New from Detroit

[Michael E]

Good evening to everyone.

I am Michael Goodwin from Detroit, MI. Since retiring from the military in 1998 I have been practicing real estate.

Currently licensed in Michigan as a Residential Builder and a Real Estate Broker, and while there is SOME money to be made, I definitely believe providing the capital to buy any and everything attached to and associated with real estate is the way to go. As such I looking to expand my current business model (R.E. Brokerage / Property Management / Construction), by engaging Vice Presidents in each business center, and expand my interests into providing private capital. No interests in residential sales, investment properties only.

I am going to create and service the market with the acquisition, renovation, management and disposition of properties

I am 60 now and at this time have no intention retiring. The children are grown and the grand kids we can send home.

I am currently listening to the Millionaire Fastlane , and will later today download UNSCRIPTED later today.

I've never done forums or expressed openly, so if it seems a bit scattered ....

 

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[Michael Burgess]

Hey Michael, thanks for the intro!

I've loosely considered getting into the Detroit market myself - I have a couple properties in Chatham, ON (one hour NE of Detroit) and have helped some friends with residential flips in Windsor as well. I've been sort of turned away from Detroit because of the reputation it has, but have also heard a lot of positive stories of gentrification and small business revitalization there.

I have a fantastic private lender that's worked with me on several distressed Ontario properties, and he's done very well for himself. Private lending can be a great business model if you have a pulse on who your clients are and what their projects are like, as obviously getting your money working for you is the way to go.

Do you still manage any construction projects yourself? Do you have subcontractors in place that help you with any of those projects?

Feel free to post about any interesting properties you find for sale, or what the ongoings of your business are - I'd love to learn more and stay updated.

 

[Michael E]

Hey Michael, thanks for the intro!

I've loosely considered getting into the Detroit market myself - I have a couple properties in Chatham, ON (one hour NE of Detroit) and have helped some friends with residential flips in Windsor as well. I've been sort of turned away from Detroit because of the reputation it has, but have also heard a lot of positive stories of gentrification and small business revitalization there.

I have a fantastic private lender that's worked with me on several distressed Ontario properties, and he's done very well for himself. Private lending can be a great business model if you have a pulse on who your clients are and what their projects are like, as obviously getting your money working for you is the way to go.

Do you still manage any construction projects yourself? Do you have subcontractors in place that help you with any of those projects?

Feel free to post about any interesting properties you find for sale, or what the ongoings of your business are - I'd love to learn more and stay updated.

Michael, Thank you for reaching out

Yes Detroit has received a lot of negative connotations attached to it. Some of it is definitely earned and some I think is contrived to throw people off the scent.

We now have Mayor Duggan and Police Chief Craig that are very aggressive and committed. Things are really turning around. I don’t think the county prosecutor, Kim Worthy, previously had the necessary support to make the things happen, that needed to happen.

I’ve seen apartments downtown rental rates grow from $1100 a month to $2300 a month since the new home of the Detroit Pistons “Little Cesars Arena” has been completed. We two new stadiums and a new area in downtown.

It is not just in the CBD. The neighborhoods have also have a rental rate increase reported on average of 61%. I do think this is too high because the eviction rates have also increase.

This city is expanding, what use to be an eyesore is now being restored. Investment groups and hedge funds from all over the world are in Detroit.

Gentrification can be a positive thing, especially where greed and/or pride has facilitated lack and neglect for a number of years. I am not speaking of just 18 years ago, but of 50 years ago also.

I manage projects using subcontractors, I don’t physically engage, my skill set is contracts, not carpentry. I have the skill and technical expertise, but twenty years active duty military has had its repercussions and preempt physical activity like that. I have licensed subcontractors and skilled laborers that complete all contracts to code.

Within 4 weeks I am expanding my property management division with the acquisition of approximately 70 new units. I have a couple of apartment complexes on the horizon, 6- 12 months, trying to get the tax credits together now

I have a good working knowledge of capital funding and structuring, but not enough to proficiently operate. I am on target to obtain in-depth training and access to sources of funds in mid next year. This way I can continue to grow.

My business model expands into providing access to sources of capital. I will hire ‘Partners’ to manage the day to day of the Brokerage, Property Management and Construction Operation.
I will focus on business expansion, capital formation, and capital placement.

I read some where in this forum that advertising is prohibited. I sincerely hope nothing I’ve said is construed as an advertisement, because that is not my intent or purpose.

Be Well, Michael