All Forum Posts by: Bridget Smith-Osbourne

I would love to attend with my partner. How do  I RSVP?

Thank You,

Bridget

A great starting point would be simply to ask a RE agent. Find a knowledgeable RE agent  in your market/submarket of interest & leverage their knowledge base.

You should be proud of yourself! Very inspiring. I am a buy & hold investor looking forward to doing my first flip. Thank you for the post.

I am a big fan of having cash reserves for when Murphy hits...and sometimes he may hit hard. I have two quadplexes that I bought just under two years ago. My experience with the first is that I had to replace appliances & HVAC units in 3 out of the four units that where not expected. My cash reserves & available financing is what saved me. Another added bonus is that the property was a cash purchase, no debt service. Spring was around the corner & I had all units leased up within a couple of months.

 My other quadplex  required replacing only 1 HVAC & 1 stove , that was expected.  The other HVAC'S are old but kicking strong. I do know that they can go at anytime and having reserves will help handle this situation. ... and as far as vacancies/turnovers I did experience that as well. 25% to as high as 50%.... so depending solely on  TIMELY rental income is not always your best option to maintain operating expenses. As of this writing I am happy to say I am at 100% occupancy!!!!!!!

Wishing you continued success

Wishing you much success Shaun. I can totally relate to how you are feeling. I truly enjoy REI and can't wait until I can do jump into it fulltime. I also find myself up late at night studying/reading or engaging myself one way or another. Enjoying the journey.

@ Christian Hutchinson & @ Mike Carino. Great information guys. I have heard a lot about Woodward Corridor & Cass Corridor. These are definitely two areas I would like to explore. I came upon an article highlighting the plans to redevelopment Southwestern Highschool. Sakthi , an Indian based billion dollar company is planning on creating 650 jobs. Manufactoring jobs/campus and trainining center for new engineers.  It' s plans are to expand it's current Southwest Detroit facility. During my site visit I was able to tour this area and not the nicest area in town. I was able to validate that its current operation is up and functioning & next to  the abandoned school as the article stated. I  will keep a watch on this area to see if it's expansion will launch.                                          

  During my site visit to Detroit I also visited the Strather Academy and was very  impressed with his projects /expertise. Seriously considering taking his course and plugging into his 30 plus years of RE investing in Detroit. He is the mastermind behind demolishing the Jefferies Hsg Projects and developing Woodbridge Estates as well as Motor City. With his guidance, I am hoping to establish my boots on the ground in Detroit. Has anyone heard of him?

@ Christian Hutchinson.   I would love to know which area(s) of Detroit you are currently investing in (highly profitable and desirable) . I just visited Detroit for the first time and am seriously considering investing here. Really impressed with Downtown. Have been told by many locals they are seeing changes that were not present a few years back. Planning a second trip in August. Any thoughts/ inputs really appreciated

I've done all of my closings via mail as I live in N.Y. and invest in N.C. It is a very simple process. My attorney office would notify me at least a day before sending out docs ( HUD statement, etc. ). They would also inform me of certified funds amount. I normally overnight funds and signed docs back to them. Once everything is completed , attorney forwards copies of papers from closing to me. I prefer closing by mail as I am not always able to travel.

Was wondering if anyone knows how to collect/enforce a judgment. I had to evict one of my tenants and was awarded an judgment against them. That was the easy part. The not so easy part is getting them to pay. Has anyone had a similar experience? I need to know how do I go about getting them to pay the judgement.

Jeff S. If I recall correctly, they do FULL appraisals and yes you have to pay for appraisals for EACH property. The SFH are cheaper than the 2-4 units. I recall price being around $500 give or take. I hope your friend is approved. I was unaware that they would consider heavy leveraged applicants. He should start by completing their rent roll spreadsheet to get an assessment of his situaion.