All Forum Posts by: Otis Gathing

Never heard of them, I would check the better business bureau. 

I'm always looking for deals in that area. In my opinion it's one of the best areas in the city to invest in. My advice would be to make sure that the numbers are right. 

You can pay someone on fiverr to create a LLC and get a EIN by going on the IRS website.

Rachel,

This is a good question. I recommend that you don't deal with a gc in the beginning as a new investor because it's to many things that could go wrong. Break down your rehab into individual jobs, for example get a electrician for electrical work, a plumber to repipe the house, a dry wall guy to close out the walls, etc. This will prevent you from getting taken advantage of and it will help you manage your rehab budget better. 

My advice would be to only go the auction route if you're a experienced investor. It's to many things that could go wrong if you don't know what you're doing. Title searches (liens), rehab cost, Understanding ARV's etc

Vincent,

Detroit is one of the best markets in the country but you have to understand how the market works. Zip codes like 48221, 48224 and 48204 provide a lot of great opportunities flip wise or rental wise. The suburbs also provide good opportunities as well but it's just more competition. My advice to you is to connect with someone who knows the market and is serious about there craft as a real estate professional! 

48224 is pretty good zip code $100,000 as your total all in investment just to make $1,000 is a little high. There's better deals than that, whenever you are looking to invest Off Market is the way to go. Most of the stuff on the MLS is overpriced. Message me if you want access to some of the best deals in town.

Eli,

If I were you I would look into Subject Two, Land Contracts on Properties that are free and clear and Raising Private Money!

Beruk,

Congrats on your new journey in real estate, I suggest that you get a mentor that will get you going in the right direction and always invest into education rather it's book, seminars, courses, mentorships etc. 

Darrell,

Usually when properties sit on the market it's because the property is either overpriced or it's not in a desirable area, were buyers want to buy. Sometimes it also could be a lack of marketing by the realtor but it's usually price and the area.