In this super entertaining episode, I’m bringing you another great conversation from our live Q&A sessions. I sat down with a friend of the show, Asia Denson, to chat about the investment risk and opportunity within the Detroit market. Asia is an investor and GC based out of Detroit and is dropping knowledge from over ten years in the industry to attempt to demystify the Detroit market while also giving you some great tips around investing no matter where you are. From government contracts and land bank properties to gentrification and hard money loans, I really want you to listen to this fantastic conversation even if you’re not in Detroit. It’s always a good time talking with Asia, and I can’t wait for you to hear this valuable chat.
In This Episode:
- [04:00] Introducing Asia, what she’s up to now, and getting government contracts
- [11:23] The pros and cons of buying land bank properties in Detroit
- [19:52] Getting hard money loans in Detroit
- [26:25] Strategy for someone looking to invest in Detroit remotely and The Detroit Home Mortgage Program
- [31:20] Walking through the finances of Asia’s first flip and using out of pocket money when investing in Detroit
- [39:20] The power of negotiating and utilizing credit cards to fund rehabs
- [46:15] Flipping vs. wholesale and buying vacant lots for new builds
- [49:15] Revitalizing a city and gentrification vs. colonization
- [52:08] Applying for credit cards, getting a GC license in Detroit, and Asia’s recommendations for first-time investors in Detroit
- [1:04:02] Working with new investors, the impact of timing, and neighborhoods to look out for in Detroit
- [1:10:57] How I started working on government projects and why they’re a great opportunity for minority women
- [1:18:43] Hiring specialized VAs and Asia’s upcoming plans and goals
Takeaways:
- Detroit is a great market, but you need the right team who understands its uniqueness and knows where to go and where not to go.
- Don’t buy a land bank property if you’re broke and unwilling to work within time constraints. If you do buy one, hire a contractor who is familiar with and willing to work on a land bank property.
- Before even thinking about funding in Detroit when looking at a property, the number one thing you should do is pull a title report. Because defraud is very, very big in Detroit.
- Every city has its own unique set of issues based on the climate and ecology of the town. Regardless of whether you’re a new or experienced investor, you need to acknowledge that you don’t know everything and seek help from those from the area and can guide you with their inside knowledge.
Links:
Connect with Asia on Instagram: @ladycontractor and @densonconstserve
Guest Bio:
Ms. Asia Denson has been in the Detroit construction environment since 2007, operating as an independent, capable, and conscientious adult. Asia Denson’s 10+ years of construction experience encompass various aspects ranging from full-scale residential and commercial renovations, construction/project management, concrete testing, and engineering services.
As the owner of Denson Construction Services, LLC (DCS), Denson works with contractors to manage, renovate, inspect, and test various construction sites. She has overseen a variety of quality control inspection activities that are designed to ensure that highways, bridges, and allied transportation facilities conform to the plans and specifications contained in contractual construction agreements.
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