All Forum Posts by: Mike Carino

I have a couple years of Real Estate investing experience and this is my first post on BP. As an investor, I have income property in Tampa and have done flips in Fresno, CA, Chicago, and Jacksonville, FL. I am currently flipping two single family residential properties in Jacksonville with an established team. After completing a few more flips in JAX, I am researching the rust belt to reinvest my profits into high yield income properties (preferably multifamily). Grand Rapids and New Center neighborhood of Detroit are my top two potential markets. I am always searching for more JV partners, wholesalers with valuable off market deals, and private money investors.

I have also been practicing as a Commercial agent with TRI Commercial for the past year. If anyone has any questions or looking to acquire multifamily properties in Sacramento, CA, please send me a message.

Very Respectfully,

Shane

PM me about new center. I am here and have boots on the ground waiting for someone to partner on some of the spillover in the area that I see firsthand

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open an llc and get a 0% interest business credit card to purchase the other side and finish the rehab. Or get a money partner

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Originally posted by @Bryan Blancke:

Hey Guys!

I am a new investor looking to get started with my first purchase. I plan to have a buy and hold strategy. I am trying to figure out what I want to focus on. I am thinking single family or multi family properties. I live in the metro Detroit area. I can't decide where I want my niche to be. I am considering cities in the metro Detroit area such as, Ferndale, Royal Oak, Hazel Park, Oak Park, Birmingham, Southfield, Warren, ect. After looking into some of these area's I think Hazel Park seems pretty good. The price to buy a home versus the rent in this area is good and I believe these properties would cash flow well. I have heard Warren is good and could be a good cash flow area as well. Personally Ferndale and Royal Oak are my favorite area's to spend time, so investing there could be cool. However, I feel like the Ferndale market is currently very overpriced for what rent is there.

I need to choose carefully and consider what kind of tenants I want to have and how much involvement will be required of me as a landlord. After looking at city data for some of these places. I still think Hazel Park is okay, even though its a lower income area. Its mostly blue collar working families. I wonder what this kind of demographic would mean for me as an investor. On the flip side, if I am investing in a nicer area such as Royal Oak, those properties might be a better pick to keep on my portfolio and they might also require less management work from me.

What do you guys think about Hazel Park, Royal Oak and some of these other area's?

Bryan hazel park and royal oak are hot right now and great investments. Your real niche is you spend a lot of time in the area and know the people first hand that want to live there and know where they are going to save alittle money on rents, for example the young professional crowd going to ferndale or hazel park. Your real niche is knowing where they are and know where the wind is blowing. Invest in those areas and you will be ahead of everyone with your own niche.

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Originally posted by @David Wesorick:

Hi all,

I am gaining interest in real estate investing, and I would like to join a local club. Does anyone have any experience with the Ann Arbor Real Estate Investors Club? I'd love to find a club that provides good info and networking.

Dave

Havent attended yet, but heard real good things.. Planning to attend this upcoming week.. Reach out to @Joe Villeneuve he can tell you everything about AA REIC

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Ann Arbor, Michigan

Originally posted by @Adrian Chu:

Hi BP. Just wanted to start this forum off with an obligatory Hello World post.

I am a Seattle-based investor/broker and have been spending quite a bit of time in Pierce County.

Wanted to say hi and connect with you all!

Hi Adrian, and to all fellow tacoma investors! I love it out there and I hope you are all enjoying the uncomfortable hot summer !!! Yes I am in Michigan but I spend couple weeks out of the year to break out of the Midwest. Majority of my wife and my family are there in the Puyallup/Sumner/Bonney Lake area. Would love to break into the market in the near future in a small apartment venture. Until than, I am completely ok with cash flow opportunities that are out my way. Best of luck to you all.

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Tacoma, Washington

Originally posted by @Chanel Holmes:

I am interested in Real Estate my plan is to start with wholesaling and then start building a portfolio. I live in Michigan and would like any advice on how to get started as well as how to go about finding a mentor in my area.

Thanks!

Welcome to the site! you will find alot of local investors on here. Attend some of the REIA meetings. Being local to Warren you do have an advantage and have huge upside than you think.

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Originally posted by @Steven Shaina:

Hi everyone! My name is Steven. I am 25 years old from the Metro Detroit area. I've been interested in investing for quite some time. Hoping to gain a ton of knowledge from you all to get going! Thank you!

Steven welcome to the site! You will find alot of local investors including myself on here. Keep in mind attending some of the REIA meetings in the area.

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Please property managers at least give us the option to send it directly into my bank account and send me the statement electronically!! I'm begging you!

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Originally posted by @Alejandra Creech:

I'm being gifted $150K, should I pay off my mortgage (owe $175K) or buy a $150K house cash?

why not leverage 150k and buy 5? Its all in your perception as an investor and your goals

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Originally posted by @Doug Dattawalker:

I'm new to Bigger Pockets and love the wealth of information and knowledgeable people providing advice. I'm looking into investing in the Detroit area, but not so much in the bottom range fixer uppers, more in the turn-key rental markets. I live in and understand California real estate and have some questions about purchasing in Michigan. Property taxes seem high? And have a summer and winter tax? Are these in addition to basic property taxes? Is the purchase process similar to California? I plan on using a buyers agent if anyone has a recommendation. Are there any special closing costs or fees that are different? I saw one listing that said 'seller will furnish C of A'? What is C of A? Are there standard monthly expenses on a rental that a landlord would pay? I'm currently paying HOA in my rental, and am wondering about sewer/trash/gas/ etc.

Thanks in advance! Doug

Doug,

-Taxes I guess you can say are high but so are the rent rates, metro areas justify them wiith taking care of the public services, and inner detroit is high since no one pays them (which can be lowered). but it would not be a main concern on wanting to invest here. Your cash flow will justify your taxes. Taxes are split between summer and winter. summer is higher than the winter.

-Numerous title companies to choose from here rather you use your own or a realtors. They can do title searches and get warranty deeds. Nothing really special about closing cost thats different. Yes this is detroit, but we are still in america lol.

@Alvin Nealundefined

friend and agent on here that helps outsiders such as yourself.

-C of A or a C of O is a certificate of occupancy. Its to ensure a home is up to code and inspected by the city. It is a must in most metro spots.

-standard monthly no, sewer/trash/gas is in my taxes on my properties in detroit and metro detroit. Water I have in my rental agreements for tenants to pay.

My advise, being a newbie, come here and see for yourself and enjoy the show. Call or PM me if your willing to buy me a drink if your serious about it. metro areas you will find turn key properties all day everyday. If you know what your looking for there are numerous of investors (such as myself), wholesalers, realtors can provide a turnkey product and property management. Detroit city I would leave for the boys that are local that have boots on the ground . You will pay to play, get burned, or you will be late to the party.

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All Forum Posts by: Mike Carino

Mike Carino has started 7 posts and replied 122 times.

Post: 1st Post

Post: Just purchase my first property with $5,000 in CASH (DETROIT)

Post: Deciding on a niche area

Post: Ann Arbor Real Estate Investors Club

Post: Hello World from Tacoma!

Post: Getting Started

Post: New member from Metro Detroit area

Post: Property Managers - How do you pay your owners?

Post: Pay off mortgage or buy a property?

Post: Buying property in Michigan