Step #2...What am I Going To Need Before I Buy?

So... You have taken the time to look into the Metro Detroit market and do a little research. When compared to the majority of the markets in the USA the numbers really make sense...I mean REALLY make sense... don't they? 

Well...you are right, the deals we have here in this market are some of the best opportunities you are going to find. 

Only in Detroit can you buy a 3 bedroom all brick home with a garage for under $75,000. Then you can rent it to a section 8 tenant for over $1300 per month. I have seen rents significantly more than that as well. This is a snapshot of 2023. As the years go by this can change. The prices keep going up...The rent has too. Soon though, this may not be the norm anymore. Why? 

Well, that's because this market is flooded with absentee investors that are all over the deals just like you wanted to be...So nothing great lasts forever. The time to buy is now.

So before you get all excited and start blowing your hard earned money on some iffy junk house that the wholesalers are pushing on some seedy Facebook group. Keep in mind it takes a team effort to buy, fix, hold, and then manage your rental properties. This market, like many others, is full of wolves. These wolves don't care if you succeed or fail. They care about making money by any means. So, if you buy from these types...Dont expect any help once the walls start caving in. You need a team that will be looking out for you. "Boots on the ground" as they say.

Here at Detroit Buy Hold Invest, we are looking for our investors to succeed. In order to do so you'll need a few resources that will help you as you move forward after your purchase.

The biggest thing you'll need is an agent to go out and take a look at the properties to document the physical condition. After that you will need a licensed home inspector to take a closer look. The person will get on the roof, go in the basement, check all of the systems like plumbing, electrical, sewer, and foundation. This person will generate a detailed report of the home inside and out. Then deliver it to you for review. THey will go over it and also answer any of your questions. Afterall, you need to know what you're buying. That's what these inspectors are there for. Take advantage of their knowledge as well as ours. Then you can be assured you will get what you have paid for.

Another key person to have lined up is a professional property management company. After you purchase your investment property the manager will help you fix, maintain, place tenants, and handle all of your maintenance issues as you hold it for the ROI you are hoping for. This is a very important step to ensure your success as you purchase from afar. Unless you are able to collect your own rents, manage your own house, dispatch contractors for the necessary repairs, and meet with new tenants to sign leases and collect security deposits personally. Or most importantly deal with the court proceedings for eviction if you need to go that route...You are going to need a manager to help you. Do not skimp on this. You will regret it. I promise you that.

We also provide resources to investors who want to self-manage their own properties. We have a list of referrals for contractors, handymen, insurance agents, conventional lenders, DSCR lenders, hard money lenders, commercial lenders, CPA's, leasing agents, Real Estate attorneys, even people to clean your houses if you need it.

So whatever path you choose to go. Figure out beforehand how you want to run your business. Get your referrals in order. Have the conversations, and make sure you are ready to go before you start buying.

Remember this folks...If you don't pre-pare...Your life will need re-pair. I promise you that.

So skip the bad experiences and do it right the first time!

Feel free to drop your questions or topics if you like. I want to hear your thoughts and questions.