All Forum Posts by: Jose N.

I currently own and manage 32 single family homes successfully in Detroit.  I have everything in place and stabilized with 100 percent occupancy at market rate rents. 

I'm looking to partner with someone who has the capital, but does not necessarily have the knowledge or resources to be successful in Detroit. I'm open to discuss and come with a plan that we can mutually benefit from.

I started with one, then every couple of months added 1 up to the 7th unit, then took a plunge on my first portfolio. I think I've made some good connections thus far. A handyman that does honest work (had a few that didn't and one that ran off with a few hundred bucks). A good contractor that has established themselves in Detroit and a realtor/broker that runs all over Detroit checking out properties I find on and off markets. During this year, I've experienced inheriting a crooked property manager I let go on day 1 that tried collecting rents from tenants weeks after, an eviction (same person) and a successful lawsuit against a non performing seller that backed out the day of closing. I've learned and have grown, this gig is not for the weak. 

I'd say it's mainly the plumbing, the infamous "stack" and the cast iron drain lines and the galvanized water lines behind the walls. I picked up a portfolio of homes the previous owner had for 15+ years so I'm dealing with what seems to be a lot of deferred maintenance. The previous owner thought it was a great idea to install central air in 14 of the units.  I changed the roof (full tear off) on a colonial including it's garage in E English village for $9k which I thought was pretty good. I'm not new to being a landlord in Florida, but am newer (1 year) to being one in Detroit. I have 21 homes mainly bungalows and a 2 unit flat throughout the east and west sides. 

 Thank you, you've made some valid points.

What are the options to help mitigate maintenance costs. These vintage Detroit homes are lovely but they sure are higher maintenance due to their age. Service warranties? A recommend contractor? Any experienced advice would help and be greatly appreciated.

I'm looking at the protocol to register and then have the safety and lead risk inspections, fix any issues and ultimately get the certificate of compliance for 3 years, then repeat. Or the alternatives are to receive BSEED tickets, tenants can put rent in escrow, etc. Why do around 90 percent of landlords, even ones with decent houses choose to not comply in getting the CoC?

My guess is that they are legitimate but maybe use different domain names that funnel to the same investor/s for private lending deals. So long as money is not asked for upfront and you have the option to use your own title company, my guess is that the only risk then is giving up your private information. 

Yes, they are tenant occupied SFR around $60k, 3 bedroom brick houses on decent streets.

I reached out to them today calling their 813 area code number (Tampa FL) which sounded like it linked to a remote number and had a brief conversation with Michael. He asked for an appraisal on one of my properties in Florida and seemed ok with taking a second lien position. I asked about costs/rate/terms and he said "6 percent" interest for 5 years.  Their registered domain name is new, registered on January of 2024 and registered for 1 year. https://www.whois.com/whois/mgservicingincorporated.com I've dealt with hard money before with clients so I understand that its not going to be presented as polished as an established lender or bank. I'll keep tabs on this thread to see if someone else has any deeper experience with them before I proceed. 

Hi,

I've been buying houses, one by one in Detroit using traditional lending (Conventional and DSCR). I've found a portfolio of 15 homes (could be split if necessary) but wanted to know where I can find a lender that will finance it in its entirety instead of individually? Im not sure if this is called a blanket or portfolio mortgage. Any input would be greatly appreciated, thank you.