All Forum Posts by: Stewart Olney

Hi,

I am interested in obtaining some buy and hold properties in Flint, Michigan. I was wondering if anyone has any experience in Flint, and if so how it has gone for them.

Prices are good compared to the rent you can get for the properties, but it seems too good to be true given the quality of the neighborhoods and schools.

@Eric A. 

When I was looking to buy my residence in 2011, I almost bought a duplex, but it needed quite a bit of work, and I was looking for something that was move in ready. (It was in my $60,000 rice range) I'm pretty sure you could find a good one for between 80-120k that would rent for 700-800 a unit, although I haven't done much research on it myself.

My basic problem right now is a problem of finance. I could easily get 2 or 3 properties with that money if I wanted to borrow some money, but I don't have the credit. I would need to either find a partner who does, find a seller financed deal, or find a private money lender. I'm not exactly sure how I go about doing that other than to get involved here and at local REI meet ups.

@Brian Jurvelin I am currently focused on SFHs because that all my limited case and credit will allow at this point. Basically I need to get an after income tax/employment tax/expenses cash flow of $500 a month with just $50,000. At this point I'm not entirely sure how to do it, but I'm hoping to learn enough here to find a path forward on that.

@Joe Villeneuve What is your favorite market right now? And which do you like best in it, flips or rentals?

Hi all,

Does anyone know if you have to be a broker to manage your rental properties if they are organized under an LLC or Corporation in Michigan? My wife's family has a real estate company that is thinking about acquiring some property in the United States. (She is from South Africa) I plan to manage it for them as part owner of the company and as an employee. Thanks for your insights!

- Stewart Olney

@Joe Villeneuve What is your experience investing in Detroit? Do you rent or flip any properties in the city of Detroit itself?

@Account Closed What kind of things did you experience with your Detroit properties that made you come to this conclusion?

Thanks for your feedback everyone!

Hi,

I'm a newbie living in the Detroit Metro area (Harper Woods specifically). I want to start to acquire rental properties in and around the area starting in the summer and sooner if possible. I am wondering if there is anyone here who has experience investing in and around Detroit. 

I specifically want to know how the experience has been for investors investing in the City of Detroit (as opposed to the surrounding communities) in terms of rentals and flips. Also, does anyone have experience in Saint Clair Shores, Grosse Pointe, Harper Woods, Eastpointe, Roseville, or Warren? (All surrounding communities of Detroit)

How has your investing experience been in the Detroit Metro area?

- Stewart Olney

Hi Scott,

You are right, it is a little high. Most houses in the part of Harper Woods I am located retail for 60-70K (as of Jan 2015) because they get Grosse Pointe schools. When I was purchasing my home in 2011, I was looking for a house that needed no work and was not aware that it was possible to get a house for 30-40% off of retail. What is funny is that the people I bought it from were motivated sellers. They had been moved to Flagstaff, Arizona by Comerica Bank, their employer. I offered above asking (which was $56,000) thinking I could get them to make concessions so that I wouldn't have to deal with paying the closing costs. It never occurred to me that I probably could have gotten it for less than $50,000 until your comment made me remember that. Truly a cringeworthy thought.