All Forum Posts by: Natalie Allie

Hey Michael, I am in the Detroit area and work with investors for PM services and renos. I would suggest you hire an inspector as well as have a general contractor go out to the property. You may also need a fire remediation specialist to assess the damage. There are some programs through local government systems where you may be able to receive a tax abatement or grant here in Michigan in an effort to help beautify a neighborhood. Southwestern Michigan offers plenty of charm and is a destination place but would definitely make sure your ROI makes sense based on your long- and short-term goals with the property. There are plenty of investment opportunities in the Detroit area as well which have the potential to offer immediate value, so I would weigh your options with care. Let me know if you would like to connect! -Natalie

The best way to go about this is to use Google and pay attention to the markets across the US where there is still opportunity for value in real estate investing. For example, there is not much value in purchasing a home in NY vs here in Detroit. If the price of a home is $5,000,000 in NY, how much more will it rise  over the course of 5-10 years vs here in Detroit? I would also recommend paying attention to the landlord restrictions, rent control and overall laws as it relates to owner/tenant relationships. Let me know if I can be of further assistance. Always happy to help!

-Natalie

Hey Kaleb, I have helped plenty of professionals from NY enter the Detroit market. As you know, as a real estate professional, the real estate market in NY is extremely saturated and there isn't much room for immediate cash value. What I can also tell you is that as an owner in NY, the landlord laws are very much designed to protect a tenant as opposed to here in Detroit where the laws are designed more fairly to protect both the tenant and the landlord. Let me know if you would like to learn more!

-Natalie

One thing to understand about real estate as an asset class is that it is a depleting asset, meaning there is only so much of it (think oil). Therefore, if you look at history, real estate has continuously performed in an upwards fashion while, like any other investment, has experienced short lived corrections from time to time. Also know that volatility is always necessary, temporary and creates opportunity. If you are able to hold onto the duplex, I would hire a solid property management company and hang on to it. Multifamily is not as volatile as single family because when the real estate markets experience any type of correction, people flee to multifamily residences. Let me know if I can help!

-Natalie

There are plenty of markets across the country that still have a lot of value in the actual real estate investment. Here in Detroit your money will go much further than it will in a market like Miami. Let me know if you are interested in learning more. Happy to help!

-Natalie

Here in Detroit you can buy a couple of properties for $250,000 cash. You just need someone who understands the "block-by-block" nature of the city and surrounding areas. I have a real estate license and work with a solid property management company. 

Let me know if you would like some help!

-Natalie

I agree that Class C is definitely not the way to go unless you are just going to flip the properties to home buyers looking for a primary residence. There are many Property Managers who will not take on a Class C properties for management because of the area they are in and if the PMs vetting standards are high, you will likely run into an issue finding a tenant. There is absolutely a way to have eyes, ears and boots on the ground for finding and rehabbing properties. You may want to get in touch with some realtors in whichever markets you are interested in that specialize in off market deals (pocket listings) and who are also "investor friendly realtors," not just ones that want to off a garbage property to you. The reason I say off market is because most seasoned real estate investors do not want to buy someone else's investment flip and if the property is a deal such as the ones you are looking for, it will likely sell quickly, which leaves you with the leftover inventory unless you're ready to make a quick decision every time. Let me know if there is anything I can do it help! -Natalie Allie Evernest Property Management 

If you are still considering the Land Bank in Detroit listings, just be careful to check with the city on whether or not the water needs to be reconnected. This can end up costing thousands more dollars, which can obviously affect your margins.