All Forum Posts by: Ramone Reese

Hi Kaylen! What kind of mentor are you looking for? Or better yet, what are your goals? What are you interested in learning more about, getting help/guidance with? If you're a little more specific and provide some details the community will be better able to give you advice.

Edward Oliver Thanks! I just shot you an email. My contact information is included. I'd love to connect! And if there is any way I can help you with your property don't be afraid to get in touch! I'm in that area a few times a week. I'd be happy to keep an eye on it for you when I'm checking on mine.

Edward Oliver To answer your question more concisely with respect to a JV right now:. I'm looking to partner on one of my existing houses in any way that solves or at least decreases my current cash flow issue. Looking forward, I'd like to partner on a flip in Southfield later this summer. Other than that, the cash crunch has most of the 9 properties (most already rehabbed and rented) for a reasonable price/deal.

Hi Ed! I have a couple properties over there myself. It's a good area. I have one on 7/Meyers right across the street from the charter school. And another on 6 and Meyers I just finished rehabbing. Bought it for $6100 spent about $5k more on rehab and just rented it a couple of weeks ago for $825/mo. I had an offer for $875 from a well-qualified couple but the $825 tenant was looking for something for the foreseeable future. In any event, I'm always open to good deals with good people. I think reasonable people can always come up with a win win. I had some partners back out on me which created a cash flow problem. So I'm looking to sell or JV on a few houses to raise about $25k. Im looking to get rid of the house on 7/Meyers. It's between outer drive and 7 mile about 6 blocks east of Meyers. My educated guess is that the house would sell for around $60k fully renovated. But it's a little weird. It's a huge 2 bedroom brick. One of the bedrooms has a sun room off of it. If I were to try to flip it I think I'd want to reorganize the upstairs to create 3 bedrooms. But it would make a great rental. I don't have the cash to do all I think I should to maximize value so a partner may help with those costs or buy me out. I'm only looking for $30k. It's a corner house with an office/study on the first floor with original wood. 1 car garage. Huge back yard. I have two other houses on 7 mile between Southfield and evergreen that I'm also looking to sell or JV on. I see those more as rental properties but I have been approached by several people who want to buy one of my properties on LC as my rehabs come out nicely. For the smaller houses though, funding is hard to come by at around $30k so I'd consider partnering on the rehab and rent. Or rehab and sell on LC with a good down payment. I expect one to rent for about $750 (3 bed). The other around 600 (2 bed). If I sold them right now I'd be looking for about 15k and 10 respectively. But I'm fairly motivated.

Raphael Thomas I worked for the then largest student housing renter in Ann Arbor (University of Michigan) for 5 years so I definitely understand your interest in student housing. Should you get a little more funding for that market you can make an insane killing. Rents are exceptionally high on campus but the market is changing some so you'd do well to connect with someone on the ground there. I have a wonderful connection for you if you go that route. As for Detroit, with $20k for a down payment, I echo another poster's opinion that you might want to look into solid rentals in general. Most of the colleges in metro Detroit proper are commuter schools. Although Wayne State has seen a boost in students moving closer to the school given the recent (and rapid) development of midtown and downtown. But it's getting pricey down there. I'm not sure those numbers will cut it. That said there are some other areas that you could turn that 20k into quite a bit. I bought 9 properties in 2014 for $41k cash. Spent about another $20k so far on rehab. The portfolio is worth about $180k very conservatively and brings in about $4500/mo now with about another $15k to spend on rehab it should be around $6500/mo in rent. Might I also suggest Southfield. You could find a house for about $100k that should rent around 1200/mo with low-maintenance qualified tenants. That might be easier for an out of state investor as Detroit can be management-intensive. Could be a headache if you don't have a solid team on the ground here. You can find similar values to Southfield in Redford and parts of Dearborn and Dearborn Heights. I'm from the Northwest side of Detroit and live in Southfield. I stick to the areas I know. I'm sure there are good deals to be had east but it's out of my wheel house.

Sam Van Horebeek I forgot to mention that rent for a 3 bed over here (48033) is about 1200-1500/mo and attracts quality tenants. My gf is a scientist and I'm an attorney and we are renting here while looking to find our dream home. My mom and 3 other friends alone are looking to buy in this area. It's hot and prices are going up seemingly every month. I'm kicking myself for not pulling the trigger on an awesome house around the corner sooner.

Sam Van Horebeek there are lots of areas that may fit your criteria. There are TONS of pitfalls and scams so be careful about who you work with. I'd be interested in meeting you and helping you any way I can. My particular strategy is to stick to the areas I know like the back of my hand. I'd recommend looking into the following zip codes in MW Detroit for buying and holding: 48219 (but not Brightmore), 48221, 48235, and parts of 48227. Depending on your capital, also look into Southfield and Redford. Right now in Southfield for example, my grandma bought the house next door to her for $65k in 2009. Rented it for a while to a family member. And sold it last summer for $119 in 48033. Now you can probably get into 48033 for around 80k cash for a 3 bed spend about $10k and sale around $120. Renovated houses do not last long around here if they are priced right. Southfield is stable and quickly returning to the prices of yesteryear.

Hi Sophie and welcome! Do you have any specific areas you are looking at in the US? Just across the water from Windsor I hear there are some great opportunities! What kind of time line and profit are you looking for?

Janann Chan have you reached out to any of the people on BP who are actively investing in Detroit? Feel free to PM me. Unfortunately there are a lot of bad apples giving Detroit a bad name. It is definitely block to block, but I can't think of anything legal where you can invest so little and make so much. As everyone has said, the key is finding honest good people who know what they are doing! And to answer your question NO it is not common for the LL to pay DTE. Also make sure to check and ensure that the tenant has filed an affidavit with the water company and placed the water in THEIR name. So in case they turn out to be a bum you aren't left paying for their water too! I do not understand why you would be paying for DTE unless the house is vacant in the first place.

To answer your question Rachel, it depends. When was the property purchased and how? For example homes purchased in the 2014 tax auction have a covenant in the deed that requires 2014-2016 taxes to be current. The county is foreclosing on those homes that haven't paid 2014 later this month and they want them paid in full period. Usually you have 3 years before foreclosure. Keep in mind there is also interest and fees for back taxes. I believe the interest is 1.5% per month. There are ways to work out the tax issues of a particular property but I think it's prudent to have an actual home in mind.