All Forum Posts by: Tommy Desmond

@Vincent Burr I have a property in SCS I'm about to put up. I've wanted it gone for years, but values have only recently made it worth it there. I've been watching and waiting.

There's a general trend of people with means in that area moving north to more land, north of Hall Rd. SCS is pretty conservative and older, they're taking the opportunity to get more space after a year of COVID and unrest.

Sounds good. I hold and I also rehab. I want to get my portfolio up to 250 units eventually. At the moment I only have a dozen. I will get a larger apartment when the right deal comes along. Thus far I haven't found one right for us. 

Don't go it alone. Find the highest producing team in your area, and join up. They'll get you in the game and doing deals quickly, so you can build your skillset. You can also borrow the credibility of the team. I'm at Keller Williams in Royal Oak. If you'd like to have a conversation, drop me a line. 

I'm in Michigan, I focus on the suburbs north of Detroit. Our apartment market is pretty hot at the moment, but there are deals to be had still. There's opportunity in SFR too.

When you say you're interested in being more of an investor, do you mean you want to do less flips and start holding more rentals? Or do you want to just be hands off (ie private money lender)?

I have two tiers of market I focus on, the mid-blue collar and more white collar communities. If you're interested in connecting, drop me a line. 

I'm in southeast Michigan (suburbs north of Detroit) and I'm seeing very solid rent rates compared to acquisition cost compared to other markets I've looked at. It's pretty common to get $1100-1200 for a $50-80k property. I've got a few in very desirable neighborhoods that I'm into for about $140k that are bringing $1600/month from high quality tenants. 

Hey Zachary, 

I'm working in both these areas. I just picked up another unit in Berkley on Friday. The south Oakland market is pretty interesting, and from one city to the next, there's some fairly dramatic shifts in cost and ROI. Birmingham is one of the more high end markets in southeast Michigan. You may have a more difficult time finding rentals with a decent cap rate. They're not impossible, but are less common than in some of the surrounding areas that comparable rent rates. I hold rentals in cities that surround Birmingham, but not in Birmingham itself. I'm seeing rents $1100-1600 depending on where the rental is located.

My buying criteria is at least 3 beds (or the ability to make 2 into 3), with a basement. 1000sqft+ at least. Basements make them easier to sell when you decide to liquidate. I tend to renovate them to a pretty high finish level for rentals. 

If you'd like to talk more, you can drop me a line. 

I like to see at least $500/month. 

I have had no real issues with my rentals over that way. For that market, I rehab the properties to a higher modern granite standard. Because the area can demand higher rents for nicer properties, we get very solid tenants. A lot of engineers, executives, and medical staff from the nearby hospital. Catering to the higher end clientele there has reduced our issues (such as late rents and vacancy) compared to rentals we have in less affluent markets. The appreciation is nice too. 

I haven't dealt with that personally, but my first stop would be to speak with the assessor in each city to see what they have to say. 

@Inderpal Singh , I know @Drew Sygit and Royal Rose as well, he's been around for a long time and really knows what he's talking about.