All Forum Posts by: Tom A.

A few photos from the meetup this week...

I do, just PM me your email and I'll add you @Emilio Basa

Same goes for anyone else who wants to get the monthly email announcing the meetup date and location. I also post it in our closed Facebook meetup group at https://www.facebook.com/groups/MetroDetroitRealEstateInvestorsGroup/

The group is closed to keep the spammers out, but it's open to all legitimate Detroit investors or investors-to-be.

Thanks to everyone who came out to the Metro Detroit meetup last night. We had about 45 people from all over the area, from newbies to grizzled veterans. It was a beautiful night to be out on the patio getting to know people and sharing RE investing info.

Keep your 2016 real estate investing momentum going with your fellow local investors. The next Metro Detroit Real Estate Investors Meetup is scheduled for May 18, 2016 at the Steelhouse Tavern at 1129 E Long Lake Rd, Troy, Michigan 48085. We'll start at 6:30 pm but people come and go as their schedule allows.

This is a free meeting aimed at helping local investors meet each other, learn what they're doing, share ideas, potentially do deals and generally, advance their real estate investing business.

We've been averaging 30 - 35 people since starting in late 2013, from total newbies to investors with decades of experience and many deals under their belt. There's no charge except for any food/beverages you order and we're a friendly, helpful bunch so there's no reason for beginners not to come out.

There also are always a good number of experienced, active investors who are doing business in metro Detroit right now, buying and selling properties, doing flips, landlording, funding deals with private money, doing joint ventures, building new houses, wholesaling, lease-optioning and executing other strategies. There are usually a few investing "team" members in attendance as well -- title company reps, mortgage pros and investor insurance experts.

We draw investors from Wayne, Oakland, Macomb, Washtenaw, Genessee, Lapeer and Livingston counties.

More info on May's meetup at https://www.facebook.com/events/807886576012008/

You can join our "closed" (private) Facebook meetup group at https://www.facebook.com/groups/MetroDetroitRealEs....

Hope to see you there! Let me know if you have any questions.

@Parker Ihrie, sorry, but no. Feel free to PM me with your buying criteria for future deals if you wish.

SOLD, thank you all for your interest. Message me with your buying criteria for future Metro Detroit (Oakland, Macomb and Wayne County) deals. 

2 bed / 1 bath in Commerce Twp available via contract assignment.

3191 Fisher, Commerce Twp, MI 48390

Nice area of Oakland County

$42K (lower than any active/pending/sold in Commerce in last 12 months)

Light rehab for rental – paint and carpet, 2 interior doors, couple light fixtures, refinish tub, make closet or install armoire. Upgrade kitchen and bath for flip.

ARV $70K - $85K depending on level of finish

Rent ~$900 per Rentometer

Pros: Walled Lake schools, low taxes ($125/month non-homestead), lake access, newer dimensional roof, newer furnace, updated vinyl windows

Cons: No garage, Michigan basement, Bed #2 is 11’ x 7’

Photos, ARV Comps at http://bit.ly/3191FisherCommerce

Walk-thru video at https://youtu.be/tfqx6RWSHFk

[email protected] or (248) 387-9864

Hi @Larry DII. Be very careful jumping into RE investing by buying a multi-family in Detroit. Not saying it can't work, but there are more failure points due to the size and the city than buying a single family home in one of the rental suburbs. If you fall you'll fall far.

That said, Palmer Park is an area with many historical apartment buildings that seems to be on the rise after a pretty nasty decline. I'd talk with current owners in that area to get a better understanding of investing in the area based on their experience.

Here's a few articles on the Palmer Park area. Keep in mind the first one is speculative and from 2012, but still informative.

http://detroit.curbed.com/2012/5/24/10368218/could-the-next-hot-area-for-rentals-be-palmer-park-again

More articles from Curbed Detroit

http://detroit.curbed.com/search?q=palmer+park

One developer (Shelbourn) has redone a dozen or more buildings in Palmer Park recently

http://www.crainsdetroit.com/article/20130804/NEWS/308049984/developer-scours-city-to-rehab-art-deco-era-apartment-buildings

Thanks Will, and welcome Benjamin.  We do a local monthly meetup, please see the link in my signature for more info.

Nice purchase, George. Talk about your deferred maintenance though!

For folks not from this area, at $1150/month and $100K ARV we're not talking a C area, in my opinion. I know everyone's definition of A/B/C can vary, but an area with ARV=$100K, rent=$1150 around here is generally considered a safe, OK area. Working class, average schools, very little Section 8. In fact, according to US Census data that census tract is 87% homeowner/13% rental.