Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Mike Carino

Mike Carino has started 7 posts and replied 122 times.

Post: Gerald's short intro

Mike CarinoPosted
  • Engineer
  • Suwanee, GA
  • Posts 127
  • Votes 47
Originally posted by @Gerald R.:
Originally posted by @Mike Carino:

 I'm still waiting for the deed to the properties so from my perspective no one is managing the properties.  I plan on and would like to manage the properties from California difficult but doable in my opinion.

I currently need a real estate Lawyer on my team to help with inevitable evictions.  I also need licensed contractors, and building inspectors.  I may need others but this is my list giving not having any experience.  If i'm missing a profession please advise.

I'm working on writing a letter to residents letting them know that I'm the new owner with address and phone number for rent payments and repair information. I'm also asking them to provide me with a copy of a lease if they have one.  I'd also working on finding out if they would like to stay in the property. 

I have not yet contacted the residents.

Gerald

 Gerald I applaud your efforts of going against the naysayers and getting right into the mix of detroit. Not only that but the guts to buy them afar with no team and no idea what's inside. Wow.

My advise is get a professional property manager to worry about your problems and get ib these houses. Your entry point of buying these houses is low enough to afford it. In your letter be careful what you say.  do not let them know you are not local. That's a ticket to failure. 

Post: My first Tax Auction(Wayne County MI)

Mike CarinoPosted
  • Engineer
  • Suwanee, GA
  • Posts 127
  • Votes 47
Originally posted by @Joshua Woolls:
Originally posted by @Mike Carino:

@Joshua Woolls Congrats on picking up a suburb Detroit play that went under actual retail this year. I applaud your efforts of getting out there and getting everything you can. But the shear amount of metro homes were not enough for the taking, this is a sign for me not to focus too much efforts on the tax auction for burb homes going forward. That ship has sailed.  I got that sick feeling when Taylor/Allen Park/redford/Lincoln park was taken off the auction. I knew it was not going to be pretty. Sorry I kept silent on it all.

I got in some of these homes and talked to all the neighbors and still was outbid by those with information I knew they didn't have. Investors were paying well over what anyone would ever pay. Good sign for the neighborhoods and for the MLS this upcoming spring.

Detroit city proper, is another story. Too many homes, too less of time. Alot slip in desired areas and fell through the cracks.. I was able picked up some steals. 

 I was told that Redford struck a deal with a couple of investors and basically pulled all of their desirable properties before the auction and sold them directly for the outstanding taxes. 

 Same downriver. High dollar investors bought everything in previous auctions and hasn't paid taxes or have rehab the property for rent to thesee cities. So they went for a more trusted path. This alone drove burb auction home prices up as there just was not enough homes to choose from.

Post: Gerald's short intro

Mike CarinoPosted
  • Engineer
  • Suwanee, GA
  • Posts 127
  • Votes 47
Originally posted by @Gerald R.:
Originally posted by @Richard Dunlop:

It takes more than a property manager to invest in Detroit!

 I visited Detroit couple weeks back to look at few properties I was interested in.  I had a local investor spend half a day showing me properties also.  I'll definatly need to build a strong team for properties in Detroit.  I'm planing on building a balanced portfolio of properties focusing on the higher risk/reward over the next year or two.  I'm new and will be doing lots of reading but didn't want to miss the chance to grab a few properties at this years auction.

 Who is managing these properties? Who do you need on your team here? What do you know about what is inside these properties your purchasing? Talk to the homeowners or tenants?

@Juan Maldonado

I grew up in the area 10 mins away, and it is a solid location I agree with the c+ grade. 

Spring Meadows across 475 is a heavily traffic shopping area, and franchises are popping up there more and more. Being off 475 is very good getting around town . You will not find problems getting good tenants. Good luck

Post: My first Tax Auction(Wayne County MI)

Mike CarinoPosted
  • Engineer
  • Suwanee, GA
  • Posts 127
  • Votes 47

@Joshua Woolls Congrats on picking up a suburb Detroit play that went under actual retail this year. I applaud your efforts of getting out there and getting everything you can. But the shear amount of metro homes were not enough for the taking, this is a sign for me not to focus too much efforts on the tax auction for burb homes going forward. That ship has sailed.  I got that sick feeling when Taylor/Allen Park/redford/Lincoln park was taken off the auction. I knew it was not going to be pretty. Sorry I kept silent on it all.

I got in some of these homes and talked to all the neighbors and still was outbid by those with information I knew they didn't have. Investors were paying well over what anyone would ever pay. Good sign for the neighborhoods and for the MLS this upcoming spring.

Detroit city proper, is another story. Too many homes, too less of time. Alot slip in desired areas and fell through the cracks.. I was able picked up some steals. 

Post: #21 rental was purchased today

Mike CarinoPosted
  • Engineer
  • Suwanee, GA
  • Posts 127
  • Votes 47

@George P. what a terrific sleeper! Congrats on the success! keep killing it  and let others hesitate as you reach your goal

Post: Do you have a system for investing out of state?

