Hello dear investors...
After living in WA state for over 20 years, I decided that I want to relocate and move to a state where real state is more affordable. So, I’ve decided to look into the possibility of moving to Detroit by summer of next year. My two kids are adults now and living their own life.
The plan goes as follow:
Sell my main residence which should give me about $50k that I can invest, and I have about 90k in savings. Total of $140k to take with me to Detroit. I cash flow $1100 after expenses and after putting 10% aside for repairs per month on my other two rentals. I also have equity of 200k I can pull out of one of my properties if I need to.
I would sell all my furniture and get rid of everything before moving, I plan on just packing my personal stuffs and driving my car over there. I plan on getting an RBNB and pay for two months ahead before leaving. After that I’ll either keep paying and stay in the RBNB longer, or I’ll rent a small apartment. I would look for a job once I get there. I’m a license cosmetologist, so I can work at any hair salons. Also, by the time I leave I’ll be done with college, and I’ll have a degree in Business Administration and Accounting. I’m getting my real state license the soonest I’m done with college. ( No student loan debt) I feel like it wouldn’t be to hard to get a job, I’m willing to do whatever type of job to get me started and have a little extra money coming in every month.
I want to get familiar with the area, drive around, see the neighborhoods, talk to the locals, go to real state meetings, build a team, find a reputable contractor, look at many properties, and if after I do all of that I feel like I can move forward with my plan, then I’ll buy a cheap reasonable property that needs work and I’ll get it fix up so I can live in it. I’ll be paying cash for it, eliminating the biggest expense which is rent. I have no personal bills or debt other than my mortgages on my properties. I plan on house hacking my first property to get extra cash.
After that, I’ll repeat the same process, buy a property, fix it up, and put a tenant in there. I plan on managing the properties my self just like I do here in Washington. Hoping to find properties I can get about $500-800 in rent after fixing them. Long term goal, to have at least 10 doors that can cash flow $500-800 per month. I wouldn’t want to live in Detroit for the rest of my life, maybe five years, just enough time to adquiere properties and find a reputable management company I can trust to handle my properties. No little kids, no extra debt, so worse case scenario my plan doesn’t work, I’ll just bring my butt back to Washington.
Please tell me if I’m crazy for thinking that this could work!! I’m willing to take risk and just wanna see where this goes. I don’t know anybody in Detroit and don’t have an area pick out yet. I done tons of research about the real state market, jobs, and cost of living. Any advice would be greatly appreciated.
