All Forum Posts by: Tom I.

@Kirk R.

Tell him that the safest places in the world are predominately non caucasian. Oh wait...

@Travis Biziorek

Travis, I completely agree with you. Describing these neighborhoods with dirt cheap homes as “not the best” paints a very inaccurate picture of the war-zone someone OOS can unknowingly get themselves into.

The young lady’s response, “stay in Troy”, which seems to be quite a loaded response is Precisely the type of response a landlord can expect to hear from some of the subpar tenants one can expect in Detroit.

I would recommend saving your money and investing in an area where you have a list of reputable property management companies that wont charge an arm and a leg to run your property in an area you wouldn’t feel safe walking around in. Also, I’ll be “staying in Troy”, where I can safely manage my properties and make a great return! Cheers

@Tab Teehee

Excellent job, that’s how its done. The place turned out beautifully. Are you planning on selling or keeping this cash cow?

@Rassan Sampson

Thanks, Ill send you a message!

Hey Biggerpocket friends,

I am starting to look for a reputable property management company in the metro Detroit area, seeing that I am new to multi unit rentals.

My concern is that my go-to heating and cooling guy warned me about a very large property management company in the area that he does work for. Apparently this company adds a 20% charge on whatever invoice he writes and makes the landlord foot the bill. The management company advises this contractor to not provide a price to any landlords/owners.

Is this something that is common? Are there any practices you put in place to avoid such shady companies?

@Dean R.

I appreciate it. Time flies, it’s important we take concrete and constant steps towards realizing our goals. Are you self managing your property/properties, or utilizing a property management company?

@Dean R.

Congratulations, you’re out of the rat race! I’ve finally secured the funding for my dream of purchasing a multiunit building. Within a year, or 365 days, I’ll be in a position to leave the W2 world, but whose counting anyway?

@Alessandra Almeyda If you search past threads about the Detroit market, you can gain some insight as to which neighborhoods are more stable. There is definitely money to be made, but given given that much of Detroit is a war zone, you may have difficulty obtaining a good property manager that can run your out of state investment. But nothing is impossible!

@Chris Tracy Hey Chris, I would appreciate if you could send that course to me as well. Thanks a lot!

@Chase Louderback Thanks, Chase. I would much rather prefer a small multiunit for the above stated reasons and some etc My main concern was with financing the loan. Though I can afford a 25-30% down payment, it seems like many who purchase multiunits have residential landlord experience. I hope that won’t prevent me from securing a loan for a property I want.