All Forum Posts by: Dan Gheesling

@Jerry Poon timely post!

It is something that I believe is very difficult to find. Having trusted "boots on the ground" is something that is rare to find, but is possible.

Having spent some time in California myself, I can't imagine how people start investing out there.

I'm lucky to live in Michigan, because that is where I invest, and don't have to find boots on the ground.

With that being said, I'm interested to hear what everyone else has to say about this. 

What would be the most important thing you are looking for?

@Teal Lambert - in my experience the balance between the acquisition cost and repairs should be your guiding decision maker, before even buying.

Understanding the true acquisition cost, combined with the repairs (even if something additional goes wrong) is what I use.

There have been some good looking deals on paper for the acquisition side, but once I've gotten quotes for all the work, the deal doesn't look as good.

I've never walked away from a home that I have acquired, because of breaking down the costs prior.

Hope this helps!

Hey thanks for the welcome @Gerald Harris - I am very familiar with the business, but only because I have made my share of mistakes!

Will do! I hope to post some photos when they are done.

How is the market in NC? 

What is the typical all in cost for a 3/1 SFH 1000sq in a safe neighborhood & what does it rent for?

Always interested to see how other parts of the country are doing it...

Hey @Robin Secord  - as someone who is invested in both Detroit rental properties and the surrounding suburbs it has worked out well for me.

In the suburbs I tend to focus on Dearborn Heights because that is where I grew up and know the area VERY well.

In Detroit I had a mentor who helped me get some great deals on safe Detroit homes. Just like @Peter Grosso mentioned, in Detroit you really have to know what you are doing. It really comes down to block by block. There are still great deals out there, but you have to know what you are doing, or in my case, work with someone who knows what they are doing in the City.

Personally, I stay away from investing in the East Side of Detroit, that is outside of my comfort zone.

Have you made any progress on your decision Robin?

Hey @Andrew Sherwin - I'm from Michigan as well (Southeast).

Have you made any strides towards your first deal yet?

Hey @Alex Martin good luck on getting started. The first deal is always the hardest, but after that it becomes an addiction!

Any updates on to how your first deal went?

@Linda Reynolds - from my understand the taxes in Warren are pretty reasonable. 

It all really depends on the type of property you are looking at picking up versus how much in rent you can get.

For a 3/1 in Warren if you can net around $500 per month after taxes/insurance/mgt fees that seems pretty standard.

What type of deal were you analyzing?

Hey everyone here at BP!

I'm originally from Dearborn, MI [home of Ford World HQ] and have been investing since 2008.

After winning some money on a Reality TV show back in 2008, I did my first deal!

I was lucky to have a great mentor/friend who showed me the RE ropes and have done many deals since then!

Back in 2009 I was on BP but left the site for a long while. :) After having some problems with my old profile, I am back and excited to interact with the community here.

Coming back to BP was an easy decision as I am now getting way more involved in Real Estate beyond building my own portfolio. I'm hoping to add some value back to some newer investors, connect with some great people, and talk to everyone about Michigan Real Estate!

Currently I have a few rehab jobs in the works, am prospecting for new acquisitions in SE Michigan, and finishing up my RE license!

Looking forward to connecting with everyone here. :)

Take care,

Dan