We are walking through Corey's House to get a progress of his Renovation and how he plans to use the BRRRR Strategy for his newest Property. We walk through the property to see the update on what he has done so far and what his plans are for this property. We also talk about budget and how he plans for future properties. For more information, please visit our website: https://www.randystedwell.com/. #realestate #wholesalerealestate #wholesale #detroit #detroitrealestate #investing #investor #brrrrinvesting #wholesaling101 #brrrrinvesting #brrrrstrategy We will see what he decides. Be sure to check out our website: https://www.randystedwell.com/ for all podcast related information as well as our Deal calculator.
Metro Detroit Real Estate Update: Progress on a Buy-and-Hold in Clarkston
In the heart of Metro Detroit, the real estate market is buzzing with activity, and I recently had the opportunity to check in on an exciting project in Clarkston. My friend Corey invited me to take a mid-project tour of his latest endeavor—a buy-and-hold property he’s been working on. While it’s not finished yet, it’s already shaping up to be a fantastic addition to his portfolio.
A Solid Buy-and-Hold Investment
This property isn’t a wholesale flip—it’s a buy-and-hold investment. Corey plans to fix it up, rent it out, and hold onto it for the long term. Located in Clarkston, this 1,000-square-foot, two-bedroom, one-bath home on a slab includes a two-car garage and a shed. Though it’s one of the smaller homes in the neighborhood, it has tremendous potential to cash flow.
Corey’s approach follows the tried-and-true BRRRR strategy: Buy, Renovate, Rent, Refinance, Repeat. He successfully used this strategy with a previous property, which he refinanced fully and now enjoys steady cash flow from. For this project, Corey purchased the property with cash, freeing him from the tight timelines and high interest rates associated with hard money loans.
Projected Rent and Renovation Costs
In this desirable area halfway between Detroit and Flint, similar properties rent for $1,700 to $2,000 per month. Corey’s renovation budget is around $38,000, and he’s staying on track thanks to his hands-on involvement as the general contractor. His work ethic and construction background allow him to keep costs manageable—a huge advantage for a project of this scale.
For those wondering, Corey acquired this property for $120,000. Post-renovation, he estimates its value will range from $230,000 to $250,000. When the time comes to refinance, he’ll likely aim for a 70-75% cash-out refinance, recovering most or all of his investment while maintaining solid equity.
The Benefits of Networking in Real Estate
Corey’s success is a testament to the power of networking. He’s been a regular attendee of Michigan real estate events and investor meetups, where he’s built relationships with contractors, electricians, and plumbers. By consulting with experienced investors and leveraging his own construction knowledge, Corey confidently tackled this project’s challenges.
If you’re considering similar ventures, take Corey’s advice:
Build a reliable network of professionals.
Attend local real estate meetups.
Gather quotes and run numbers before making a purchase.
Transforming the Property
When Corey bought this house, it was full of trash and required a complete gut renovation. He took it down to the studs, ensuring a clean slate for new electrical, HVAC, and insulation. The layout has also been optimized, transforming the home from a one-bedroom to a two-bedroom with added storage space—a critical feature for homes on a slab.
Inside, Corey is reusing and refinishing materials where possible to save costs. For instance, custom kitchen cabinets will be sanded, primed, and painted to look brand new. With thoughtful planning and hard work, the house is well on its way to becoming a cozy, cash-flowing rental.
Looking Ahead
While there’s still work to be done—electrical updates, drywall installation, and finishing touches—Corey’s vision is clear. Once completed, this property will stand as a prime example of a successful buy-and-hold strategy in action.
Stay tuned for updates as Corey wraps up this project. If you’re working on a property and would like to showcase your progress, feel free to reach out to me via email or phone. Let’s connect, share insights, and continue building wealth through real estate together!