All Forum Posts by: Taylor Johnson

Hi Shane, I second Dylan that attending meet-ups can be a good way to meet people. I'm member of the Michigan Real Estate Investors, but there's more, including Dylan's, which I've been to before. The best thing you can do for yourself is be resourceful. To become a resource is attending those meetings, using BP webinars, Youtube, podcast, forums etc. and other sites, books, etc. to learn. That way when you meet experienced investors you'd be able to engage in conversation and if the connection is right you can offer specific actions that could help them and they can in turn help you.

Hi Oren, I'm nearby that area fairly often (more Southwest between Grand Blvd/Tireman/Dexter) and it's mainly C-D class neighborhoods, which I describe as tenant majority (section 8 or other subsidy), distressed properties on the block. There are some decent streets throughout and if distressed properties are present sometimes they're boarded up and potentially owned by the Detroit Land Bank. I personally think the area is worth looking into and I'd definitely take heed to Christian and Michael comments. You'll be signing yourself up for a task investing in the area, but is doable if you're prepared to landlord to the type of tenants in those neighborhoods. I work at a nonprofit in Corktown, which just outside of Downtown Detroit, and it takes me 10 minutes to get in that area, which is a bonus. Though there isn't much development (shops, stores, etc.), it is well connected to public transit.

Those are my thoughts. I'm still learning the ins-and-outs. I think if you slightly adjust the streets you're looking at, you'll be able to find something that fits your strategy.

Hi - I have a duplex under contract where I'll be able to finance the reno into the mortgage through the Detroit Home Mortgage program. Are there any contractors who'd be interested in coming out this week to complete a bid? Can you recommend me to a contractor who works in Detroit? Per finance requirements the contractor must be licensed, bonded and insured. Thanks for any help you can provide and feel free to PM if you're interested. Thanks!

 Thank you! Good points to ensure are aligned.

 Got it. There is a tenant on a month-to-month lease currently paying $600 and from talking with him is the son-in-law of the seller. If he's payment history has been good and wants to stay I may go for it.

Hey @Grant Rothenburger I think that's a good point and my financing doesn't require it.

I just got an apartment style duplex under contract two hours ago. I have a 10-day inspection period and want to take full advantage of that time. What due diligence do you do you recommend for investment properties? I will get an inspection and have the contractor go through the property more thorough for estimates.

Prior to my offer, I checked public records, visited the property twice, including once with a contractor, and was conservative with the numbers. This will be my first investment as a house hack (live in one unit, rent out the other). Apart from an inspection and a contractor walk-through, what other steps do you take? Thanks! :)

Looks awesome! Congrats

@Jonathan Streufert we'll have meet in person at the next meeting. I agree I thought 6-8% was low for a beginning, but I think that range can work if you're paying it back within 3-6 months. Any time longer I'd expect a higher rate as a beginner.