All Forum Posts by: Wendy Patton

@Jerry Zhang.As big as Pace is ... he likely will be sued multiple times.  Its the nature of our business.  I have been sued multiple times by tenants and never did a thing wrong and never lost a case. There are always 2 sides to a story.  I am not saying he didn't do something wrong but I am pretty sure he is very careful to do things right.  people will sue for anything these days. 

@Mia Law have you had the open discussion to ask what they would want for it?  And would they be willing to do financing for you so you don't have to pay cash up front?  maybe they would do a subject to and have you take over their mortgage payments - do they have a good interest rate?  Or if they would prefer a lease option? .However...... with it being out of state you have another issue.  Who will manage it for you?  Do you have the funds to carry the payments if no one is renting it ? or if you have to have your PM evict the tenant?    If you aren't getting a real deal on it then why would you buy it?  Do they want you to have a "deal" on it because you are family?  Sorry lots of questions.

@Luis Cerwin.@Drew Sygit is correct - AND Detroit has had VERY bad weather in Jan - worst then most years.  This along with the time of year does make it slower.   I know he does PM also - not sure if in the city but i think Drew does.  

@Charles Becoat for 100 units likely a conventional multi-family lender would be the best.  Do you have it under contract?  Feel free to reach out to me as i run the Michigan Real Estate Investor group and Feb and March are all about investing in Detroit.  I am sure i can hook you up with someone if you have it locked up.  message me

@Argel Algura.Congrats first on your last.year and how much you have accomplished in a short time period.  There is a lot to say here that would take awhile to write but a few things: 

1.  Good you are researching this topic - I also love subject tos and have written a book on the topic. 

2.  If you are investing out of state, then do you already have a good property manager lined up?  Getting the right tenant in your home is key. 

3.  I happen to live in AZ in the winter and MI in the summer.  I know a little about the phoenix market and agree it is growing.  The price points do make it hard to cash flow even with the lower interest rate subject tos.  (unless you get a slam dunk).

4. I kind of like the idea of wholesaling out of state leads, however, with subj to i would be VERY careful who you sell those to.  The seller will remember you also if anything goes bad with whoever buys it from you. 

So..... what should you do? 

Either idea is good - wholesaling your leads or keeping them, or a combo.  If you have a strong management company here in AZ, that is key.  If you don't and you want a suggestion or two, i can help you out. 

I hope that helps a little bit.

@Polat Caglayan $1000 net?  if so you will need multiple properties - don't believe all you hear about the cash flow in Detroit.  Sometimes they forget to tell you that many tenants in Detroit don't pay (depending on the property manager skill and the type of tenant) - but taxes are very high in the city and so is insurance.  Likely you will need a few properties worth a few hundred thousand minimum -  how much out of pocket?  depends on your credit if you can get a mortgage or your ability to find good deals that you use hard money for and then refinance into DSRC.   Still a good investment?  if you find the right deal in the right area with the right tenant?  SLAM DUNK yes!

@Polat Caglayan.Detroit is HOT right now for sure.  You do still have to know the right areas to invest in and who to trust for that info.  If i can help in anyway, please let me know. 

@Helena Goyvaerts I run the Michigan Real Estate Investors group and we have over 1200 members.  I am sure we can help you out with connections of any type you want.  Let's connect to see how we can work together.   

@V.G Jason.Oh i totally agree with you BUT if you are investing out of state you also need to make sure you have a good team - and a good PM is key if you plan to keep your properties and they are not so easy to find.  Also, what i was saying is there are good values in almost any of the midwest - and you are right ....it depends on the deal.  

@James Wise. I have had many times where working with them was worth it (note: i did say many times it isn't and you are right).

I had one lady who had cancer and was off work for 1 month - needed time to catch up.  I have had people over the years who have lost jobs and had a few weeks in between and needed a little time to make some payments.   Many more.......  (oh but i did have a tenant whose grandmother seemed to die a few different times and he had to be "gone" lol ...... yes many like that)