are some nuances specifically relevant to Canadians..  


 Hi I have a couple of Canadian investors looking for financing and I’ll be forwarding your info to them. 

Post: Canadian Investor Entering the Detroit Market

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243

The key is in the location of your purchase. Go for the desirable locations in the city and if you’re investing from out of state or country my recommendation would be to stick with properties that require minimal rehab. 

Post: WHOLESALING HOW TO FIND BUYERS

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243

Building a list and network is great and I’m sure everyone in the business consistently does this but I’ve learned that after a while A GREAT deal usually just sells itself. 

Post: What are you charging for rent in Detroit?

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243
Quote from @Anthony Watkins:

What are you charging for rent in Detroit? What zip code? How many bedrooms? Is it a section 8 tenant? I've been doing some research, running some numbers and at $800-$900 per month plus repairs plus the ridiculously high property taxes I would barely cashflow as a new out of state investor.  How are you making it work? Is Detroit even worth my time. (I'm originally from the Detroit so I know how rough it is)

And if you are one of the lucky ones who managed to purchase 15 houses for $10K back in 2010 thanks but no thanks (just kidding) 


 Anywhere from 525-1650 depending on who’s there. Sometimes we go cheap because I’d rather have peace of mind which is priceless. 

Post: Out of State Investing, First Time, Cap Rate

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243
Quote from @Account Closed:

Good Morning,

I am looking into investing in metro Detroit for multi-family properties. I live in California and have multifamily investment units here that I have had for many years. I am looking for areas with the best cap rate, I have found a deal that can generate 7-9 cap in the metro Detroit area (Warren County) its a small risk with the deal size being under 200k and I'm going in all cash no financing. My question is, am I getting in too late? Are there other cities or areas in the country where I could get a better cap rate and return, if so where? I have looked at Mississippi, Alabama, Louisiana and Florida and nothing there really spiked my interest I don't see their economies in the small cities I went to really growing, hence my interest in a bigger city with more growth potential like Detroit. My concern is that I am paying the premium due to housing pricing increases, and maybe its best to hold off to see what happens in the coming months? Does this sound like a solid investment? I fear the housing market crashing and buying at the top, but I don't know much. Any suggestion and advice would help, cheers! 


 Welcome to BP! 

For most parts of Detroit you should be able to get a better cap. Checkout some of the surrounding cities as well in Wayne County.



Post: Negative grade on driveway making a lake. Suggestions needed

Alex K.
Posted
  • Specialist
  • Southeast Michigan
  • Posts 293
  • Votes 243
Quote from @Bryan Balducki:

@Chad Clark you could maybe do a French drain into a sump if you think the drain would get overloaded. I had a sump installed in a spot that floods with heavy rains and it was relatively inexpensive

Like Bryan said. A French drain to a sump pump or to a deep gravel pit 40 to 50ft+ From the problem should take care of it.