How I Made $30,000 Flipping a House In Detroit
Вставка
- Опубліковано 23 сер 2024
- In this video, my team and I visit Detroit Michigan which is a brand new market for me! We will walk a few properties we have under construction, meet our property management team for the first time, and we will be going through the numbers for each house we have under construction, giving tips along the way.
If you're interested in real estate investing, or flipping, this is the video for you! Check out what it really looks like behind the scenes of flipping/investing in Detroit, and what it takes to make profit on real estate deals consistently.
I hope you enjoy the video and learn a lot about investing out of state! Please ask any questions you might have about rental properties, passive income or real estate flipping down in the comment section below and I will try my best to get back to you!
If you liked this video make sure to subscribe and leave a like, and comment any questions or feedback you might have below!
-
Instagram: / martelantoine
Podcast: podcasts.apple.....
LinkedIn: / antoinemmartel
Twitter: / martelantoine
Facebook: / martelant
Website: martelantoine.com
Turnkey Rental Properties: martelturnkey.com
My Book: www.amazon.com...
I hate you started off highlighting arrests as if they don't happen in the rest of Michigan too, but otherwise I appreciate the content.
Will keep that in mind for next time! Thanks for enjoying the content, hope it helped!
I lived and grow up in Detroit! Right now im trying to get my business based in Detroit, Michigan because it is making a comeback!
i agree, I love that city
Do you have to worry about squatters or thieves stealing your plumbing and heating parts and since there’s little return are you buying to hold and rent
Such a boss. Love watching the process!
Glad you enjoyed it!
You should do a step by step process on how to flip houses.
good idea.
Can I inquire who is doing your roofing? 5k sounds like a good deal.
Thanks for the great content. Did your property management team in Detroit assist you in finding good contractors, or did you seek those out on your own?
I'm not sure how you could renovate these homes for sale cheap especially in those neighborhoods and being out-of-state it would be nice to see what the finished product looks like. I've been doing renovation and design projects for 32 years I live in Illinois but purchase an inexpensive home I have been renovating on weekends because I'm so busy with my regular company and projects
my average renovation is $25,000
Big fan, I live in detroit.
love it
Have you had the houses robbed for copper/appliances?
Any updates? Did all of these houses sell? What were your final numbers?
Can we please get an update on your multi-family living area
i actually ended up selling all my multifamily
Im buying my houses in Detroit now so you use hard money loans to buy these houses seeing that they’re cheaper than average houses ppl use hard money loans for?
correct
@@martelantoine is your lender in Michigan?
Great video 👍 very thorough and entertaining 🌟
Can you recommend a realtor that you use?
for which market?
What’s the name of the property management company.
Where else can you buy a twenty thousand dollar house with a tenant in place paying 750 a month? Detroit.
Your a big inspiration! I’ve always wanted to do flips but didn’t know the actual process as in the next steps once I got my first property I’ve learned so much from you but I just have a couple of questions, such as like finding a team! How do I find a reliable team, people I could trust, Also where do you get the money to renovate the properties ! Considering I’m 20 I just need these steps in order to better my knowledge
just start cold calling, find some easy deals and test them out
I have a good property for fix and flip or fix and hold. I need to assign it to someone in Detroit. You know any cash buyers?
yes... me :)
something to learn from each video
thank you so much!
I have a 2 unit property in need of rehab in Detroit, I plan to live in one and Airbnb the other one. What property management company/team did you use?
hey! sorry I don't share this information. you should go and find your own PM that makes sense for you!
@@martelantoine ok, thanks for replying.
Open your own management company. LLC
How do you know the renovation proce so quickly, and how are you able to back out?
But I don't understand and it does not seem realistic to me that your renovation projects on these homes are only around $30,000 to do a kitchen,two bathrooms, a new roof, as sewer line the driveway, and everything else that you are doing to bring back those homes that make them sellable and Little V, then you have to sell the home and there are closing cost and you have not mention anything realtor fees and property gains taxes but I do think it's a great thing that you are bringing back these homes to life
my numbers are all real
This Detroit
Can we speed up and get to the content
You didn’t have to throw shade in the beginning the crime is actually lower than it has been in a long time.
How much do your property managers charge?
10 percent usually - most property managers will charge between 7 and 10 percent
That’s good, I thought the fees were 20 percent and up
How much taxes (percentage) do you have to pay for selling each house?
At your normal tax bracket
Are you using business credit to purchase these homes? What is the process?
i use cash, i don't recommend using credit to buy houses
@@martelantoine why not?
why not?
so bought for 45k then rehabbed 30k and your making a 15k gain, with taxes how much are you making off of the first deal?
Hard to calculate, real estate comes with a lot of write offs, thankfully
@@martelantoine That would make for a great video. Explaining some of the accounting/tax information to make financially intelligent decisions when considering rehabbing a property.
Lol, so do you make money or just make write offs? You should’ve bought that thing for $10k. Anyone can buy it for $45k.
Depends on how “creative” your tax accountant is.
Great work Antoine! Thank you for sharing insight into your flipping process. Are you interested in continuing to invest in Detroit? If so, I have an off-market turnkey rental and fixer-uppers in the Plymouth-Hubbell area. I'm a wholesaler working with a local landlord.
email it to me!
Hello, I'm in Aurburn hills looking to get into the game if any more properties become available
What kind of Homeowners insurance do get on your properties there.....if so do you have any referrals to reasonable insurance Companies?
i like shelter insurance a lot
@@martelantoine what Is that? Shelter
Is it a ridiculous idea to ask what contractors do you work with? Do you mind sharing their contact?
they are slammed bro - they won't be able to take on new clients.
I want to do business with u I have some in that state I need help doing the same
email me and i’ll see how i can help you
Why would they blurred out their face?
You made only 30K on this project but you spent 90K. That is not profitable.
how is that not? haha
@@martelantoine I mean after all that trouble you made 30k. You still have to pay short term capital gains tax.
May be you did make money but someone who is starting out in this business, it is a huge risk to invest 90k
I think that’s the point of real estate lol you buy, renovate, flip and sale! Then your on to the next… the more properties you sell will eventually create “cash flow” just don’t expect to become rich right away on your first investment. You should read the book rich dad poor dad ☺️
I am currently moving back home from Dallas to Detroit . I am definitely ready to get my hands on some properties ☺️
@@ShowBizJunkie And , I’m sure he has partners who invest with him… it’s called “group economics” ☺️
@@tamarabanks444 Oh so you are Detroit local. You know the city inside out. You have an advantage. Do you know which areas are safe in Detroit?
Now if only the detroit land bank will open detroit up to outsiders who want to migrate to detroit, detroit will become a more progressive, culturally and racially diverse city that will attract companies to set up shop.
You are calling it Detroit but it’s Detroit Metro area and they are specific communities you should mention and be clear. Detroit proper is one area.
If you have 8 % closing costs, you will make no money with #4
What’s the name of the property management company.