All Forum Posts by: James Smith Moore

John Fedro
Thanks for your feedback. Yes I was referring to homes, but your comment about how much to charge definitely helped. Affordable monthly rent should equal a comfortable tenant. Thanks again!

Carl Schmitt
Thanks! Yeah in Detroit, there are SO many homes that are not in bad condition or in bad neighborhoods for $5,000 or less. I can rehab them, throw a tenant in place with rent to own terms maybe even something like 20% of rent applied to ownership of home instead of each payment going towards the purchase. I feel this could be pretty lucrative if done right. This is also what I was thinking- Detroit they say is a renters market which is one of the reasons why these homes are just trashed and not cared for. If I can promote home ownership and get tenants in affordable homes that they OWN- maybe they will take pride in owning the home and not trash the place and care about the neighborhood they live in.

Geof Greeneisen
Hey Geof haha right that would be terrible! Right now I'm looking into starting a rent to own real estate investment company helping residents own homes with a RTO program. I'll also be purchasing homes myself for my own cash-flow. Let's stay in contact!

Joshua Dorkin
Thanks Joshua, yeah I'm pretty excited about jumping in now since I've found BP. Seems like a pretty informative and motivating place to be online. I'll definitely be involved here.

Julie Grupke
Hey Julie, I'm seeing that already. I actually thought BP was just for entrepreneurs until I found out it was JUST for real estate then I joined and haven't looked back. Let's keep in touch.

Thanks for the welcomes

James

Brandon Turner
Prices are pretty cheap here. I've seen plenty of homes for sale in Detroit for $1,000-$5,000. These homes however are stripped and in terrible condition. There are homes in Detroit that require minimal rehab for $5000+. I also checked into John's model as well. Thanks for the feedback on the concept as well!

Manuel Acuna
There are homes in Detroit in safe neighborhoods the problem with them is that they have been stripped and are in terrible condition. I will also need to include in the business plan how we will reduce the risk of theft. Any suggestions here? Maybe locking stuff up taking appliances out of the property storing them in a storage unit until its rented? I'm sure there are some ways to lower the risk. I'm open to anything.

Rob K
Thanks for the feedback. I like the idea of installing carpet only before the tenant moves in the property, sounds like a chore but I don't mind taking the steps to make the operation successful. I'm also thinking that a street patrol would help as well in some of these neighborhoods and MAYBE I could get some of the neighborhoods to chip in on the service so that particular street could have 24/7 patrol- Or creating the service myself eventually to monitor all of my properties in the Detroit area. I'm interested in innovative ways to lower the risk and increase ROI in areas such as Detroit.

Thanks everyone for your help! You've got me moving in the right direction.

James

Hey BP!

I'm looking into creating a real estate company that makes home ownership affordable and simple for individuals in Detroit, Michigan who may not qualify for a traditional mortgage- or who THINK they may not qualify and the renter who has been renting for 3 years for $650 and is ready to own a home. I believe this could be a lucrative but possibly risky venture in Metro Detroit, receive cash flow and create home owners without dealing with the renter mentality since the home would be there's in a short period of time (2-3 years).

The company would make home ownership affordable and simple from the website to closing the deal.

Here's the process I'm considering:

1. Purchase home in safe neighborhood in Detroit, Michigan ($1,000-$5,000)

2. Rehab ($2,500-$5,000)

3. Sell on "Rent to Own" terms to tenant for $20,000 with $2,500 down and payments of $486 per month for 36 months. This is just as an example the price of the home could be more since it is a riskier deal.

"Why rent when you can own"

Here are my concerns:

1. If the tenant stops paying on the home would the tenant just lose the home?

2. How much is too much when creating the profit margin? I would probably need to make at least a 50%+ profit margin to balance out the risk.

Any thoughts or concerns would be greatly appreciated!

I think Detroit, would be the perfect place to launch something like this. In Detroit, there are so many "EZ" financing businesses from car lots to jewelry to car audio. We wouldn't be as cheesy as those places, but would use the business model.

I look forward to your thoughts,

Thanks

James

Thanks again Brandon Turner

Brandon Turner Cool! Thanks
Phillip Dwyer perfect I'll do that tonight. Thanks for the luck!

Brandon Turner

The end goal is to acquire and hold established multi-family properties. I'm thinking 50+ units per property. This is however after I build a foundation of 10+ single family and duplex properties so they can be used as collateral to obtain financing for the initial commercial complex with 50+ units- then keep adding on from there with additional apt complexes. Is this the right thinking?

Also thanks about NYT!

Glenn Espinosa

Thanks for the advice and the welcome. As soon as I locate my first deal I'll post! Let's stay in touch.

Hey Everyone,

My name is James Smith Moore, I was born and raised in Detroit, Michigan which is where I currently live. I've been an entrepreneur my entire life from breeding and selling lizards at 15 to launching my own Sneaker Line in Detroit, Michigan called Jimmy Kicks that was featured in dozens of media outlets around the world including the New York Times

Unfortunately things had to come to a hault- but that didn't stop me!

I've always had an interests in aquiring established businesses that could be ran semi-absentee and other income producing assets such as vending machines and real estate.

After doing tons of research, the Real Estate bug hit me and I fell in LOVE with the advantages and opportunity real estate had to offer. The thing that stuck out the most was how much you could LEVERAGE real estate to scale and grow an empire.

I then took the 40 hour Pre-Licensing RE class just to learn more about the practice and decided that I would become a Realtor and investor in the Metro Detroit area.

I'll be passing my exam within the next couple of weeks and will be looking for my first investment property to launch my RE portfolio.

I'll be targeting single family and Duplex homes in Detroit initially and will leverage that foundation to acquire Multi-Family units with 5 or more.

I look forward to connecting with as many people as possible on Bigger Pockets and getting the most out of this experience. I love connecting with motivated, driven individuals so let's connect and get some ideas and deals on the floor!

Peace!

James Smith Moore