All Forum Posts by: Theodore B.

Hello fellow investors. I wanted to throw this out here, specifically to Detroit investors, but if anyone has some good input, VERY OPEN to it. I have been investing slowly since 2006 and I have accumulated about a dozen single and duplex properties. Most of them are rented. I am looking to pull cash out a couple so I can reposition myself to invest more and pay off bills. My properties are ALL free and clear and I just can't seem to find anyone that will do a cash refi out for Detroit properties in decent areas. I had to do a short sell on a piece of land I owned in California 2 years ago and not sure if this would be a reason for me to not be able to be able to qualify to pull cash out of the property. My credit score now is about 720 mid score

The one thing that I have seen is that because values are so low in Detroit, trying to find a place/company/entity that would be willing to loan on a property under $50,000 has been a challenge. I am looking to pull out at least 40K but this would most likely be from 2 maybe 3 different properties, which means each cash out would be like 15K each and can't find anyone that will do this. ANY THOUGHTS or referrals anyone can provide.

I do have my taxes to show that the properties have maintained stable tenancy over the years.

Thanks in advance for any positive advice you all can offer.

@ jarese for starters..i would say identify your strengths...are u a people person..a numbers guy...have a lot of time..a money guy where u have funds to go residential versus commerical..however this last criteria may be a little skewed given the fact commerical property can be acquired fairly cheap in the detroit market...i would also say decide if u want to get into the rehab bussiness the landlordong business wholesaling birddogging etc...all these things can make u money but i would suggest that u pick one and stick to that until u meet a predetermined goal u set for your real estate objectives

Hey @ jarese..welcome..i am a fellow investor in the detroit market..i think we make the best investors sometimes because we understand the city is still there despite the scatterex chaos that occurs. Feel free to contact me but i have been in the market there since 2007...things are steady building for me..would be happy to share my experiences with u.

It sounds like a way to make some cash but with the red tape u have to jump through with the city..where would one even begin...i know just getting water turnedon at my rental properties i basically need to sign over my first born and i am an out of state investor...if people do have comments or suggestions about this i am interested to hear

Hey ed..my rule of thumb is not to go over 2k in taxes..u still have insurance which i say is about 800 to 1200 dollars a year this is all for single families..i have not done anything more than duplexes..i hope taxes dont go up.i need my profits lol

@ bill honestly if that were the case detroit really would be giving properties away...plus if u had any dealings with the utility companies u would see they dont need an emergency manager to slow things down..i remember 1 year i was trying to get water turned on at a property and i was lookjng at like 3 weeks..heck just last year an electric order was taking about 2 weeks...but in all fairness for the electric company..i usually get services fairly easy and quickly...if they do indeed assign a manger it will be interesting to see how he or she proceeds

@ed see welcome. First off congrats on the investing..sounds like it is going well for u. i would like for u to continue that, as i invest in an area u are looking to invest in...detroit. despite what people say u see there is money to be made in the area. its good u will have some realtors helping u i would not advise investing in detroit blindly...some things to consider...property values suck so a buy and hold strategy is pretty much a given in the market at this time...second be sure to look in areas where taxea are not crazy high..detroit has a very antiquated tax system where the taxes u pay are higher than the property is worth...depending on where u want to invest in the city..u can have some pretty decent returns..the path of progression from what i see is around downtown as businesses are opening in the area...there is talk of an emergency financial manager being assigned to the area which should bemore indication of the issues facing detroit at this time. as far as section 8..i have not had any personal experiences with it yet..the tenants i have in place are not on section 8 and for the most part they pay their rent on time. A couple of stragglers here and there but that is why the late fee is there. i hope this may help ua bit and i thank u for considering detroit as an investment location..if more of us invested in the city maybe we can get it turned around..cause when i say city services are bad they are bad..i.e. The water department. i am an out of state investor and landlord and the hassle to get utilities like water turned on is like applying to work in a federal job.

Hey Rob, welcome and congrats both on your decision to go the route of real estate and the twins.

I see you are in Los Angeles, my wife and I are actually heading back to Cali in a couple of weeks. I would like the opportunity to talk to you in more detail about your investing goals and I can share mine as well. I am not sure if your looking at LA to begin investing, to me it seems like a really touch market to get started in, unless you have the cash to play with the big boys, but I know deals are made, I figure we just need to find the right people to help us along the way.

Deshone Drummond How are you and congrats on getting into the commerical side of things. Looking forward to joining you soon!

As for your question, Landlording with a lifestyle...Is it possible. I would say yes. I am currently investing in Single Family Properties and I am at 12 all of which are mortgage free except 2. Of my 12 I have 7 currently rented. I landlord all my properties long distance, the last 2 I rented out I don't even know what my tenants look like except the licenses they sent me. I am in NO way living a rich lifestyle, but I am taking baby steps, the first one is firing my 9-5 boss, which is happening in 1 week and 1 day lol..Yes I am counting down the days lol.

I know and believe that real estate can have us lead the lifestyles we want to live, but its all about staying focused and patient. I read so many stories about people turning little money to fortunes in little time however, hasn't been my story, but I believe in staying in the race and soon enough, I will be able to go where I want to go when I want to go.

In Landlording you do get some calls that make you want to say, ARE YOU KIDDING ME!!!, but if you look at the grand scheme of things, I would rather troubleshoot my own problems versus a company I am working for, so I just consider it part of doing business. If anything be patient with tenants because at the end of the day they will be providing you with the lifestyle you want.

Good Luck on your investing!

Hello all,

First off what a WONDERFUL SITE! I joined a couple of weeks ago and I have been amazed by all the people and their experiences. I joined this site because I wanted to learn and network with others who enjoy the world of real estate.

I currently invest in the Detroit market and I am looking to meet and speak with investors that are investing in Detroit as well or may be interested in the Detroit market. I would love to branch out and do more investing in other areas, but starting out, this is where my money has allowed me to invest, plus this is where I grew up.

I am looking forward to gaining a lot of information on the site and networking with other investors.

PS, if anyone has a property in Los Angeles, Southbay, LAX or Inglewood area that is pet friendly, preferably a house that they would like to rent please let me know.

Thank you