All Forum Posts by: Justin Brin

@Justin Brin

I get what you're doing with the data, but sometimes you've gotta step back. Pick a market not just by the numbers but by the people you're in it with.

@Justin Brin I'm a big fan of Tulsa. I've been investing there for a couple of years. I've done two flips there and one BRRRR that I still own. I'm about to do a rent-by-the-room/co-living property there, since current LTR rents don't cover the mortgage with these interest rates.

@Cara Sides is your go-to in Tulsa for property management or agent needs! Shes awesome! 

Quote from @Justin Brin:

@Bob Stevens I noticed Cleveland OH population is declining:

How much will it affect appreciation in the long run?

Where are all the vacant units in the area?

I have been hearing this for 10 years I don't " by " it. Everything in all of Cleveland and burbs has doubled, tripled quadrupled or more OH City/ Tremont about 8 times increase.  Massive infrastructure 2 lanes to 4 4 - 6. New restaurants, hotels, massive new residential buildings. When I was there in July, I could not believe the conversion on Euclid Ave in the heart of the city The roof top, pool spa will compare to a hotel in S beach. 24-hour concierge, and high-end appointments. Kimpton, The 9 and more, Try getting a room there during the summer. The Flats, also doing very well, Aloft getting 500 per night during the summer. Try getting a room at Marriott Key Tower during the summer.  Amazon building 2 mill sq ft in the heart of it all. Sherwin William building a 30-story building downtown, and so much more. 10 years ago, you could buy in the nicer areas all in 30 35k with 1100- 1300 in rent. Well now those same properties are 120k++ MF were 5- 10k per unit, now 45- 65k, and there is no inventory. East Cleveland has also done very well and is IMO going to be the next boom! Try buying a MF along Euclid Ave from CC east to the RTA, nothing out there. I just locked up 7 more all in under 80 each, all have rents from 1100- 1400, all have values from 100k- 125k. There is a reason investor from around the world have been and still are buying there. We are trying to buy everything we can in parts of East Cleveland, I bet everything you read on the internet is telling you to run!! Well, that's what they said, 5, 6 7 8 years ago about ALL of Cleveland, and look how that turned out. 

Good luck 

Rent is decent, I have no doubt the property manager would get another $100/mo which is nice. My real target is if we'll be able to get that back on the refi, or if going from 1 to 2 bathrooms will net another 7-10k on an appraisal. 

Hey y'all. First investment property under remodel. The home is a 3/1 with 1300 sq ft. The bathroom is large (250sq ft), and we originally had the idea to BRRRR it without touching the bathroom. However, during the remodel, we were given the idea to split the bathroom in 1/2 which would still have the main bath, but also create a master bath as well. The PM suggested we could get another $100-$150 on rent, and were quoted just over 6k for the work. If adding the second bath will add the 6k+ to the appraisal on the refi it would be a no brainer, but can't say with certainty. Does anyone have thoughts/experience on which choice they would take?

Metro Detroit has what 99% of Real Estate Investors want. 

Couple hundred bucks a door monthly cash flow, double digit ROI, and yes the prices appreciate and you build equity.

I cash flow $100k a year off 20 doors and have built a ton of equity in a short amount of time. Happy to send a screen shot of the portfolio to anyone who wants to see, it just won’t allow me to attach pics to a reply.

Purchase: $80k-$130k

Rent: $1100-$1500 (no rent control in MI)

1% rule: 1%-1.4% rule deals

ROI: 10-14%

Cash flow: $250-$350/door (after all expenses and budgeting for maint, capex, vacancy)

Appreciation: 3-10%+ (has been double digit for a decade)

Location: C+, B-

These numbers are based on the "sweet spot" in Metro Detroit. These are largely in the suburbs and some markets within the city. You can find higher ROI (on paper) here and probably in other cities…but the probability of actually collecting rent significantly decreases. Where these numbers are found, there is a very high rate of rent actually being paid.

We have over a dozen Fortune 500 companies just in Metro Detroit with huge Healthcare, Auto, and mortgage industry National footprints. Ford, Rocket mortgage, Beaumont hospitals and more. All complimented with Amazon fulfillment centers, google, and more tech manufacturing jobs.

The bad reputation of “Detroit” comes from OOS investors wanting sub $40,000, D class properties. We don’t buy those. We have found what works and repeat it as much as funds allow. Detroit is known as the highest rent to price ratio in the country…and we’ve found the perfect balance of price/location within the area.

@Andrew Syrios, that doesn't make sense to me because counties wouldn't have anything to do with that. Felonies are serious violations of STATE law and prosecuted in state court. The STATE court would be the one with the records.

In MOST cases evictions are also probably in STATE courts as well, except perhaps some larger cities which might be permitted to handle evictions within their own city court system of some sort.

What I find (In PA) is that criminal and especially civil (evictions etc) ARE properly recorded and available on the STATE courts website but often times not picked up by background checks (mostly the evictions). I wouldn't buy their excuses because I always check my state's court website myself and find things the background check missed.