All Forum Posts by: Arsen Atanasovski

The first sentence of this post is great! They have been saying this about Detroit for the past 30 years and the reality is far from it :)

I can say in Detroit the wholesaler your talking to has most likely found that deal from 2-3 other wholesalers, they literally have to payout 2 - 3 other parties to get the deal and this is what the fees are high and the deal makes no sense. If you were to buy direct from the owner you will get great deals! I only purchase direct from owner and no assignments. It’s just not worth it in Detroit especially with the low price points. 

Blue County = High taxes, pretty simple :)

at $300 a month in taxes that’s a cash flow killer, you will need to go to the board next year and request an adjustment if possible, you may get granted but you will need to have a good report presented to the board with comps that are very similar to yours, but again it will be difficult because your property uncapped and it will never go back. 

You need to reach out to the local housing committees they will put you on their database and feed your information to their case workers. 

Help Daniel, those areas might cashflow but appreciation will not happen you will need to look at more expensive areas and higher class areas .

You can get 0% down on a land contract. I mean I understand your post but for homes at that price range you really are looking for $10k to $20k, if that’s something you can’t come up with you should look into creative solutions and those are a little easier to come by in the D. 

I would recommend Logical Property Management they are a member here on BP and not only be a good PM but Drew can help you with a lot of knowledge that he has with all the years he has been doing it. 

Hey Jason, you have a lot of open options here. Are you going to be managing these properties? If so will you be comfortable managing in the city? As far as repairs and maintenance if your looking for small rehab deals that price range your looking at will be very slim and if you find something in that price would most likely be in your C or D areas, with that being said back to first question are you willing to manage them or not? With a PM in place you will have to pay them their cut and to go back to the second part if you end up buying in a lower class area you will be getting a lot of turn around it’s just the way it is. The story you have really sounds like a condo in the suburbs would work for you. Less rehab, better neighborhoods, and could manage it yourself if you like. There will probably have HOAs but with your price ranges your limited on the selection of properties. If you were to up your buying box from $60k to $100k you will received much better options and rates, also much better properties and areas. It’s all in the numbers . I have a guy that buys single family homes at $150,000 no rehab puts 20-% down and rents it the next day long way to invest but he has been doing it on the upswing and now just refinance the older ones to buy the next ones. As for LLCs you may open one and protect yourself,  it you always have house insurance and in my leases my tenant gives up the opportunity of insurance and has the option to get renters insurance. But LLCs and banking accounts is mostly your personal preference of how you would like to organize your business structure.

You would have to contact the current housing committee and fill out a rent adjustment form, if approved the portion between the housing committee and the tenant depends on what the tenants income and ability to pay and all of that will be listed on the confirmation

Where were you all these years??? JK, very good information. Hopefully your post get the views!