All Forum Posts by: Peter O.

@Bruce Scannell. Hello Bruce, I would like to here more about the PM service you are running in Wayne County with your partner. Interested in learning more about your process as I am an out of state investor as well with 3 properties currently in Detroit

 The area is good and also South of there.  Picking the right area is the key

 Misha, during renovation, you have to have someone on the ground you can trust, such as a realtor or perhaps an inspection company that you can negotiate terms with at each step of the way.  I pay my manager and contractor via Zelle after seeing all invoices and estimates.  I also receive pics for each repair item needed.  I order the materials from Home Depot and have it ready for the contractor to pick up.  in some cases, the contractor will buy it and just bill me.  So far, the contractor prices have been reasonable and affordable.  In my opinion, I would not buy any property in Detroit unless you have first secured a person of trust on the ground.  This is the first step, and you can do this via networking.  Perhaps all of us out of state investors can benefit from one network of a trusted individual(s) or company as we all have the same goal.  I would not be opposed of investing into a project where we all can benefit under the right circumstances.  Just a thought in mitigating risk and is just another option.

Thanks

Peter

Hello Misha, I am an out of state investor and have 3 properties in Detroit.  I bought one in 2016 and 2 back to back in 2017.  I bought them all site unseen, however, that does not mean I didn't do my due diligence.  I have specific guidelines I devised and follow to the end.  If it does not meet my criteria, I don't move forward.  You have to be deciplined in this market.  I bought them all off market, fixed and rented them.  I have only visited Detroit twice since 2016 (most recently Nov. 2018).  You have to have someone on the ground you can trust and have to know specifc areas to invest in.  Going by zip code won't help you.  I drill down to the census tract as part of my due diligence and know specifically where to buy depending on funding.

Let me know if you have any more questions and would be glad to help as much as I can.

Can you send more pic to [email protected]

Do you have more pics?  Please send to [email protected]

Hello, do you have detailed pics?

Thanks for the clarification

Hello John, So the price of $153k included the rehab estimate?

***Currently reviewing tenant application at $900 per month***

Updated property with new paint, new flooring, new ceramic tile in kitchen, basement stairs and bathroom, new GFCI in bathroom and kitchen, brick work, new blinds, basement waterproofed, garage roof.  New water heater and Furnace will be installed once approved buyer or tenant is in place. This is a spacious 3 bedrooms/1.0 bath in the heart of Detroit walking distance from Dearborn, close to Fairlane Mall for shopping. Great area and a very nice comfortable home.   Feel free to ask any questions.  **Bring all reasonable offers***