All Forum Posts by: Brandon Brewart

When underwriting apartments in the Metro Detroit area, what are your "rule of thumb" expenses per unit/year for B/C class properties? I'm hearing maybe $3000/unit per year -- maybe more recently. Investors or Property Managers what are your experiences with apartments?

Hi Maria, I'm pretty new to this too. I have started marketing and connecting with sellers in the area, but my focus is on small apartment buildings. If you come across anything 5+ units, let me know. To answer your question, I found it to be extremely educational to attend local Meetups, which are still being held over Zoom. There's many through "Michigan Real Estate Investor Network". One of the hosts even helped me evaluate an 8-unit on the side. Can't say enough about learning through the Meetups. I was calling sellers like a shark until one of the hosts said, "try a softer sell" and build rapport with the owners. Continue to read, podcast, watch webinars, etc. Finally, I spent quite a bit of time reaching out to local property managers. If you're not sure why or what to say, read David Greene's BRRRR book.

Good Luck!

Thank you all for your input - very helpful. I'm seeing Pontiac mentioned a few times. I'm concerned about the landlord experience though due to the types of tenants you'd be attracting. Because of poor schools, run down or crime-ridden neighborhoods, high vacancy, etc. Do I have a misguided perception of Pontiac? How has your tenant experience been?

Looking into investing in small multi-family homes in the suburbs of Detroit. Anyone have any particular cities that they've had luck in? Does there seem to be a large proportion of mult-family housing in any particular areas?