All Forum Posts by: Joshua B.

 Exactly. And even if it's not designated multi-family per the zoning map, you'll want to check and see if you're grandfathered in via past use as a multi-family.

 Nailed it. Detroit's revival is mainly limited to a 3 mile by 2 mile area downtown (helping a few adjacent neighborhoods here and there, too). However, the city is massive. You can fit Boston, Manhattan, and San Francisco within its city limits and still have space left over. 

The city as a whole is not making a comeback. A small area downtown is. The jobs that were lost have not been replaced for the most part (a la a city like Pittsburgh). 

Detroit really needs to drastically reduce the footprint in which it provides municipal services before it can become healthy again. You could cut the size in half and maintain probably 95%+ of your tax revenue, which is nearly all downtown. Not even sure if you can do that legally, though, and it would obviously displace many poor residents. Short term pain for long term health may be necessary though.

Profitable deals in Ann Arbor can be done, but you're going to have to do it through value add if it's a property on the MLS. @Sarah Lorenz has specializes in that (her husband is a contractor). The ones I've done in Ann Arbor were off-market. 

With Ann arbor prices shooting up, you'd think Ypsi would benefit more but it hasn't really. I think it's going to be stagnant long term until they fix the dreadful schools. 

 While you're at it, I'd confirm with the city that there are no zoning issues related to hosting the wedding receptions. In SE Michigan, there have been a lot of issues with barn weddings and zoning. Property owners do them without making sure that that's an approved use under the zoning ordinance, neighbors complain, and then the city steps in and enforces the ordinance. Often, that can result in the wedding venue being shut down due to non-compliance with the ordinance. 

So, you need to think about zoning and then other things with which you may need to comply as a business (ADA access, restroom capacity, etc).

 Non-renewal of a lease is not the same as an eviction.

 I've been down the "have a discussion with the tenant" road. They will tell you "yes", and do the opposite within a week.

@Joseph Mayes - Investors are easy to find if you bring them a good deal. I'd start with that first. If you ask someone to invest, but have no deals to show them, it's kind of a waste of everyone's time.

 @Keith Jourdan handles a triplex for me. Can vouch that he's legit and knows the area well.

If you can get a 3% down FHA loan, I'd just buy in Ann Arbor. Only a few thousand dollars difference in terms of down payment between a $175k house in Ypsi and a $300k house in Ann Arbor. Plus, Ann Arbor taxes aren't quite as bad if it's a primary residence.