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Milan Ramsey's Blog

By Milan Ramsey | Agent in Detroit, MI
  • Out of all of the cities to invest in, you had to come to mine...

    Posted Under: Foreclosure in Detroit, Property Q&A in Detroit, Investment Properties in Detroit  |  March 16, 2014 2:06 PM  |  400 views  |  1 comment



    Out of 912.5 days in real estate (that is 2 1/2 years for us lazy to count) its seems that its one thing that all of my investors cant get enough of, it's one simple place....Detroit. The real estate investment market in Detroit has been nothing like I've seen before, and I've seen alot in my ___ years (not really ready to revile my age). But I  have investors from beautiful exotic places such as Figi to cold climates of Russia clawing at Detroit investment properties, and were not talking about purchasing 1 or 2 properties. My investors want to start with 10! Don't know about you, but I think that is totally insane with a touch if genius. Let me explain why, there is no other place in the world where your ROI will be from at a handsome percentage for a property purchased at 50K. Now where talking about a fully rehabbed property with a tenant residing in it also.


    So you investors who are reading this where ever you are in the world truly understand how great the return on investment is. I just closed a deal today with an investment group from Thiland looking to purchase 10 properties a month until they reach their investment goal of 200 total. (all Detroit properties). Where else in the world can you purchase investment properties in large number of groups. Ummm I'll wait......................well if you said Detroit then not only am I excited you and I are connect as kindred souls (wink) but understand that this is a once in a lifetime to own a product once valued at 150K-200K is now discounted off by 80% of the previous market value.

    Listen here, Im not going to keep turtring you guys in this blog by talking about how cheap the properties are, how others all over the world are taking full advantage of this opportunity , and this may never happen again in this lifetime. BUT  if you like every single thing that I spoke about in this posting and you dying to hear more, then call me.

    Until next time....

    Milan Ramsey
    CEO | Jetsetters Investment Properties
  • What nice will get you in real estate, nothing!

    Posted Under: Home Selling in Detroit, Property Q&A in Detroit, Investment Properties in Detroit  |  June 20, 2013 8:12 AM  |  613 views  |  No comments
    As I transtioned from the entertainment industry to real estate I know it was going to be a doozy. Entertainment is exactly what it is ....entertainment, what I had been most comfortable with. I loved being on set of music videos excited about becoming apart film that millions will see. My role as Assistant Casting Director became second nature to me. I  made sure that I did more than my part because I had a passion for the creative process. And living in Miami Beach add more to the excitement. Everyone on set including all the artist, models, producers, grip etc knew my name because I MADE myself known. (I miss that life)

    But while on set I knew the entertainment industry wasn't my final career stop. Somewhere in the back of my mind real estate always stood out. Here I am a few years later with my own real estate company and it feels great. After 2 straight years of working 7 days a week (by choice) mastering the skill of rehabbing, sales, property management, & tenant placement one would think they had it all. But I'm still missing something. I couldn't put my finger on it until today. No one knows me!

    I can't go from everyone knowing my name to who's that lady over there!?!. (I would like to apologize a head of time for those who are reading this article, this may get out of hand) Milan Ramsey (yes I'm talking in 3rd person) does not like  not being known. From this point forward I will create presence in the real estate industry that no one has seen before. Back to the title, "what will nice get in real estate, nothing". Last Thursday I was close to closing a deal with an investor and I lost it completely because I made the biggest mistake. I filmed a property for sale, my investor loved it, remember my background it's from film. But another agent emailed him the property 2 weeks prior and he said NOTHING.  Once the previous agent found out, they quickly called the investor and pushed the deal through. Then the agent happliy called me with all giggles and said "Oh my goodness Milan were crossing paths,  I just pushed the deal through blah blah blah.

    Now, you know I was highly pissed but I didn't show face. But lord knows that will never happen again! No more misses nice guy for you other agents, changing my name to Milan "Kick Butt Now And Ask Names Later" Ramsey. I finally get it, it's a doggie dog world here in real estate. It's time for me to turn into the old me, stern and vicious. Thank you to those that took deals from me in the past, I promise you that I'm in your shadow, just be careful when you turn around.

    Sincerley,

    Milan Ramsey
    CEO | Jetsetters Investment Properties
  • Mistakes New Investors Makes When Switching Property Management Companies Part 1

    Posted Under: How To... in Detroit, Property Q&A in Detroit, Investment Properties in Detroit  |  December 12, 2012 11:44 AM  |  618 views  |  1 comment

     

    So your with a property management company that's not making any of your payments on time, repairs are made without your approval, & you can't get anyone on the phone. Being a property manager I have heard all of the above plus more when I receive new management request from investors all over the world. And I'm here to take blame also from those same complaints. I'm not someone who throws other companies under the bus I prefer to address all issues by being straight to the point.

    The real estate market in Detroit has been on the incline and still is. With that being said Property Management in Detroit is a monster! On average most companies manage 100 properties. (My company personally manages 300 and counting). Now when looking at the numbers that's at minimum 100 tenants that you’re dealing with each month. I believe most companies will on a monthly basis have 80% of their tenants who pay on time. This number isn't used to scare you but to just be realistic. The other 20% will be 10% late payments and the other 10% will be evictions. Now rather if you believe this or not, that is the easy part.

