All Forum Posts by: Rene Brodowsky

@Danielle E. Yes, we are in Michigan. We own three other homes in nearby Oakland County. We are rehabbing this home to downsize to and then rent out our bigger house which is in a desirable school district. We also own a home in Caribbean. That house, the one in Hazel Park and the Detroit house will have no mortgages. We will split our time between Caribbean and Detroit...maybe rehab a house each year to flip... we'll see. This is our first Detroit rehab. I plan to blog the heck out of the process! If it goes well... we might do more...

Another question on bidding process with DBLA Own It Now properties. If we make the first bid and start the clock, can we bid again if we see someone else bid? I assume they will assume we bid the minimum. I know we won't see what the bids are. But, if we see someone bidding then we'll bid the max we would be willing to spend to get the house.

@Jon W. Thanks. We think we've found a home that works for us. Small, in decent shape (thank god, someone put a new roof on it semi-recently! That's the key, right?) We just have to wait and see when DBLA puts it up for auction. We already contacted them about it. But, if not that one...we'll keep looking. I hope to make contact with other people in the Dexter Linwood area. Proximity to WSU is key, as I am thinking about doing my PhD there.

I'd like to know if the Oren K went ahead with the investment. We are looking in that area too. We will not rent it out. We want to rent out our 4 Bedroom, 3 Bath home in West Bloomfield (Bloomfield Hills schools, a very desirable school district) that we have a mortgage on, and downsize to a rehabbed home in Detroit after the kids graduate with no mortgage. So, unlike others here. We will live in the house. We have two other rentals in Oakland County. We know it's risky. But, where else in a US metropolitan area could we get a 1600 sq ft bungalow for around $25K? (We do all the work ourselves)...

Don't remove it...it shows as positive arc in terms of the procedure and process for a smaller investor buying and rehabng in Detroit . My husband and I rehabbed three houses in Oakland country ourselves and plan to do the same in Detroit. We are taking a risk on a neighborhood that is a couple blocks outside the already-in-process-rehabilitated areas. But, since we will do the work ourselves and keep the property as our personal residence (no mortgage) it's a risk we are willing to take. I think we'll Vlog/Blog the process as much as we can...so people might learn from our mistakes.  First thing we'll do is install an alarm system that runs on batteries. Security is the one thing so far that we've identified as different from our other projects. I'd like to hear how people progressed/are progressing?

My husband and I are licensed RE agents in MI per the requirement that property managers must have said licenses. We both work other 9-5 jobs, and do property management on the side. We own three investment homes too that we rent out. Is our rental income passive? Does it matter? 

I formed an IRA LLC and opened a business checking account at a local bank ( super high international wire fees though) During the process they had me personally sign as 'sole benefactor' of the account...or something like that...said it was a form required to make sure LLC isn't a front for laundering money...my IRA custodian/specialist had no idea what this document was...I also didn't get a copy with my new account paperwork. I've requested it. I don't want to have accidentally sign something that creates a prohibited action...my stepson is the manager of the LLC, but I have signing rights... which I don't even want. Anyone have experience with this extra paperwork here in Michigan?