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. 

However, I don't like the fact that properties they will show me, they will have a financial interest in, because it could affect my purchase negatively. what are the pros and cons of going with an agent that requires dual agency vs. not?

Invest in a Rental PropertyUse your equity: You could leverage the equity in your current home to purchase a rental property.

I use a hard money lender here in Memphis TN that is 12% interest paid 1% monthly, 100% purchase & 100% rehab w/5points up front.

Maybe it’s just gut feel, but for some reason It FEELS like these two scenarios will provide excellent opportunities moving forward, while fishing for notes to purchase at significant discounts to current principal enough to yield sufficient returns doesn’t seem as promising.  

Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.

In August 2022 I was with a group of investors at a property we had recently purchased in Costa Rica.

Hi everyoneIdk how to feel about this.In 2021, I purchased a property that used to be a duplex.

Financing depends on your scenario and what type of property you're purchasing.

Understanding the true material costs is important and I urge investors to get a good grasp of this before agreeing to labor only bids where they are responsible for purchasing materials.