    Here is where it all goes wrong. Say your previous property management company could not provide you with the 80/10/10 rule listed above. We all want to give a picture perfect scene for our clients real estate portfolio, but the proven fact that I have found is......those properties that you've purchased are in bad neighborhoods. And it will only take a miracle for that property to perform consistently. Bad neighborhoods equals bad tenant which leads to a bad performing portfolio. It is the property management's goal to make your portfolio perform at a peak level on a monthly basis, by all means necessary. But we can't make water out of wine...

    To be continued

  • How To Send an International Wire

    Posted Under: How To... in Detroit, Property Q&A in Detroit, Rentals in Detroit  |  October 3, 2012 2:01 PM  |  592 views  |  No comments
    After my last video I realized that I left out an important factor. Once you begin closing great deals with real estate investors word will begin to travel of how much of an expert you are. Then the calls will be begin to pure in from people all over the world looking to purchase properties from you. So now your going to have to send international wires.

     There are 5 important items needed to send a International  Wire:

    1. Clients name/company name
    (i.e. John Smith/ Smith & Smith Investment Group LLC

    2. Routing Number (this number tracks which bank your with)
    (i.e. Chase Bank 1234567)

    3. Account Number
    (i.e. 1234 4567 8910)

    4. Swift Code/Sort Code (this is a combination of letters & numbers)
     (i.e. CXN123XZ)

    5. IBAN/International Banking Account Number (this is a combination of letters & numbers 10-20 characters long)

    Now this will conclude my tutorials on sending wires. By the way, if you are looking to receive funds from overseas or somewhere yonder you will need to give the sender the same information.  Thanks again everyone!
  • How To Send A Domestic Wire Video

    Posted Under: Financing, How To..., Property Q&A  |  September 27, 2012 10:54 AM  |  502 views  |  No comments


  • How To Send A Domestic Wire

    Posted Under: Financing in Detroit, How To... in Detroit, Property Q&A in Detroit  |  September 26, 2012 5:15 PM  |  667 views  |  No comments


    Working with many investors I notice a huge problem whenever it came time to pay them out. Now I know your probably thinking "The rent for that investor probably didn't come in", but that's not the case. The biggest problem that I have is receiving incorrect account information! I can't even explain to you how many times this has happened to me. And even worse, I don't know that account information is incorrect until the wire bounces back. Sometimes it may take 24-48 hrs to receive that error message. A few of my investors are ok with a delayed payment, but for the rest of them that payment is already accounted for to care of regular expenses. (i.e. mortgage, bills, tuition). So that payment has to be made on time.

    Ok, enough about all the problems...here is the solution! There are 3 important items needed to send a Domestic Wire:

    1. Clients name/company name
    (i.e. John Smith/ Smith & Smith Investment Group LLC

    2. Routing Number (this number tracks which bank your with)
    (i.e. Chase Bank 1234567)

    3. Account Number
    (i.e. 1234 4567 8910)

    Now this is the most important part in this article...please verify this account  information as soon as you receive it. For an example, if you contact your investor my email only, copy and paste EXACTLY what they sent you. Tell them "I know you just sent this to me, but I need to verify your account information to prevent any delays in your payments". They will be excited to know that you are covering all your bases to make sure they get paid....and even better...PAID ON TIME. Once you get this down packed sending wires will become a breeze. 
  • Are You Using Google Maps To Purchase Real Estate? Part 3

    Posted Under: Foreclosure in Detroit, Property Q&A in Detroit, Investment Properties in Detroit  |  September 23, 2012 9:31 AM  |  625 views  |  2 comments
    Back to the story...

    After I go on Google Maps I called the investor back and told him that I'm going to drive to the properties and take pictures. His response was meek, but that didnt bother me because I knew he was going to be in a big surprise shortly. As I approached the neighborhood I got a bad feeling in my stomach. It was worse than I thought! On the block where the first property was located there was only one house on the block. All the other properties were abandoned. And of course the house that stood alone was the investors property. I then whipped out my IPhone and took pictures and videos. Needles to say it was the same story for the other properties. As I drove back to my office I felt bad for my investor because he had no idea that his properties where in horrible condition and most of all vacant. Now how much money can you make from a vacant property? Nada! His whole investment portfolio was destroyed, and he didn't even know it.

    After sending the investor pictures and videos of his properties, I received the dreaded phone call that I predicted to come. The investor was in shellshock! He couldn't believe that the properties were the same properties that he invested in 18 months ago. (by the way I knew he was going to think that so I videoed myself with the Google Maps picture along the side of what the property looks like now...it was night and day).  I asked the investor to send me pictures that he had of the properties. And of course, they were the exact images of what I found on Google Maps. My next question then was...did you purchase this property based on what you saw in these picures? And again, his answer was yes. Which confirms what many investors (national or international) do over and over again. Purchase real estate based on the Google Maps picture. Wrong! Wrong! Wrong!

    So what do you do now? All of the properties are vacant, ok one property wasn't vacant. Lets just say there was major illegal activities taking place there and I have yet to invest in a bullet proof vest. (joke, but it's true). The real estate agent that he purchased the properties from was no longer in business and the previous property management company wouldn't return my calls. And just because the property is vacant it doesn't mean that the bills have stopped. There is still a water bill and annual taxes that are due regardless if the property is occupied or not. I advised the investor to donate the properties to the city. That would at least get him out of paying taxes (plus the water bill). By all means he was hurt by new reality but thankful that he finally got the answers.

    All future real estate investors who plan to purchase property in Detroit. Please ask for pictures and videos before you make your investment. Otherwise you will end up like the investor mentioned in this article. Always plan before you make a purchase. 
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