All Forum Posts by: Account Closed

This formula stays in my binder, I have dozens of books but I'll try to find which one I got it from. Have you had the property apprised ?

Duplex GRM = Property Value / (GSI of Unit 1 + GSI of Unit 2)

Have you checked the MLS? If there aren't comps there I personally would value the property relative to its potential rental income using either the gross rent multiplier or cap rate method.

Hello Erik

To Keep it short I'm a Real Estate agent and im very familiar with the Dearborn area. In my opinion this sounds like a substantial investment, and there are plenty of solid multi-family renters in the following markets:

• Dearborn
• Dearborn Heights
• Melvindale
• Westland
• & other cities immediately North, East, or West, of Detroit 

You're spot on about renters paying less for a duplex over a SFH but as you progress in the multi-family market you'll notice the differences aren't much if you choose the right property, construction finishes/overhead, tenant screening processes.

In that area once the property is stabilized its easy to calculate the ARV, if the property is vacant I would use the 70% rule(or less in certain areas) when determining a bid price.

Jeremi Singletary

REALTOR®

Servicing Metropolitan Detroit(MI)

Wow, what an informative and inspiring story Collin. Right now I find myself in a similar predicament to you following your enrichment of knowledge from real estate books and guides. I've read most of the books you've listed, heard all the podcasts, and now I'm searching for an experienced investor willing to mentor through my first deal. Acquiring 92 units in 16mo is an amazing accomplishment and spot on for the goals I've currently set for myself.

Congratulations and keep crushing the real estate holding game!

Hi, as the title says I'm newly licensed here in the Metropolitan Detroit area(Michigan). The process of completing the required education, PSI examination, and deciding on a sponsoring broker were all easier than I expected. After conquering that hurdle I find myself before the Biggerpockets community, looking for guidance from skilled professionals willing to bestow wisdom earned from experience. I'm looking for any advice finding residential buyers and sellers, as well as sponsoring apartment syndications starting at 8+ units. Getting started as an agent I have zero contacts and zero experience, considering, I'm willing to exploit unconventional methods of finding clients as a way to enter this career field.