All Forum Posts by: John Kim

Hello BP!

I'm excited to put myself out there and be a part of this community. The idea of taking some real steps in real estate has absolutely captivated me... and I'm really interested in the prospect of investing in Detroit as a long distance investor. I've developed an aim for single-family homes within the $75k-$95k price range, and exploring the potential for Section 8. As I chart this journey, I've been reminded about how important a team with local knowledge, strong property management, and meticulous tenant screening. That said, despite all of my enthusiasm and good intentions, I'm acutely aware of how new and naive I may be to this field.

I would love to connect with any and all of you. I'm here with an open heart and mind and eager to soak up as much wisdom and advice as I can from this incredible community.  But beyond that, I’m really hoping to foster long-term relationships and am eager to find ways to not just benefit from your wisdom but also to give back to this community in any way I can. Whether that’s sharing insights from my journey or supporting you in yours, I’m here for it.

Thanks for reading. Would be thrilled to connect. 

John

Hey BP ,

I've been seeing numerous rental properties that appear lucrative at first glance due to their strong rental prices and existing tenants, presenting what seems like a promising investment opportunity. However, I'm curious about the underlying factors that make these properties available. If these places are generating positive cash flow, what potential red flags should an investor be on the lookout for?

Additionally, does anyone have strategies or advice on how to confirm that the reported rent is actually being collected as stated? Is there any information to tell if the seller is distressed due to the tenant? I'd appreciate insights on how to navigate this aspect.

Thank you in advance for your guidance!

 DM sent to the both of you. Thanks so much!

I'm 100% overseas now and no longer feel bound to invest in the city I live in. I'm also relatively young and interested in some more "challenging" investments (although recognizing that I would have to do everything remotely and source through a property management company like yours). These have kind of led me to Detroit. 

The numbers make sense to purchase a sub $100k property and put it up for Section 8. But I see  so many people swear against Section 8 that it makes me think that I may be oversimplifying this strategy. Even when sourcing a Section 8 tenant through a company like yours, what are the biggest challenges for investors in this space?

I'm interested in some more "challenging" investments.

 Hey Russel, it's in Kingman Park. 

Hi BP, 

As a newcomer to the real estate investment scene, I wanted to see if anyone had experience with Section 8 investments in Detroit. I’m particularly interested in learning about areas within the city that hold promise for such investments. If anyone is willing to share their experiences, advice, or point me towards resources that could help in understanding the market better, I would be immensely grateful. Your wisdom and insights would be invaluable to me as I take my first steps in this journey. Thanks so much in advance!

Hey BP, 

New to this forum and thankful to be a part of the community. I have a 2bd/2bath condo in DC that I purchased with my family back in 2019. The condo at the time was around $500k and we put down a large downpayment to keep our monthly mortgage low. In 2022, however, I got a new job that brought me overseas and thinking we may come back, we decided to rent it out temporarily. However, we will most likely never return to this house. Here are our numbers. 

- Mortgage plus HOA ($1800)
- Interest (3%)
- Rent ($2200) will most likely raise rent to 2300 in July 2024. 
- Rate of appreciation is pretty low

The only pro we have going for us is the interest rate. But I don't know if it's worth maintaining. Would love to hear your thoughts.