All Forum Posts by: Keyonte Summers

@Jimmy Booth

I've been using a HELOC to by low and rehab my Detroit properties. I have lenders that don't have loan minimums but you have to live in Michigan and the house needs to be live able .

Welcome to BP and goodluck on the journey. Attend some meet-up, network and get active. 

Send me these properties I am a buyer also and would be open to taking these off your hands if they meet what I'm looking for.

@Cameron Amateis

PM. Me I can refer you to the one I use. BP policy won’t allow me to boat contact info in the forums

@Brandon Parkes

This is very typical if the property manager company doesn’t get vetted. I would immediately get a new PM company ask questions get the answers you need that fit your mode. Just like your tenants get screened so should you PM . After that go after them for all money you should have collected from tenants . I would go as far as contacting the tenants and asking if there was any issues so you can cross reference these cost etc.

 After our last talk at lunch, it gave me perspective. All the home walk through we did last year, meetups, calls etc make no sense for people to cash-in on our efforts. I'm all for helping those that put in the effort and want to contribute to our success also.

I think you hit it on the nose with some of the neighborhood. I think the issue is that people expect that entire zip code to B class when in all actuality it might be a span of 3-4 blocks. This is what makes the Detroit market hard for those that dont take the time to actually investigate the neighborhoods. It took me months to investigate these neighborhoods, walking dozens of houses , talking to neighbors , countless hours o driving and people expect you to write a handbook on how to invest in an inner-city for the convenience of their wallet. Different goals require different strategies the zip codes I invest might not be the market for others why I walk so many houses in areas I like.   

@Paul S. I disagree. There are several pockets that are B class. My lastest rental fixed with the grosse pointe zip code with all their amenities but a Detroit property is B class. Less than a mile from St.John Ascension hospital, quiet neighborhood, public transportation accessible and business accessible. 

Research the area and blocks, the amenities, the type of finishes you should look for. Dont give Detroit rental Cali finishes you wouldnt get the proper return. If your looking for B class properties expect to pay for them. Good neighborhood cost and often over-saturated. Looking for the area's that are up and coming to turn into B class neighborhoods your return will be better and the home will appreciate more. 

The best thing to do is just to come and visit, first hand knowledge will help you make the decision on what your really looking for.  

@Kurt Rath No hard feelings, we are all here to learn and educate from our experiences but its not as bad as most media make it seem. It's good parts, bad parts and places you don't go if they are sketchy. Many OOS investors have targeted Detroit for flips over the summer for huge returns. The same with buy/hold markets.