All Forum Posts by: Nader Shariff

Congrats ! 

Big supporter of the Rochester market. I don’t think people talk about it enough. 

Happy to see this!

Quote from @Stevo Sun:

Hi Faizan,

I'm not sure if you live in Toronto or not, but Toronto is one of the most expensive markets in Canada. Finding a SINGLE property, let alone multiple units, in Toronto for 550k would be hard. 1 bedroom apartments will sell for 550k in Toronto. Although I agree with you that the rental market in Toronto will be tight for the foreseeable future, your price point is not super realistic in that market. 

I think you should re-evaluate your investment plan and see if you can find a better market. 

 Hi Faizan, 

I agree with Stevo on this one. Unfortunately, finding a property with multiple units in Toronto for this price would be very difficult and is a little unrealistic. 

I agree with Stevo - in revaluating the plan and potentially finding a different market. 

Have you considered investing in another part of Canada? 

I have a lot of contacts that had much success in Windsor - happy to connect you to them if you'd like. 

Great question and great topic ! 

I personally believe people often overlook how important appreciation is - as they get hellbent on creating cash flow. 

Nonetheless - i believe achieving both is actually possible.

We've found that there are lot of pockets in the city of Detroit that offer great returns on investment and appreciation. 

Perhaps check into those markets? 

Quote from @John Barrett:

@Heather Faires Unfortunately unique / interesting ways of evicting tenants not via the court system opens the landlord up to levels of liability that are not acceptable.

Cash for keys with possibly debt forgiveness is by far the cheaper option than going the eviction route in most cases.  It's better for the tenant and offers the landlord the opportunity to get the property back earning income faster.  While this can seem very unfair, ultimately the sooner the landlord has a paying tenant in place the better for all involved.

John

 I second the Cash for keys option

Just a few

For Sellers: Check out the fsbo section on zillow found some good deals off that. 

Cold calling  - but use websites like prop stream to pull lists of houses that are more likely to sell. And it also will show you recent cash buyers in your market place - so you could contact them as sourcing for buyers. 

Mailers

Online marketing - facebook ads, instagram ads, etc. 

I've found some decent deals on there. 

I would definitely check it out from time to time. 

It’s very common for wholesalers to open escrow before finding a buyer. 

i would do your DD on the title company and if they check out then you should be alright. 

It could be a great idea, and it could be a terrible idea all at the same time. 

It really depends on what kind of a team you have in place in the city you are going to invest in. 

Investing out of state, particularly, in the Midwest (in my opinion) is great, but you need to really do your research and due diligence before pulling the trigger, not just on the marketplace you are going to be choosing, but also the people you are going to be working with. 

Nobody is perfect though, we all make mistakes, so do not expect to find the perfect team, just try to find a reliable and honest team (contractors, PM, etc. or a turnkey company that does it all) and it could get you started. 

Just remember that anyone that paints an amazing picture and doesn't explain the risks and issues that could arise - I'd probably stay away from them.  

First thing is first though; I'd start researching and choosing which market you would like to focus on. 

Are you looking to send out mailers to a general area or to a specific list? if just a general area (or by zip code) id use EDDM : 

Every Door Direct Mail - Targeted Mail Marketing | USPS

Quote from @Megan Bridgette:

Quote from @Nader Shariff:

I would say for your budget either Detroit, MI, Cleveland, Oh or Upstate New York. 

MY top pick would be Detroit MI though. Returns are solid and the city is growing so you can expect a continuous rise in property value. 

I think with the right expectations and understanding of potential risks - it could be a very solid market to grow a portfolio. 

 What parts of Detroit do you recommend?

Hey there,
there are tons of blocks, and I say blocks because Detroit is a very block by block city in that values and areas vary literally "block by block", that I personally would recommend. That being said, instead of just listing zip codes or areas - I'll tell you what my strategy has been. I personally like to focus on subdivisions, or areas that are close in proximity to suburban towns and/or other subdivisions in Detroit that have "popped" so that I can capitalize on future migration.
I'll give you a real-life example if that didn't make sense. Warrendale (48228 zip code in Detroit, MI) is a pocket I focused on when I first started investing in Detroit, specifically the 5, and 6 blocks due to the close proximity to Dearborn Heights/Dearborn. DH and Dearborn are both areas that house a huge Lebanese community and also happens to be the home of the Ford headquarters. That being said, I knew as time went by the values of property would grow so high that eventually people would start migrating into the Detroit side of Ford RD due to the property values being affordable. I figured since people would still be close to their community, markets, shops, and restaurants, while capitalizing on much more affordable housing (on the Det side) investing there would be a win. And quite frankly it was. Houses I picked up for 20k/30K back in the day are now worth 80K - 100K. Not too bad for a few years span. 

Strongly suggest visiting the city (if you have not yet and learning more about the city before investing though) - happy to chat if you ever would like to. 

Now for the cliche response; check out 48224, and 48228 - those two are my go to picks for right now.