All Forum Posts by: Arsen Atanasovski

Refi, seller financing, private money

You best way to go about this is if you have the target area and properties you like to buy, I would research the local section 8 housing committees and ask them what their rates are and that will give you the actual rental rates they provide.

I have a list of my committees and what they allow to pay for example it’s a chart and it will say 1 bedroom $900 , 2 bedroom $1300, etc……

Don’t forget to vote! 2024 is all up to you 😉 

I would be serious if it was Macomb or Oakland counties southeast side of the state maybe we can collaborate here in this area 

You can do an appraisal but you need to state everything you will be doing in the terms of the land contract and cover all those items with the seller and exactly what you want in your offer to the seller as for legal fees and title fees usually in seller financing deals the buyer would pay for that and taxes would be prorated. 

If you get one section 8 under your belt your a guru all of them the systems and processes are the same, I would say your already a guru don’t need to do anything extra just to keep on moving along

There are various housing committees, grants, and other organizations in and around the city of Detroit. There are many maybe 80% of them will not share much information with investors or landlords, it’s not their job and frankly that’s just extra work for them the case workers. Some of them are rockstars and have a drive in their job, those few that I know have provided me their database of open vouchers that need to be fulfilled and they are having a hard time. One of them calls me every week to get an update on my properties and whether I have any vacant so she can fill. Their rates are very reasonable 1bedroom $1000 2 bedroom $1250 3. Bedroom $1550. But the reason I’ve gotten this information is the upkeep I do with my properties and the case workers love it! They come in on the 1st inspection and it’s passed. On all my section 8 inspection I have my contractor walk with the case worker fixing, replacing or repairing anything they might have a concern about right there as the inspection is going on. If it’s an item that needs time or needs to be picked ip at the store I send the case worker my pick up order information in an hour and stating that the guys are working on it. There is one case worker that blew her mind on my process that she sat down with me to discuss their organization and how they have a tier system of helping people get a place to live, this is where I found her information alone had a database of 7000 people that had approved applications but no place to go. When digging deeper, I notice a lot of landlords would rather take cash tenants and not deal with double inspections with section 8. The way I look at it is the place has already been inspected by the city what’s the difference. There are many benefits with section 8 in order for the tenant to be placed in one of my properties they go through a process with the committee then when living in the property they need to abide by lease rules and keep the property in shape, if major damage is made or neglect to the property by the tenant they may losE their voucher from section 8, so it’s a very good idea to go this route and food for thought you always know your property is up to date safety wise and livable with annually inspections. 

Well like they say it’s not what your know it’s who you know :)

You will need boots on the ground for this city this is no LA or Miami or Houston. You will not receive and appreciation but you will cashflow like crazy! Detroit is a street by street city not area, or zip code. For example I just picked up a 3 bedroom home for $50,000 and rented it for $1450 with $6000 in rehab. You can do the same on a different street and get $1200 or less and maybe have a hard time renting it. Again it’s not like 90% of the areas you look at and just pick from Zillow and run numbers. 

Absolutely