All Forum Posts by: Bryan Blancke

Thanks for the replies everyone. 

@ashleywishinski 

"So the easiest way to get an idea for rental rates is to see what an agent has imputed into the MLS system if the property is already a rental."

I have noticed that some MLS listings will say what they are currently collecting on rent or what to expect for rent. Are these trustworthy estimates? One property in particular which I analyzed said the rent was way over the market rent for that area. I couldn't believe that the rent the MLS post listed was the rent actually being collected. It was way above the rentometer average rent for the area.

On the same note, do other investors trust the estimates on rentometer? Im considering paying the monthly membership to help expedite analyzing a large number of MLS listings.

I am new to investing. I have been looking for deals through the MLS and making a preliminary analysis using rentometer.com to estimate the average rent of units in that area. I do not have a rentometer pro account and I am only able to pull 10 comps a day. This has really been limiting my data crunching abilities. How do more experienced investors estimate the rent they expect to receive on MLS listed properties?

I can't keep track of the questions I asked and the responses I got. How can I find my old posts and replies?

I dont understand the difference between conventional bank financing for a primary residence or an investment loan. How do rates differ? Are there more costs with an investment loan? Is it okay to rent out a primary residence? I was preapproved for a loan at 5% down, up to 400k. Currently, I do not own any properties and my primary residence is living with relatives. I want to focus on multifamily units. I don't know if I am supposed to live in this property or not. If I don't have to live in the property I could also look at SFH, but I still want to focus on multifamily. I am not sure who to talk to about this and what is legit. My mortgage broker was telling me it would be okay to call whatever purchase I make my primary residence even if I don't plan to move in. Is that right?

I plan to build a portfolio in cities near Royal Oak Michigan for cash flow and equity with a buy and hold strategy focused on small multifamily units. I work as an engineer with a stable salary and I am planning to finance my first four deals with conventional bank loans. My first thought is to go with 30 year fixed mortgages, but would it be unwise to not consider a 15 year fixed mortgage? I wonder if I could even cash flow with a 15 year mortgage in this area and if it would work with my overall business strategy. I would be trading higher cash flow for equity, which I don't think would be worth it starting out. I expect the higher cash flow to more important than building more equity to leverage for future deals. I don't need the cash flow for my living expenses and plan to use it for reinvesting in my properties or into new properties. 

Hey Guys!

I am a new investor looking to get started with my first purchase. I plan to have a buy and hold strategy. I am trying to figure out what I want to focus on. I am thinking single family or multi family properties. I live in the metro Detroit area. I can't decide where I want my niche to be. I am considering cities in the metro Detroit area such as, Ferndale, Royal Oak, Hazel Park, Oak Park, Birmingham, Southfield, Warren, ect. After looking into some of these area's I think Hazel Park seems pretty good. The price to buy a home versus the rent in this area is good and I believe these properties would cash flow well. I have heard Warren is good and could be a good cash flow area as well. Personally Ferndale and Royal Oak are my favorite area's to spend time, so investing there could be cool. However, I feel like the Ferndale market is currently very overpriced for what rent is there.  

I need to choose carefully and consider what kind of tenants I want to have and how much involvement will be required of me as a landlord. After looking at city data for some of these places. I still think Hazel Park is okay, even though its a lower income area. Its mostly blue collar working families. I wonder what this kind of demographic would mean for me as an investor. On the flip side, if I am investing in a nicer area such as Royal Oak, those properties might be a better pick to keep on my portfolio and they might also require less management work from me. 

What do you guys think about Hazel Park, Royal Oak and some of these other area's?