All Forum Posts by: Joseph Abbott

Hello Everyone! I have a property located in Detroit, MI that is currently rented with a Section 8 tenant paying $900/month. This home features 3 bedrooms, 1.5 bedrooms and it approx. 814 square feet. Currently, there are no back taxes owed on this property. If you have any questions, please feel free to call or text me directly at 313-656-8079.

Attention Investors and Home Buyers! Here is a gorgeous brick residential property located in a desirable location! Where this property is located, there are no burned out homes and the surrounding neighbors are longtime home owners. This property features 1128 sq. ft., 3 bedrooms and 1.5 bathrooms, one car garage, natural fire place and hardwood floors throughout the home with a large basement with lots of storage. Bates Academy (K - 8), Renaissance High School (9 - 12) and Mary Grove College are minutes away from this property. This property needs minimum work to get in renting condition. Once this property is rehabbed, it will rent for $850/month. Feel free to call Joseph (313-656-8079) or Kiara (313-363-4284) if you have any questions or would like to setup a time for a showing.

Attention Investors and Home Buyers! Here is a gorgeous brick residential

property located in a desirable location! Where this property is located, there are

no burned out homes and the surrounding neighbors are longtime home owners.

This property features 1128 sq. ft., 3 bedrooms and 1.5 bathrooms, one car

garage, natural fire place and hardwood floors throughout the home with a large

basement with lots of storage. Bates Academy (K – 8), Renaissance High School (9

– 12) and Mary Grove College are minutes away from this property. This property

needs minimum work to get in renting condition. Once this property is rehabbed,

it will rent for $850/month. Feel free to call Joseph (313-656-8079) or Kiara (313-

363-4284) if you have any questions or would like to setup a time for a showing.

Property Breakdown (Yearly Numbers):

Purchase Price: $30,000

Income: $10,200

Expenses: $3,890

Cash Flow: $6,310

ROI: 21%

Here is the link to view the interior and exterior photos.

http://drive.google.com/drive/folders/0B4mfBn6ga7FrLVkzdzdrd2s4dW8?usp=sharing_eil&ts=5903e623

Hello Wilson. If I were you, I would call the local police department and tell them your situation. If you don't get an answer from them, I would check the Secretary of State.

    Automatic withdraw from an account is a good idea. Or you can have the tenant deposit the rent into a separate account for the rent. I just don't recommend taken cash. Money order if you go to the house to pick up the payment. 

   Don't let your acquaintance discourage you. Detroit can be tough, but possible to get great Rental properties here.

   Section 8 is a good way to go. I recommend that route if you are able to do so. The only issue that most people have a problem with is that it has to be up to code. You have to have a rental inspection on the property before the tenant moves in. Then there's the security deposit  and the utilities. 

Hello Julie! Congratulations on your SFR! Let me start off by saying having Detroit is a different type of animal when it comes to Real Estate. That statement is not to scare you. Its only meant to prepare you. However, it can be a DIY if you're up to it. Just beware that there may be some challenges such as people telling a sob stories, tenants not paying, making up crazy repair request. Tenants are more likely to tell you a sob story to you than a company.

When it comes to your questions, I would hire a property management company. The reason I say this is because you have a small family. You're one year old needs your attention. Let someone else take on that headache. Most companies charge the first months rent for putting a qualified tenant in a home. Then, its only ten percent per month after that. That's not too bad when it comes to a headache free rental property. If you need any assistance, please feel free to message me.

Great story! I've heard great things about this book. I'm going to check it out. 

Hello Mr. Wilson. Welcome to BP! I'm sure you can own a property. If there is a loop hole, creating an LLC can help you along the way to help you buy your first investment property.

Are you looking to buy only in the New York area or are you searching around in different states? If you need any assistance, please feel free to send me a message.

Hello Sir. Congratulations on your new property! I haven't heard cash for keys in a long time! I'm glad to see some people are still using it. 

I live in Metro Detroit and we used cash for keys a lot. If I were, I would see if the occupant Is willing to do cash for keys. If so, it's really as simple as saying, whomever will receive $300 for the keys and to vacate the address of the home. At that point, you have the get the property secured. 

If they are not interested, then you'll just have to go through the eviction process. You need that writ (order of eviction from the judge). If you need any assistance, feel free to let me know.

Congratulations Rod! I worked in wholesaling and Property Management in Detroit, Mi. If you need any advice, let me know. 

The main issues to me about multi units is utities and laundry units. For instance, the Water Meter. For instance, are all three units on one Meter. If so, you may have to pay the Water bill. Or you could separate them. But, that may be costly. 

Lastly, just make sure the tenants respect each other.