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All Forum Posts by: Joe Doman

Joe Doman has started 27 posts and replied 121 times.

Post: Rentals in the Ann Arbor area

Joe DomanPosted
  • Investor
  • Canton, MI
  • Posts 131
  • Votes 32

I grew up in Ann Arbor and my family has owned 3 rental units down town. At retail prices, it is very hard to cash flow but it is possible. Student rentals is big business as you can imagine. Any sfr property that has space to add bedrooms is a plus. I am a licensed agent and have some off market deals in the pipeline. PM me if you would like to connect!

Post: Looking for a realtor in Detroit

Joe DomanPosted
  • Investor
  • Canton, MI
  • Posts 131
  • Votes 32

Hey @Aaumir U

I do a lot of marketing for off market deals in Ann Arbor and Detroit. (And everything in between; Westland Garden city, Livonia, Canton.)

PM me, I would love to talk. -Joe

Post: New Investor from Ann Arbor w/rentals in SoCal

Joe DomanPosted
  • Investor
  • Canton, MI
  • Posts 131
  • Votes 32

Welcome to BP @Michele Green! I grew up in Ann Arbor so I am very familiar with the area. I do a ton of marketing in and around the area and I am also a licensed agent. PM me if you would like to connect.

You could get a cml loan. From my experience though, as a newer investers they looked at my personal financials vs looking at the performance of the property, similar to conventional financing.

You will need to have a bigger down payment. I recently got a quote on a 10 unit where 35% was required as down payment. 

But you will have to talk to a few sba lenders to get a good idea what you can qualify for. 

You can qualify for a conventional or FHA loan with a 4 unit as long as you qualify the dti. You cannot use the future income of the property you are buying, but you can use the income from your current rentals as long as they are seasoned a year or two. Talk to a local bank or credit union to see if you can qualify. I have a good contact if you need it. Pm me

Post: New RE Agent Looking for Brokerage in SE Michigan

Joe DomanPosted
  • Investor
  • Canton, MI
  • Posts 131
  • Votes 32

Hello all,

I just passed the RE salesperson exam in Michigan and now I am looking for a Brokerage to hang my licence. Does anyone have any recommendations? What should i look for as a newbie. Do some companies offer perks for investors such as property management? I live in Canton near westland, livonia, plymouth, northville, novi, Ann arbor.

Would love to hear any advice.

Post: Avid Podcast Listener! Investing in Metro Detroit!

Joe DomanPosted
  • Investor
  • Canton, MI
  • Posts 131
  • Votes 32

@Doran  Brooks, sorry for the confusion. Yes, the duplexes I am familiar with in Canton are Colonial style and are about 1,000 sft per unit. They come in many shapes and sizes. With mine, one side is 1000 sqft and the other is 1,200 and has an attached garage.

Post: Avid Podcast Listener! Investing in Metro Detroit!

Joe DomanPosted
  • Investor
  • Canton, MI
  • Posts 131
  • Votes 32

I live in Canton and own two duplexes so I figured I would chime in. The area is very good. I have found that families are drawn to the school system. Canton is in a good mid way point from Ann Arbor and Detroit. I have tenants that work at U of M and Ford. Similar to novi and surrounding areas, the market is heating up and cash flow is very hard to come by, even with small multifamily. Ex. One 2br duplex recently sold for 230,000. Rents were 950, market around 1,100 to 1,200. Let me know if you have any other questions about the area.

Post: 19th Rental closed! Package of 5 condos

Joe DomanPosted
  • Investor
  • Canton, MI
  • Posts 131
  • Votes 32

That's awesome! Seems like a great deal!

Post: 1st Rental, Current Homestead - Advice needed

Joe DomanPosted
  • Investor
  • Canton, MI
  • Posts 131
  • Votes 32

 I agree with Don, consider if you did not own now, would you buy as a rental? I guess it depends on your goals. Are you looking for cash flow, or willing to bet on appreciation (and can you weather an economic downturn?)

Ann arbor is an exciting place. Have you considered renting on airbnb? I have seen 2 bedrooms near the big house rent for 1,500 a weekend for a game. Will take a little more time and effort but this being your first property, maybe it is a good fit. We have done airbnb with our primary and we live 25 minutes from aa. We get consistant requests from folks wanting to stay for events in ann arbor.

Run a conservative analysis  as a short term rental and I think your cash on cash should would be double digits. 

-Joe