All Forum Posts by: Kelli P.

@Ericka G.--brilliant--thanks!

Awesome info and advice from @Ericka G. and @Patricia N.!  I really appreciate your input! Ericka, congratulations on achieving financial freedom through real estate! #goals!  I love your advice about the dummy ads! The only problem seems to be that the good properties are being scooped up very quickly, so I'm not sure if there would be time for that to play out.  But I'd love to give it a shot!

Looking at a 3 BR/1.5 Bath SFR on Whitcomb between Lyndon St. and Grand River Ave--looks to be in or bordering the east side of the Grandmont Rosedale area. Is there anyone here who happens to be familiar with that block? From photos it looks to be a well maintained block--no boarded up houses or garbage on the streets and the lawns look well-kept. I have a broker stopping by it today to take a look, but just wondering if anyone here knows the area and what your thoughts are. Seller is asking $65K and has presented a scope of work to be done to get it rent ready (price includes scope of work). Seller predicts possible rents of $900/mth. Obviously, I have a lot more diligence to do, but I was just hoping for some initial thoughts from those who are familiar with the area. Thanks!

Thanks for the clarification @Larry Stone.  Good advice.  

Thanks so much for your input @TC Greenwood @Gary Carver @Marisa R. 

@Larry Stone you paint a pretty scary picture.  Unfortunately, local investing for me in New York City is not a viable option for a buy and hold strategy. So wherever I invest, it will be long distance.  I will continue to do due diligence in Detroit, but I'm also looking at areas in Georgia and Florida as well.  Thanks!

@Yeato Duncan and @Dorian Wright thanks so much for the advice.  Although I'm anxious to dive in, I will take my time and focus on finding good people to work with.  If I find a deal, I will be sure to post an update!

@ Patric

@Patricia N., thank you for that good advice.  I was just speaking to a Detroit realtor today who said the exact same thing about the certifications. 

@Rose Jones that was a great article--thanks so much for sharing.

It's really interesting that there are such mixed opinions on whether Detroit is a good first move.  I am still encouraged at least to continue to dive deeper and investigate.  I do like the idea of my investment contributing in some small way to the revitalization of such an iconic city.   I think it will come down to (as it will anywhere but maybe especially there) whether or not I can find really great, trustworthy people to work with. 

Hi @Alvin Neal!  I'll be investing with cash.  Are you aware of whether or not lenders are willing to refinance these properties once they have been rehabbed, rented and are cash flowing?

LOL! Two opposite opinions but it sounds like both @Kyle Shankin and @Jamiel Strickland agree that the city is on the rise but would be a challenge for a new investor.  But I do feel like long distance investing anywhere will be challenging by nature.  I'm wondering, for those of you with boots on the ground in Detroit, does the revitalization feel substantive and durable for the long haul buy and hold strategy? Any opinions on which neighborhoods are on the rise or which to avoid?

Hi BP Fam! I am a newbie investor and  I've been doing a lot of research, reading and podcast listening over the past couple of weeks and came across BiggerPockets along the way.  Currently, my goal is to start with passive investing in SFRs to buy, rehab and hold for cash flow. Based on my research, I am really drawn to the Detroit area.   There seems to be opportunity for good cash flow in some of the up and coming neighborhoods.  For those of you seasoned Detroit investors, do you think it advisable to start as a new long distant investor in Detroit given the challenges of finding good neighborhoods?  I know having a good team on the ground will be key, so any tips or referrals in that regard (starting with a good real estate agent, contractor and property manager) would be great!  Right now the areas I'm considering are Fitzgerald and Grandmont/Rosedale.  Any and all thoughts and advice would be greatly appreciated!