Mike CarinoPosted
  • Engineer
  • Suwanee, GA
  • Posts 127
  • Votes 47
Originally posted by @Tyler Brown:

I'm looking to purchase rental property to buy & hold for positive cash flow.

Unfortunately I'm located in New York City, where anything remotely close here is far out of my budget, and regardless, this is not a landlord friendly location.

Specifically, I'm looking for MFHs (mostly duplexes) for around $40-$55k, which need minor, mostly cosmetic work, and can be rented for around $500-$700 per side.  The closest that I can find properties like this seems to be the Wilkes-Barre/Scranton area of Pennsylvania, which is about a 2 to 2.5 hour drive, which isn't terrible, but certainly not a commute I'd be making a regular basis.  I haven't ruled out other areas of the country as well (namely the south or midwest), but that would likely mean a plane ticket and hotel instead of a day car trip.

For those of you that invest even further away, what's your process like?  How many times do you physically view the home prior to purchase, if at all?  I've read about a few people that arrange for Skype walk-throughs of the properties and never even visit them in person.

How do you get a feel for the neighborhood?  I'd also be open to the greater Philadelphia area, and a quick search on realtor.com shows plenty of properties in this price range, but for all I know they're in places that the police are afraid to visit.

I'm guessing at least two in person visits would be necessary, one to view the property in person to make sure the photos are an accurate representation of the place, and then another for the closing process.  Although with things like conference calls and Skype sessions, perhaps that can be cut down to one visit, or even none at all.

Of course a thorough home inspection would be very important in a deal like this.

I'll be using a PM company once the home is purchased, so hopefully I'll be as hands off as possible. 

Go all in....  I moved my family specifically to SE michigan with the goal in mind  to build "my team"  so that I can be an out of state investor for the long term. 

 You being out of state investor, your always second to the local investor for the pickings, paying a premium for turnkey, or your giving up a significant amount to a partner of your investment, that you will rely on to make the decisions for you. 

So ask yourself how serious do you really want to be in real estate investing, and what are you willing to do to to get it. Depending on that answer rather passive or aggressive, will provide with a goal on what you need to do.

Post: Detroit single family home

Mike CarinoPosted
  • Engineer
  • Suwanee, GA
  • Posts 127
  • Votes 47
Originally posted by @Richard S.:

I was hoping for 25k return on this, I may have to go check out the property and see if this is reasonable!

Richard, I would not see anyone paying 25k in your unknown condition. Just being brutally honest. Unless you get it on the MLS in some decent working condition and get it to a clear title.

This is a 35-40k MLS listing turnkey updated homes investment area. assuming you sitting on a 3bdr brick bungalow, with decent windows, decent roof, and a garage you could get that if you put the money in it...

 I would have to say 10-15k is the norm for local cash buyers to pay in your unknown condition. There are plenty to choose from at that price point. 

Post: Advice needed from local Detroit please, thanks!

Mike CarinoPosted
  • Engineer
  • Suwanee, GA
  • Posts 127
  • Votes 47
Originally posted by @Janann Chan:

Hi Friends in BP,

I am recommended to buy the following two properties in Detroit. I am not sure which one is better in terms of location. The price are similar with the second one a bit higher. Could you please give me some advice? Thanks so much!.  /Jan

1350x  Mettetal Street, Detroit, MI 48227 (Is this in Grandmont Rosedale?). This is single family home.

1800x  Greenlawn Street , MI 48221 (Bagley). This is two family home.

 Janann, are you currently teamed up with local rehabbers, property managers, brokers, and wholesalers to be investing in Detroit? I have seen previous post of you seeking opportunities here, but I am afraid you may be getting misguided with some information from someone wholesaling you on properties for a quick buck.

Again there are alot of factors to take in when you invest in Detroit, rather a good neighborhood or not, it may be a block by block case. Neighbors and locals tell me more than enough to make a viable investment decision.

I am pretty deep into the Bagley neighborhood, but dont know of any multi units on the block you specifically stated on Greenlawn. Prices vary significantly there, but it is a good upkept neighborhood.  If the price is right you may have a good home, but lets not forget whats the situation inside the home with the tenant and the homes itself. Its takes a phone call for me to a local to find out the address of a "true" multi-unit on that block if it exist.

Please PM me i would like to help. I am not a wholesaler or anything, but would hate for you to get burned on a deal before getting started. I would like to know more of what your looking for here as well

Post: Detroit single family home

Mike CarinoPosted
  • Engineer
  • Suwanee, GA
  • Posts 127
  • Votes 47
Originally posted by @Richard S.:

The property is on Bramell st 

Bramell is Detroit. Not Redford sorry. i know the block fairy well. I am connected with a couple investors tied to the area.Go off your estimates all you want to believe. But as stated before z estimate is pretty much useless . If you dont plan to own more here and have an equipped team and now just fishing for one... It may a very long winter for you.

My suggestion is you dump it wholesale and cut your headaches. I can possibly help you get the right connections if you are considering that route