Why should I choose buy an investment property from Great Day Property Management?

  • Your Money:  We minimize the risk while you receive a 10 to 15% net cash flow on your investment properties.

  • Trustworthiness: Once you talk with me, you will quickly learn I’m very transparent.

  • Experience: Pat knows Detroit properties. I know how Detroit real estate works. We’ve been doing this since 2007.

  • The Tour: We strongly encourage you to come and see for yourself.

How do you choose your neighborhoods?  We have a very specific model we follow when choosing where we invest in Detroit.  We carefully choose certain streets that we know to be thriving or come back neighborhoods.  The lawns are well kept.  Children play outside.  The house size is affordable for us to maintain, for tenants to qualify for Section 8 government rental subsidies, and for tenants to afford to pay the utilities.  

How do I know I'm buying a good house from you?  When you buy a house from us, we have already assumed this risk.  We have already purchased it and renovated it   When we prepare a house for a tenant, we don't do "patch work."  We do it all with the long term investment in mind.  If it needs windows, we do windows.  If it needs a roof, we replace the roof.  We want to make sure the tenant has no need to call for repairs, so we make sure everything is done right. When you buy it from us, you will get a disclosure report on the property so you know exactly what you are buying.  

Can you explain Section 8?  The federal government helps low income people pay rent through a program called Section 8.  Most of our tenants on the program receive around half of their rent paid directly to our bank account by Section 8.  The tenant has to come up with the other half of the rent.  If a tenant has an eviction on their record, they can lose their Section 8 voucher.  The tenants on the program are very careful to live within their budget and keep their vouchers.  As a property manager, the difficulty lies in getting the rent started.  It is a lot of paperwork, a home inspection, follow up, a massive red tape mess before the first rent checks arrive in your bank account.  It can be anywhere from two months to three months.  We usually have this process  started before we sell you a house with a Section 8 tenant.  

How hard is it to find home insurance in Detroit?  It depends how much you want to spend!  When we started we were paying around $1,500/year.  We were told Detroit is high risk and the insurance companies just don't want to deal with us.  But then after a few years of networking and researching, we found a company for around $600/year.  

What's going on with the property taxes?  There used to be a huge discrepancy in the taxable and assessed values and the actual values of houses in Detroit, which caused excessively high tax bills.  The mayor, Mike Duggan, was able to reassess all the properties in Detroit and have the taxable and assessed values more fair.  Our property taxes are on the average around $900-1,200/year.  

What do you mean about marketable title?  In Detroit the houses are often purchased from the Wayne County Auction on a quitclaim deed.  Quitclaim deeds do not promise clean title.  A warranty deed does.  When you sell the house if it still has a quitclaim deed, a title company will either refuse to warrant (insure) the title or they will have you use a lawyer to file for what is called quiet title.  That is a two or three month process and legal fees.  When we sell you the property, we have already run the title to ensure that we can sell it to you on a warranty deed.  If we are not able to, we assume the cost with the attorney of quieting the title.   We only sell houses with marketable titles.

Why do you recommend Detroit?  Buying property right now in Detroit is so affordable that you can get a 10-15% return on your investment when you use that property as rental income.  Buying property in the right neighborhoods attracts several applicants from which to choose so we are able to choose the best ones. Being part of the revival of Detroit is personally rewarding as stated in the National Geographic article, "Tough, real, and cheap, Detroit, with the nation's largest municipal bankruptcy behind it, is suddenly attractive to investors, innovators, and would-be fixers, especially young adventurers."  We encourage you to come for an investor tour and see for yourself.  Why Detroit

Do you put new listings on the website?  Our properties are in such high demand with our investors that we have not been putting them on our website.  Instead, we will email you specific flyers per house that we have available at the time you call.  If we do not have any available, we will put you on a waiting list.   Where We Invest

What sets you apart from your competition?  We are ethical and we are local.  We only sell you properties in neighborhoods that meet our specific criteria.  We only sell you houses that have been thoroughly inspected and usually rented and collecting regular income.   We are the only property management company we know of that offers investor specific tours that include our houses being renovated, a tour of our neighborhoods, and some gems of Detroit.  

How does Great Day Property Management make a difference?  Our goal is to make every day a great day by helping the most people possible.  We help our investors by securing their investments while they enjoy watching their money grow.  We help tenants in Detroit by providing resources to them on this website.  We are especially satisfied to move them from a slumlord situation into one of our houses.  They are so grateful.   We feel we help Detroit in its revival by infusing it with investor money to make it more beautiful one house at a time.  This is a city filled with pride and we enjoy being part of its come back.

What is the purchasing process?  If you are interested in being part of Great Day Property Management, please give Monique a call.  We will discuss how many houses you would like to buy and when you are thinking of buying them.  I am a real estate agent so I can make the transaction simple.  You really do not need to be here for any of it.  But we do like to show off our city, our neighborhoods, and our houses, so you are more than welcome to come visit.  Investor Tour

Will I have an inspection report?  You will be provided a real estate disclosure form. If you would like to have the property inspected, we advise you choose someone who knows Detroit to inspect the home.

Should I open an LLC?  An LLC is a Limited Liability Company.  Most investors use LLCs to own their properties.  Michigan is one of the least expensive states in which to have an LLC.  You just need a Michigan address to hold your corporate papers.  We provide that.  We can also offer you information to set this up yourself.  

What do I do for property management? We have a unique solution to property management. We operate our business with the goal that your investment will be so good that you will want to buy more houses. How? We keep your maintenance costs as low as possible.