All Forum Posts by: Martin S.

We are originally from the East Coast but we are currently based in Midwest and that's where our rental property portfolio is. Eventually we would like to spend much more time in New England and NYC. We are looking to purchase a multifamily in Boston for up to $1 mil.  I've been doing research about the local market in Boston, especially in the city but I still have some questions about what to expect in different neighborhoods, cash flow and appreciation in different areas. 

Would anyone have 15-20 minutes to share their expertise over the phone in the next week or two?  I will be honored to buy you lunch or coffee in exchange for that phone call next time we are in Boston.

Thank you and good luck with everyone's dreams and plans for 2024!

The Book on Estimating Rehab Costs. I would recommend this book. J. Scott gives you estimates on various repairs but even more importantly helps you understand the mechanics of renovating a house. 

Thank you, Wayne. @Wayne Brooks. 

@Account Closed and others,  I'm about to bid on our first pre-foreclosure as well and I would greatly appreciate your advice. I know that due diligence is key. But how extensive the title search should?  40 year search by a title company is $250. Way too much to pay for multiple properties (at least for me.) Some companies offer a simpler search for $100. That seems more reasonable.  So how far back in time should the search go to have a good chance of not missing any liens and overdue taxes if I can't do 40 years? How can I make a decision here? Thanks so much, guys!   

 Christian and others, is the online list of properties an up-to-date list of what will end up being offered during the auction?  

Thanks so much, Joshua. I will take a closer look at Livonia. 

Thanks so much for the feedback, guys. And apologies, I should have been more specific. 

Basically, the way my dad presented it to me, he would like the rent from one unit of the duplex to cover the cost of the taxes, mortgage, insurance, etc. of the duplex. He would also like to live in a safe area. He wants to flip and hold not flip and sell. 

1. I was wondering whether there are micro markets in suburban Detroit that are sought after by renters (the way Ann Arbor is (large transient population of people working for the UM) or Midtown Detroit (lots of hipsters with rich parents). I know Ferndale and Royal Oak have such populations but how about western suburbs?   2. We are looking for a good cash flow and relatively low cost to get in but also for decent tenants. Appreciation is somewhat less important, we are not looking for a quick flip.  3. Where do you even find duplexes or triplexes in the suburbs? It seems like it's mostly single family houses. 

I looked at Canton and Livonia. Two very different markets. Canton seems to have very few rental properties but high rents (and higher prices). Is there a rental market in Canton?  Joe Doman, it seems like it was easy for you to find good tenants there?   Livonia seems like a low cost to get in market but that corresponds with low rents. There are a ton of houses for rent in Livonia, it's probably not a good thing, right?   

Joe Villeneuve,  I think you are absolutely right, it comes down to micro-markets... 

Marcin 

Hello everyone, this is an amazing site, I learned a ton here and I hope you can help me with my dilemma today... 

My dad will be moving to SE Michigan (Metro Detroit). He wants to buy a duplex so he can live in one unit and rent the other. We are looking for the strongest rental market in Metro Detroit.  I have a couple great rental properties in midtown Detroit and I know the market there really well.  But I'm much less familiar with suburban Detroit rental market. My dad, who has helped me renovate all the properties, is looking for a safe but affordable town where he can keep all his power tools in a garage and not be too concerned about someone stealing them.  Detroit is not safe enough and Ann Arbor is too expensive so we are looking for something in between - Livonia, Garden City, Belleville, Ferndale, Royal Oak, Madison Heights, Superior Twp., Dearborn Heights, Berkley, Troy, Sterling Heights, etc.  Where should I be looking for a duplex that will be easy to rent and safe to live in? 

Any suggestions would be greatly appreciated.  

Marcin