Hey everyone, I’m trying to decide between purchasing a single-family home or a multi-family property for my first real estate investment in Detroit, and I’d love to get some advice. 

Purchase price: $17,000 Sale price: $27,000 Contributors: Peter Vekselman Partner Driven and Archie Raglin acquired this property on 1/3/2025 for $17,000 and sold it the same day for $27,000.

Have you guys ever purchased a property without physically seeing it?

If your mother does not want to carry the note long term, there are GSE renovation loans that can be used for both purchase, rehab, and permanent financing all in one loan.

My primary business is owning a wealth management company, and is where I enjoy spending my time.

You are definitely going to want to get a lawyer and as soon as possible.This will sound harsh.In your story, you have made a number of very poor decisions about how you purchased and managed this property. 

How to track potential growth in an area to see if a lot is viable for purchase and building spec homes on etc. 

Quote from @Jacob Campbell: Hello - After listening to the podcast, I've made a commitment to purchase a rental property by the end of Q2 this year (ideally by the end of Q1).

Purchase price: $240,000 Cash invested: $60,000 I purchased this duplex in distressed condition using owner financing for $240K and secured a $60K hard money loan for renovations.

Purchase price: $90,000 Cash invested: $60,000 Buy and hold that I still have to this date.