All Forum Posts by: Leo Furest

Dillon, as you can see your post is full of NOers. I have been doing real estate investments in Detroit for a year and a half while being out of country, so I don't accept NO's. DM me if you want to connect.

hi Bryan, I don't know if you are still interested on this. I can tell you I am a foreign investor that has been investing in US real estate for 5 years. First in Florida and 2 years ago started in Detroit with a lot of success. It was not easy, I travel every month to monitor my business and have my local team composed of 30+ people, among handyman, realtors, CPA, inspection company, etc. I have both a solid rental property portfolio I owe and have been doing some flipping approach. I am interested in further discussing about some potential partnership in Flipping properties. Are you in?  Best, Leo.

Originally posted by @Kelli P.:

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! 

Hi Kelli,

I was not only a newbie but also an out of country investor! In less than a year I have purchased, rehabbed, and rented almost 50 properties! Of course you can do it!

Agree with all folks here! I have bought in East English Village, Boston Edison (overpriced for your budget), North End, Bagley, University Districts and very happy so far. However I disagree with them in regards to Highland Park, there are some interesting blocks there, that are coming to life again (south of the freeway).

Hi @Misha Taylor:

I really like all Detroit related posts!

I am an out of the country investor, and Detroit is my second market doing it remotely (after starting many years ago in south Florida that now is still hot market). I have traveled to Detroit in the last two years more than ever destination in my life (I must take 2 flights, 7 hr and 3 hr duration each EVERY MONTH). You have to be involved in the market, you MUST develop a local team (reliable and trustworthy) and the only way to doing that is investing, investing and investing. Network is key. Go to meetings, visit the neighborhoods, talk to people, ask for references, etc etc etc. I agree with many of the other members of BP in this post, Detroit is not an easy market, still many pockets in the city, poverty zones, local Detroiters codes that must be attended, but at the end of the day is a powerful and big American city that is coming back (see GPD/Capita increase, unemployment rate decrease -still high for U.S. 9% in comparison with a national average of 3.9%-, an improvement in the family household income) that can make SOME investment thesis work properly. 

I have purchased 50+ properties in the last year (SFR), rehabbed them (rehab duration 10-15 days) and rented (takes no more than 2 weeks). I am expanding the business this 2019 and like @Marisa R. said you must have people on the ground being the guardians of every penny. In my personal case there is No vacancy, no late payments, no evictions (so far, evictions will appear for sure). Key here is focusing on neighborhoods that are coming back and have a relation homeowner/tenant 40%/60% (sometimes more). I have also established some criteria to my realtors and property managers in terms of areas to focus, type of tenant desired, etc. 

I recommend a post created by @Rebekah Keller (https://www.biggerpockets.com/forums/697/topics/48...) where you can also find very interesting tips on those market challenges.

Enjoy the ride and let us know how your Detroit adventure goes!

Hi Cliff, I am not Chinese. I am based out of the country and have been investing in U.S. real estate for a while. South Florida and Detroit, MI. my main target is buy and hold both SFR and condos. I am a long term rental property holder. I am former investment banker and have my own investment boutique. I am interested in developing a new product in Real estate for my investors and I, in Central Florida. South florida is still hot and this year I am definitely consolidated in Detroit with +200 doors. I see you are located in Tampa, I have heard a lot about Tampa and Lakeland. I always have to develop a local trustable and reliable team to engage in a new area. Can you please tell me more about this "Chinese type properties" you talking about? I have been very active in Detroit (where Chinese are also).

Hi guys! I am overseas investor (far away than being out of state :) and have been investing for over. year in Detroit with great results! I am very hands on and also is my local team! We are mainly buy and hold investors but look at all type of deals if they are worth!

Take care

Marissa, good to read your post! I could not agree more. I have faced many challenges being an overseas investor, but is definitively with the effort. I have purchased a lot of SFR for buy and hold strategy in many zip codes (Bagley is pretty nice though) and everything has been very smooth. I really trust my local time, they rae tied to results. 100% occupancy / no evictions /no late payments. Let people thinking that Detroit is an "estigma" and we will keep doing business there! LOL

Originally posted by @Marisa R.:

Hi All

Nice thread

I have posted some of my deals on BP for those interested, sub $50,000.

Lots of good advice here.

Do I like this market? Do I believe there will be appreciation? Its already happening, but its dependent on what and where you invest.

I am loving Bagley at the moment, seems to be quite hot.

This market is a tough one, not impossible to make it work, but requires lots of homework and networking with good people on the ground.

Never under estimate how difficult it is to source a good property manager, key to success if you are an out of State investor.

Comps can be all over the place, therefore it is critical to understand what is selling and price on a micro level.

I think Detroit is a great market for investors and I believe its on the cusp of a rise, but as I mentioned before where and what you buy.  I don't believe its a passive investment, its not set and forget, you have to work it. Certainly what I have been doing. 

I know some investors will make it work and will make money.  All the best to everyone

Originally posted by @Cassandra Sifford:

@Leo Furest ... I'm doing well!  I hope all is good with you :)  I'll take a look at them.  Thank you for chiming in as I'm collecting as much knowledge and thoughts as I can on the Detroit market.  

Well wishes to you with your buy and hold strategy...  Cassandra

I am glad to read that! Anything you need just let me know!

@Kimberly B Bell hi! I hope you found a solution and some tips to start investing in Detroit! I live outside IS and I have been investing in Detroit for more than one year...I travel every month! If I can be of any help to you just let me know