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All Forum Posts by: Marvin Rice

Marvin Rice has started 6 posts and replied 50 times.

Post: Warren, MI SFR include utilities

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29

Your plan is sound. You are in the right area. I think you numbers are spot on. 2 years ago you could have executed as many of those kind of deals as you could handle. Last year there still were some but not quite as many. Now it is tighter but still there to find if you can get them under contract quickly. I saw one in the morning about 2 weeks ago for $39k in an area that I know the ARV was $80k....by the time i got home that afternoon, it was pending!

Post: Warren, MI SFR include utilities

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29

On a SFR you can have the tenant handle everything. I even have them pay the water directly but know that the city will come after you for the water. I don't provide washer and dryer...the provisions are there but they have to provide their own. If you provide it they will be calling you to repair it even though it is a luxury not essential to their living. Warren is a pretty large suburb that has really great areas and really poor areas....don't look at a cheap $30k house near 8 mile and compare it to the house further north worth $150k....

Post: I’ve been seriously contemplating the Detroit market

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29

I can't vouch for in the city but it works well in the suburbs....

Post: New to this site and real estate

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29

Hi Cynthia!  There are several good meetups in the area.  Wherever you live, there is likely one within 20 minutes.  You should start checking them out.

Post: Where to buy a rental home in Metro Detroit..HELP...first time!!!

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29
Originally posted by @Bala A.:

@Fred Buechel

My personal preferences for Rentals:

Detroit City - West side - Grandmont Rosedale, Bagley, Aviation

Detroit City - East side - East English village, E Outer, Morningside

Metro Detroit - East side - Eastpointe, Warren

Metro Detroit - West side - Southfield, Farmington, Inkster, Dearborn

 I agree with this list....I especially like Eastpointe...

Post: Need help with decision on single family rental home

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29

I know how the question was framed gives the impression that Grosse Ile is a part of the Detroit market but is really isn't. It is an affluent area that should be evaluated accordingly. These places are hard to find any kind of cash flow and do appreciate. There are only 5 properties listed for under $200k on the MLS on the whole island. Your real play might even be to sell it as a tear down to a builder if you have decent lot size and good frontage. I had a guy with a 1200 sq ft Birmingham house where he wanted somewhere around $450k (if i remember correctly) and I thought he was crazy....I passed the deal on to someone else I know and he got the guy near what he wanted. He sold to a builder that was doing deals in the area. Guy was looking for $65 a sq ft on the lot (ignoring the house completely). This may not be a bad deal.

Post: Multi-Family Paid Training

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29

Has anyone used paid training such as Michael Blank, Joe Fairless, Rod Khleif, etc?  If you have, was it a big benefit?  Are you glad you went that route?  I know there are TONS of people on here that are dead set against paying for training with most of the information available for free or cheap (I did buy the Michael Blank Syndicated Deal Analyzer and think it is awesome).  I just really want to know if people paid and regretted it or loved it.

Post: Michigan investors network

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29

There are tons of groups in the area...Even right where you are...The Renegade Detroit Investor's Group meets every 1st Tuesday in Southfield...

Post: Real Estate Accountants or Software for agents?

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29

I use (as well as many from the Renegade Detroit Investors Group) Brian Borawski CPA, PC.

If you send me a message and I can give you his info.

Post: Detroit Michigan - Ann Arbor Michigan / Surrounding

Marvin RicePosted
  • Investor
  • Grosse Pointe, MI
  • Posts 52
  • Votes 29
Originally posted by @Michael O.:

@Joseph Lewis I'm born and raised in Detroit and have also lived in DC for a few years. To say that Detroit is similar to DC 6-7 years ago is not far off, but like others have said, DC has the ability to pump money into infrastructure in the name of increased government, etc.. 

Detroit is definitely coming back in a slow and steady pace. The 7.2 CBD being rehabbed and brought back online by billionaires such as Dan Gilbert and crew have been the first part in repairing 50 years of neglect and decline. Certain neighborhoods are starting to see private equity come in to help turn them around; Grandmont/Rosedale, Bagley, East English Village, Corktown, etc. University of Michigan has partnered with the city to find a way to improve the poor state of education. 

The main issues that Detroit needs to fix before middle class families decide to move back is the education system and insurance rates. Good public schools need to get brought back online and insurance rates need to drop drastically. The blatant red-lining from insurance companies is insane and a HUGE reason why people don't change their residency to Detroit even when they move here. I still use my relatives address in the suburbs to save $100+/mo in insurance, as do many many others -- this is why the population is still "declining" though thousands of new units have come back online and tons of people live downtown again.

Long story short, do your research on the neighborhoods you want to invest in, talk to people that actually live and invest here. Don't watch mass media news to get your stories about the City. I'd be happy to chat some time if you want to learn more.

Good luck!

Well stated!