All Forum Posts by: Mike Carino

I wish you the Best of luck!.

Do you have an established team in the area  to see these homes first hand?

 Glenn welcome to the forums, there are many detroit real estate investors on this site that you will find on the site. Reach out to some of the local real estate investor clubs that are all around town. I have a couple homes in the downriver/dearborn area

I like the small multiunits, especially if you look to grow to get more units. Keeping under a 4 unit multi will be the same process if you are to mortgage. So to me if your going the route of getting simple and easy bank mortgages why not maximize your income with more tenants. 

Turnover maybe more i guess, but if you are in a B class areas I dont not see the vacancy rate being very long. With more than one tenant in a multi, you essentially will be in a position that a building would never be vacant and relying on one rent check to pay the bills. Also making it simpler for yourself and/property manager by keeping tenants in one place, one yard, one garage, one furnace, one roof etc.. That just make life that much easier

Just my thoughts. I own both single and multiunits. They both have pros and cons. Maybe a different tenant type and situation but your in a B class neighborhood..

60k homes in  a B class neighborhood in SE michigan, I would like to know more lol

 Partner with someone that will match you and has something to bring to the table. I started with the similar capital when I first started and ended up with 3 properties that have set the pace for me.

Chris Welcome to the forums. There are a couple downriver investors including myself that is active on the site. Best place to start are at REI clubs around. Please let me know if there is anything I can do to help

 Ashley, what neighborhood are managing and owning specifically. I am looking to expand my horizons and seek for those that know more than me in their specific neighborhoods.

Thanks

 Jamiel welcome to the forums and congratulations on your success in basketball to the collegiate level. I think with your dedicated mentality and your passion to strive for success will play a huge role in your real estate career. I spend alot of time in the Dearborn area, reach out sometime and we can do lunch.

 Best of luck.

 Dustin, I moved to the Detroit area to invest in both metro and the city of Detroit. My advise is have a plan of attack and make it a goal to build a business team right away when you get here. This will ensure your success  and catch you up to the market with those with boots on the ground in place.

With your budget you can do alot of damage in the market and have great value properties with excellent cash flow.  PM me if you ever really wanted to consider it and want to take a look before jumping ship

 Welcome to BP. I am a fellow engineer here in SE Michigan now, but I am a Buckeye!!! Sorry. 

I buy and hold in both metro Detroit  and the city of Detroit. My advise is use your local knowledge, communication,  and connections to get you the right team, that will set you far more advance than any out of state investors.  If you know a certain spot in Detroit, look specifically for handymen, PM, brokers, etc.. I am sure you will find your own sucess in the various pockets around the city. 

Your boots on the ground,your engineering system mind, and your knowledge of the neighborhood you will be able to stir your ship from a distance confidently.

Good luck

+1 bank of america and chase have done the same under an EIN, and does not reflect under my personal debt. Again they looked at my current credit score, and asked me my w-2 income, with absolutely no income or sales under a new LLC.

To help the OP, looking for ways of financing on "non-traditional" way, which may be needed to get started in detroit. These are start points that got me going and got no where with big banks starting. Not preaching its for everyone, but its a way to get the ball rolling.