All Forum Posts by: Nick Bendick

I have been on bigger pockets for about a year but basically set up a profile and forgot about it. Now that I am starting to allocate more time towards RE investing and setting more aggressive goals I am seeing how much value is on this community. I own a couple of rentals both in Phoenix, AZ and Detroit Metro. My most recent purchase two months ago was a rental property (2b/1ba) in South East Warren (9 mile & Stephens area). I purchased it for $35k with tenants already in place paying $800/month. The nice thing purchasing a home with tenants was that I received $800 in cash at closing for the upcoming months rent. I am finding there a lot of deals in the Detroit Metro area but you have to do your research to find the right neighborhoods. 

I am starting to figure out my next step which will be either another buy and hold deal or potentially attempt my first flip. Interested in hearing what areas other investors in the Detroit Metro area are investing in.

If you paid cash for the house it is up to you whether you want to purchase insurance. It is a smart decision though not only for coverage on the house itself but also for liability purposes. When people are working on your property you are always susceptible to liability risk. Make sure you communicate with your agent what your intentions are with the house. In a flip, you need a policy that will cover you for the home being vacant. If you do not disclose that it is a flip and need to file a claim you could be in trouble. Standard landlord policies typically only allow a small time for a home to be vacant and are meant for a rental properties. If you don't have an agent, look for an independent insurance agency in your area. They represent multiple companies with varying risk appetites and guidelines. Full disclosure, I am biased because I own an independent insurance agency.