All Forum Posts by: Shaun Drone

You basically summarized what it has taken me about a month to figure out. It seemed like a good opportunity at first, but it appears the word is out and it appears more large companies are involved now.

I will most certainly DM you to discuss more.

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Stephen Lovett welcome to BP. My wife and I are newbies to the investment arena in the area. We currently have one condo renting in the Southfield area. We are looking for more opportunities in the greater Detroit area. I completely understand what you mean about the information drawing attention. My wife and I came across a few areas in Detroit we considered purchasing through an auction. Looking at previous purchases we felt we would not bid over $15k to leave room for renovations and unexpected costs. House ended up selling for $32k. This is only one example, therefore I can attest that some people are seeing the increased value in the area. Oh and rentals in that area are going for no less than $750/mo for 1000 sq ft.

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Originally posted by @Darren M.:

Hello @Shaun Drone! I'm from ohio as well, O-H! That's right, @Scott K.

haha.

Welcome to the boards, there is an unbelievable amount of resources on this site and the podcast is a great start.

Hopefully Detroit can get things heading in the right direction and you can make a killing on your investments!

Darren,

Thanks for the welcome from another Ohio boy. I'm getting positive feedback and information already. I'm still learning how to navigate and get the most out of this tool.

I definitely think the area is on a come back. I see a lot of traffic at auctions and the most recent sales have double in the final price. I plan to get in before prices become out of hand.

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Originally posted by :

HI Shaun,

Welcome to the The Game.

You are looking for your first property? I don't know what type of cash and credit you have. But I'm three years deep in this. So I'm just past training wheels.

I highly suggest anyone doing this the first time if you are not flush with cash. Go Duplex in a working class/middle class city. So your side of town, Westland, Garden City would be solid. If you have some extra cash and can stand higher monthly expenses Ferndale is good too, if you are coming back east.

Or you could go Middle Class/Upper Middle Class Area, condo with low fees. Canton, North Farmington, Commerce, even Novi might have a deal you can score.

Try to avoid anything requiring a lot of work on your first time around. Paint, carpet, etc is cheap, and labor is easy to come by. But electrical, plumbing, and other "guts" related stuff on your first go around I would shy away from. You want to close the property and have a paying tenant in less than 30 days. You have 60 days until the first mortgage payment so, those first two months rent help you with cash reserves, and offsetting renovation cost.

After you do one or two properties, then try stuff more risky. The amount you learn on your first 1-3 rentals is insane.

Good Luck!

Chris,

That is good information my friend. I will be looking to engage in the local REI meetings. We currently have one condo in the Southfield area and are looking to make another investment.

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@Lynn Lewis I have made 2 connections with individuals who have a total of 7 homes between them in the area. One gentleman owns two with his wife and combined with outside investors to buy two more. The second gent owns one and bought another he is renting to his cousin.

I have learned about time to profit, researching rental prices, and the value of seeing a property first hand. This last detail is key in his area as often homes look good in pictures, but are in the block with 6 abandoned homes. I'm not looking for that type of investment.

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My name is Shaun and I currently live in Southfield, MI. I'm a transplant from Ohio and have been in the metro Detroit area since 2008. My wife and I currently own a condo and out looking to capitalize on the available properties in the Detroit area. We are looking to expand our knowledge of repairing homes ourselves and discovering diamonds in the rough.

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All Forum Posts by: Shaun Drone

Shaun Drone has started 1 posts and replied 6 times.

Post: New to BP... Active Investor in Detroit

Post: New to BP... Active Investor in Detroit

Post: Newbie from Southfield, Michigan

Post: Newbie from Southfield, Michigan

Post: Newbie from Southfield, Michigan

Post: Newbie from Southfield, Michigan