All Forum Posts by: Kass Farran

The city has been insanely good to me and my family, but yes... you do need to do a lot of due diligence and/or work with someone that REALLY understands the intricacies of the market. Happy to connect and see if I can be helpful.

How has your CapEx and turnover been in your experience with 12 units?

Better than you'd expect. Happy to share some data on it if you want. I'm quite public about performance numbers with my properties there.

That would be awesome!

My pleasure! Just sent you a DM.

Hey Travis, I'm interested in seeing this data as well.

0 Votes

Detroit, Michigan

Quote from @Christian Rodriguez:

My name is Christian Rodriguez, i am a real estate investor starting out still trying to find my first deal in the (US) preferably in Columbus, Ohio is where i am focusing my time on analyzing deals. Im wondering if anyone can tell me if they've had any past experiences, good or bad, that i should know about before really pulling the trigger, and also if the state of ohio is a tenant friendly or landlord friendly state.

this is my first of many more post to come from me about this market so bare with me here !!

Hope everyone is having a great year, Thank you!

Here's a quick resource to refer to in case you need it in the furture. https://www.hemlane.com/resources/ohio-tenant-landlord-law/

1 Vote

Columbus, Ohio

Quote from @Brandon Morgan:

does anyone have any experience with using their current homes equity for down payment on another home? I have a lot of equity on my current home and was thinking of taking some out in the form of a HELOC as a down payment. based on all my research it seems like a useful tool. I have over 200k in equity and I wouldn't need more than 50k for a downpayment. any advise on this?

Similar to others, i've used a Heloc as a down payment on my first 2 properties. I went through Comerica and they did all the work while I was overseas. No minimum monthly or initial draw and they allow 89.9% CLTV on a 10yr i/o and then it converts to 10yr P&I.

0 Votes

Hi @Jeff Yeager,

It's a little tough with no money down. You could try searching for land contract/seller financing but they usually want something down.

FHA financing will let you put 3.5% down if you make it your primary, not sure if you have any plans to move but that's a low downpayment option.

You could also take the private/hard money but they prefer borrowers with experience.

Do you have equity in your home to pull out on a heloc?

These are a few options but its tough to do it with no to little down payment.

1 Vote

Quote from @Account Closed:

Quote from @Joe Villeneuve:

Quote from @Jay Hinrichs:

Detroit is no different than any other cash flow market in the mid west or rust belt.

where folks get in trouble is going for the highest returns.

on paper to get the highest returns U end up with the cheaper properties that are in the worst locations.. and these locations have high criime poor schools and professional tenants/lifers.

If you simply google the median price of a SFR ( if that's what your looking for) in the city or MSA and buy at the price point or above or maybe 5% or so lower than that price point you should do OK with those.

lets say the median in Detroit is 200k what do you think the quality of a 80k home is in Detroit ??? just think of it logically.. you get what you pay for.

Regardless many do fine in the suburbs of Detroit where prices are higher schools are better and tenant base is better.

Just as a follow up. Way too many potential REI, mostly the lazy ones, think Michigan is in Detroit.

That would make it even worse. Let's keep Michigan where it belongs, in Windsor.

Can you elaborate on that statement?

0 Votes

Detroit, Michigan

@Alex K.

Take a look at https://logicalpm.com/manageme... for a breakdown of Detroit neighborhoods by class. It's a start but always do your own research and the best way to do that is to check out the area you plan to buy in.

You can also look at these deep dives by finding the area you are interested in, they are pretty informative https://www.biggerpockets.com/...

1 Vote

Detroit, Michigan