All Forum Posts by: Maz Pardhan

This really depends. Its detroit so don't overspend, it gets really easy. Have you done the COC yet? If so and its lead paint they will ask you to remediate. If that's the case to might make more to replace then remediate.

Hey, Shefali. I'm in a similar boat as you, sitting in a an ultra expensive market and looking for cash flowing properties. I'm investing in the midwest using a turnkey property company as I'm on the west coast. Your price point allows you to easily pick up 3 houses with zero leverage and a lot more with leverage. Happy to connect and share my experience

Hi Munjal, I’m also a Canadian investor, investing in the US for cash flow. The. CAshflow in certain markets kills anything in Canada which is probably why you’re looking. The turnkey method is ideal as they handle everything. I’ve been investing in Detroit for several years and along with cash flow property values have started to increase significantly. With all that said you need to find a trustworthy organization to deal with, this is key to everything as you really need someone to look after the renovations and management. 

Navigating the ownership structure is actually straightforward and inexpensive as well. Dm me if you have any specific questions or need resource references. 

Full disclosure I worked for upside for several months and continue to be a strategic advisor. That aside I’m also an investor in Detroit and have purchased over 10 properties that have been rehabbed and managed through upside. The numbers are real and if you  call them up they can actually walk your through actual brrrs that show great results. Yes c areas are rough, but people live there, and pay rent as they should. The rents are are definitely better in these areas relative to purchase price, than in the “better neighborhoods “ it comes down to you as an investor and what you are trying to achieve. I’d suggest you interview them along with another turnkey company and see how they respond. Ask for current owners who have gone through the process and ask them as well.All in all Detroit is a great investment market. Good luck on whatever path you take. 

Investment Info:

Single-family residence fix & flip investment.

Originally bought as part of a package of properties with intent to either buy, renovate, rent, refinance or flip. Currently in closing as a market sale.

What made you interested in investing in this type of deal?

Detroit is a great market for buying low priced property that can be easily and cheaply renovated to rent out. There are an abundance of tenants and ultra low vacancy rates.

How did you find this deal and how did you negotiate it?

Found this though a turnkey company who helped me renovate

How did you finance this deal?

This was an all cash deal, the price was low enough to use a home equity line.

How did you add value to the deal?

The house was purchased at a significantly low price and renovating was cost effective enough toforce appreciation and resell

What was the outcome?

Currently under offer ;)

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

A turnkey investment company, happy to make recommendations if it suits your purpose. Lets connect

 Hi 

Hey Amit,  I'm also from the Vancouver Area. I'm a current Detroit Investor with several single family houses where we have used a turnkey company to find, purchase, rehab the houses. they have rented them out and continue to property management them for us. I've been through a fair bit of learning from tax considerations  (forming an entity) registering with the city. I've used a cross border tax specialist who understands both side of the border.

I also have a portfolio of Ontario properties so im happy to give you my take on CDA vs US investing. Feel free to message me if you want to connect.

Maz

i'd agree Detroit is a great market ive picked up a few properties, one which is completing a full rehab. The cash flow is great so long as you know where to buy.