All Forum Posts by: Chad Brizendine

Hey Brian.

A group of us are from Michigan and have found success in RE. We've come together by a group down in Tx and now some of us are doing deals together, learning from and encouraging one another. Some of us are into SF, while others are doing MF. 

PM me and we can talk more about this group and we can put you on the list for Michigan meetups. 

Take care and happy investing!

Chad

I second Greg’s experience! It was going to be a money losing experience had I bought that 17k house. Luckily I wasn’t able to finance this eye sore. Soon after that close call I found LU and it became evident that my future source of income will be exclusively from real estate.  

Dels teaching is like taking someone that can’t see and giving them vision that is crystal clear. The mechanics are quite simple if done right. 

Ironically I’ll be in San Antonio so will be unable to attend. 

Cheers to financial independence!

Sure Adrian, send me a note and we can chat. 

But for the rest... the deal looks like this: 

Purchased on 9.1.16

24 units, pitched roof, individual hvac, next to Detroit metro airport (I-94 and Wayne rd) c class property, c class neighborhood. 

Purchased for 900k, brought 110k for rehab. 

Plan: remedy deferred maintenance, kick out the seventies, bring in contemporary, clean and crisp. 

Take rents from $645 to $710 in three years. 

Today we're leasing at $750 and knocking on the door of $775. At one year in it's looking like a two year plan instead of a three year. 

We stumbled our first month and had to fire our property manager, but we acted decisively, and were up and running with a new PM in short order. 

Lesson learned: concerning property managers: ask to meet and greet the back office, the people that will be tending to your property. Dig into each process, then ask to see an example of what it looks like. If they don't have an office, or if one or two people are managing all functions of a 2000 unit operation? Pass on their low price offer and spend the money on a quality PM. 

At the moment we've completed the exterior rehab and are focusing on tweaking the operations for a more pleasant living experience for our tenants. 

To be honest it was easier than I had expected. It is simply an organized series of steps that have worked for the last 200 years. 

I'm looking for deal #2, then the sale of the first deal will fund the third. Ahhh, I love sound of compounding!!

Take care friends. 

Chad

pm me ur contact info. We can chat. 

Can't wait to see JB and the crew! LU had been profound in changing the trajectory of my life, look forward to building friends, memories and the beginning of something big in Detroit!

North side of metro airport is where this one is, right off 94 and Wayne rd. 

Yes, these properties you will usually trade hands off market. These are the ways one would typically find a deal (in order of best to worst):

1. Off market from broker or colleague. 

2. Directly from broker site (incomepo.com, marcus&millichap, commercially.com, etc). 

3. Loopnet.com (typically when sellers have exhausted options 1 and 2. 

It is rare to see MF trade on MLS, but my friend picked one up last year in Lansing and is doing great!

I'm mentored by a group from Texas, they willl be coming to Detroit next weekend so if you'd like details, please let me know. They have a large syndication group and they teach MF and SF. 

All the best! 

Chad

hi Taylor. 

We've picked up an apartment in Romulus this past September. It's going very well so far. The number of renters interested in the property are astounding! We've been able to raise rents $100 on freshly rehabbed units. The only challenge is finding qualified tenants. We cycle through a lot of applications to get to one that's qualified. 

Hope this helps!

Chad

@Jesse Gargus-Smith I did find a mentor, found a multifamily deal and am about 10 months in!  The mentor group I found did a phenomenal job in both giving me the confidence to execute and provided a deep pool of equity partners. 

The group that's helping me is looking to expand with offices throughout the country. As our deal was the first syndication put together with non-Texan natives they thought they would piggyback off of our momentum. They brought in an array of mentors (already millionaire investors) to Detroit this past weekend to get people jacked up about the group. They'll be back aug 5&6 to have their trainers come in and teach the meat of their philosophy in sf and MF (priceless!)

But to answer your question, yes I'd be happy to help someone out! 

Feel free to send me a note and we can touch base. I am looking for deal 2 at the moment and and already told a an aspiring investor that I'd love to bring him along on a property walk. Seeing and smelling a property is second to none. Proper due diligence is the conduit between today and a a group of happy investors three years from now. 

Take care

Chad

All of my colleagues and mentors recommend lawyers. We used Perone to close our property in September. It was a small 24 unit in Romulus. It a neat thought to go it alone but how do ask the questions to that which you don't know exist? Jacob did a great job with putting in provisions that I didn't know about. 

thanks for mentioning Cory. I'd certainly like to attend. It seems a nice cross section between the group, should be fun!!