That's an average of 17% annually over that time.The City of Detroit has not only outperformed every city in the Metro Detroit area, its outperformed every city in the USA from 2014-2024:Let that sink in for a minute ... you'll probably need more time than that to process this!

You'll want to print and save the SS-4 Letter that you'll have the chance to download at the end of that process.

If you use the unapproved documents terminating the lease and it leads to an eviction, you'd be wasting your time having to redo the process again.

Hello Derick, If you have not already done this, I suggest the Build Your Investing Team> menu/link at the top left of the page on Bigger Pockets and go through the process of building a team.

REI is a long-term venture; if you cannot hold this will be a very difficult process.  

I recently completed one on a multifamily property and found it to be a cost-effective approach.That said, there are a couple of additional factors to consider beyond the code differences between a garage conversion and new construction:Coastal Overlay Zones – If your property is in a coastal overlay, building a ground-up ADU may require Coastal Commission review, which can add time and complexity to the process.

Getting that first deal under my belt with the help of a mentor would significantly accelerate the process and build my confidence.I’m a firm believer in learning by doing—trial by fire, making mistakes, and growing from them.

I think he's in the process right now so I'm not sure how it's turned out, but last time I spoke with him it seemed that it was going well.I always tell people looking to do co-living that there is a certain amount of risk that you have to be willing to take on.

Your time is best spent producing the revenue that allows you to invest in the first place.That includes using local agents you meet and feel are a good fit for you, property managers, possibly buying completed properties like the one you posted here, and outsourcing as much of the process as you can as you get started. 

I’m in the process of opening an LLC to get things started and exploring the best approach to enter the market.