All Forum Posts by: David Stevoff

@Teah Schoenle

Its hard to find multifamily deals in Milford. The community is great and close so demand for rentals there outweighs the supply. I ran some comps on Rentometer and got 1595 a month average for a 2 bedroom house in the area, I would say you can push to $1200 a month without issue. You have a solid B class I like the numbers on the report. 

I am going to message you a screenshot of the comps I seen in the area. I am local feel free to reach out I would be happy to help analyze the deal for you. 

@Duy Mao

I got an email for a bus tour of the city. I am not going myself but it could be helpful for you. 

https://www.eventbrite.com/e/rehabbed-and-ready-open-house-bus-tour-tickets-63770398980

@Anthony Fecarotta

I always like to start by looking on the MLS for tax records, this helps show who currently owns the house. If that is not successful I try to skip trace it, I use spokeo great tool for skip tracing. I recommend reaching out to the big REO agents in the area they might have a connection with the asset manager and could possibly give you more info, but this is hard unless your a big player and have established a relationship.

If this place is owned by a distressed seller who is tired of being a landlord you might be able to buy it real cheap using wholesale techniques. Feel free to message me if you have other questions. 

@Matthew Reichert

It is a newer program and not sure if they do require it every year. PM me if you would like some recommendations on management. 

@Matthew Reichert

The property managers typically take care of that if they are good and on top of it. You will most likely have to pay an additional fee to have it done but a PM will be able to take care of it. Lead inspection costs around $600 to complete and typically lead remediation is minimal and costs less than a few thousand. 

@Mike Mannello

Your best bet is to BRRR in the suburbs. Detroit being a street by street basis its a nightmare to get a good appraisal even in the hot areas. A couple good suburbs where you will pass the 1% rule are - Harper woods, Roseville, Warren, Eastpointe, Clinton township for east side. For west consider Redford, Taylor, Dearborn Heights, Westland. The suburbs have stable comps and you will be more successful. If you buy Detroit you are most likely going to need cash and buy them for their cash flow not market value. Hope this helps.

@Brandon Parkes

Check out NREIG they are one of the best insurance companies for investors. 

https://nreig.com/

I have gotten some great rates and good coverage from them locally here in Detroit. 

@Dustin G.

My personal experience with inkster has been good. Its very similar to the Detroit market in a few ways. The city did declare bankruptcy a few years ago and there is no school district within the city. The residents have to go to school mainly in Taylor or Dearborn Heights. You can get an entry point as low as 30k for a home that rents out for 600-700 a month. There are quite a few homes that can get over 1k in rent a month but pricing is a little different. Keep in mind the city is between 2 other nice cities and its only a matter of time before it revitalizes and appreciates. I would play this as a buy a hold until the area stabilizes and appreciates. I have seen ROI in the 16%-22% range here.

Feel free to message me if you have any other questions. 

@Devon Kennard

Welcome to Bigger Pockets. As a local you have an advantage have you checked out any local investor groups? There are a ton on Facebook that post events where we all get together. It would be a great idea to join and meet with the community a lot of good networking. 

Detroit is moving up there are a ton of buy and hold opportunities in specific areas. Feel free to message me if you need some additional info. 

@Leanne Robinson

James hit the head on the nail again! The team you have will make or break your investment. There are some good turnkey providers in the area if you want to go down that path. There are also quite a few agents and wholesalers on BP that can be of benefit to you if you go that route.