All Forum Posts by: Michael Evans

A mentor of mine told me this about money. Once you've made money, and then lost money, it's easy to make money again because you know how. The real question is what are you going to do with it this time?

Making money just to have money can only take you so far. You can only buy so many houses and cars. For me, it's about practicing Cooperative Group Economics: It's not about me maximizing my profit, by rather about me maximizing the benefit to my community. My goal is to support the Black community to become self-sufficient, self-reliant, and self-determinant. Real estate is a cornerstone of my goal, so I have a plan to scale the development of turnkey low-income Section 8 housing in the City of Detroit.

3 Votes

I recommend that Detroit market for single family turnkey rental properties. For $50,000 you can have a turnkey low-income Section 8 rental property that generates $7,500/year in NOI. It's more important to own investment income producing property that generates at least 10% annual ROI than it is to own where you live. Create a portfolio of income producing properties and you can use that income to pay for your primary home.

0 Votes

What steps do you go through to secure vacant rental properties in rough neighborhoods after a tenant leaves and you're waiting to turn the property over?

0 Votes

Detroit, Michigan

Does anyone know of a free website where I can get property tax amounts for properties in Detroit, MI?

0 Votes

Detroit, Michigan

Quote from @Adrian Tjakra:

Hi BiggerPockets Gang,

By way of introduction - my name is Adrian and a new BiggerPockets fans. Learning a lot from this community. I started out from a humble beginning as an Immigrant from Indonesia and currently living and working a W2 job based on the Southern California market. I consider myself as a beginner when it comes to real investing. Currently with 3 rental properties (2 in Houston and 1 in LA) and currently working on a flip that are going wrong in every direction. Good learning experience though!

I am investing in real estate with a goal of financial freedom and ability to support my family. With my family getting older and the intent to have more flexibility my life today's life to spend time with them, the idea of investing in a more cashflow friendly market definitely is something I am considering (understanding that appreciation factor will be limited). I am looking for advice from this community as to potential market that I can tap to and recommendations on great agent on this market where cashflow can be realized. Looking to get in with 100k to this market and hopefully expand.

Just here looking to network with agent in these markets, fellow investors, and if I am lucky finding mentor in those markets to grow together and be accountable in this journey together.

Thank you so much for reading this post y'all and looking forward to hearing from you all and networking.

Adrian

I would recommend that you team up with a good real estate investment management company that focuses on investing in the Midwest. The Detroit market provides both appreciation as well as cash flow. You can get a turnkey rental property with a Section 8 tenant, professional property management, and a cap rate if at least 10% for around $70,000. That means you get $7,000 per year for $70,000.

0 Votes

Quote from @Jeff S.:

I would be very careful about investing out of state in "cash flow areas". Unless you can hop on a plane and then walk the area you want to buy at 2 in the morning, I would not do it.

You don't need to go on a plan if you're feeling with a real estate investment management company that has a full team on the ground to address any and all issues.

0 Votes

Quote from @Editha Flemming:

@Linda Labbe

Hi Linda, I’d love to hear what you have to say regarding investing long distance in the Detroit area as well. I’m very interested in hearing about your experiences.

I can put you in contact with an out-of-state investor client who is in Southern California and purchased her first property in Detroit in March.

0 Votes

Quote from @Remington Lyman:

Quote from @Adrian Tjakra:

Hi BiggerPockets Gang,

Just here looking to network with agent in these markets, fellow investors, and if I am lucky finding mentor in those markets to grow together and be accountable in this journey together.

Thank you so much for reading this post y'all and looking forward to hearing from you all and networking.

Adrian

I recommend you read this article on OOS investing. It explains the importance of creating your core four. You will need to get a local, rockstar Realtor, contractor, lender, and property manager.

https://www.biggerpockets.com/...

I invest locally in Columbus, Ohio

Or you get a good real estate investment management company to handle all of the details for you.

1 Vote

Quote from @Cristian Cedacero:

Quote from @Linda Labbe:

Hi Adrian we invest in Detroit and do it remotely from Canada we are getting exceptional numbers there and have an outstanding team on the ground more then willing to chat and share what we have learnt

Hi Linda,
I'm not the original posted but I'm also interested in hearing about your experience investing in Detroit as I'm looking for a market that will cash flow for my first investment property. Thank you!

I've found Detroit to be the best market hands down for both appreciation and cash flow, especially for out-of-state investors. You just have to have a good reliable and honest team on the ground.

0 Votes

Quote from @Adrian Tjakra:

Hi BiggerPockets Gang,

Just here looking to network with agent in these markets, fellow investors, and if I am lucky finding mentor in those markets to grow together and be accountable in this journey together.

Thank you so much for reading this post y'all and looking forward to hearing from you all and networking.

Adrian

I run a real estate investment management company in Southern California and we only invest in cash flowing properties in Detroit. You can get a turnkey rental property with a Section 8 tenant and professional property management, with a 10% cap rate for around $70,000. You can also buy a distressed property, rehab it, and place a Section 8 tenant in it to get at least $1,000/month for a total investment of less than $55,000 that will generate an annual NOI of at least $7,000. You do the math to calculate the cap rate ($7,000/$55,000) and the ROI.

We haven't found a market better than Detroit for both appreciation and cashflow. That's why we invest only in Detroit. The trick as an out-of-state investor is having a goor reliable and honest team on the ground. Otherwise, you will get taken advantage of, and you probably will never know it.

0 Votes

All Forum Posts by: Michael Evans

Michael Evans has started 19 posts and replied 398 times.

Post: What drives you to aim to attain super wealth?

Post: Buying my first investment property out of state?

Post: Securing vacant properties in rough neighborhoods

Post: Free website for property tax information

Post: Cashflow market to expand to for beginner Investor? Agent Recs? 100k capital

Post: Cashflow market to expand to for beginner Investor? Agent Recs? 100k capital

Post: Cashflow market to expand to for beginner Investor? Agent Recs? 100k capital

Post: Cashflow market to expand to for beginner Investor? Agent Recs? 100k capital

Post: Cashflow market to expand to for beginner Investor? Agent Recs? 100k capital

Post: Cashflow market to expand to for beginner Investor? Agent Recs? 100k capital