All Forum Posts by: Adam Spencer

@Lauren Reed welcome to the BP community.  I'm in Ypsi as well and am doing wholesaling primarily.  

@Chuks Erinne that is kinda what my realtor said. Its hard to compare sqft for a basement but you can get a good idea comparing cost per sqft.  

@Joshua B. Yeah I know it is really crazy how varied the prices are around there.  Do you invest in Ypsi? I was thinking the same thing as far as comps go. It seems like it would be based more on the income that its producing.  

@Joe Villeneuve The asking price was at $190k. I talked him down to $173K and I think the comps support an ARV at about $200k or a little above. The reason he is selling is to cash out so he can purchase a house where he lives now in Farmington Hills. Joe, you have a good point about the basement bedrooms being legal. He says all the work was done by professional GCs and all the permits where pulled. Could I just call the city and find this out?

Google says the home is .7 Miles from EMU.  You are right that I will make a big difference in student rentals.  He currently has all young professionals so I think it just varies in that area.  I live on Ainsworth and have not had many issues renting out my spare rooms.  

Thanks for all the input guys its good to hear other point of views

Hey, guys hope everyone is having a good day. I need some help on an off-market deal I got from a bandit sign.

The home is question is about 1mi from EMU in Ypsilanti, MI

The home is a 6bd 2.5ba at about 2000sqft.

Gross rents are $500 per room so $3000.

Overall the home is in good condition and just needs a few grand of work.

The guy bought the home and did a lot of work in '12. It was rehabbed then and the basement was also redone and he added 2 legal bedrooms down there.

So the issues I'm having is how the heck do I comp this type of property? I am looking to wholesale it so would a potential landlord want to rent it out per room? The other issues I can see is the fact that he has just a verbal month to month lease. No background checks or anything.

With a bit of work getting the people leased up and such this thing could cashflow really well! Just need some input.

Thanks, BP peeps

@Marcia Maynard Thanks for the info didn't realize this is for renters.  I'll try posting elsewhere

Hey, guys hope everyone is having a good day.  I need some help on an off-market deal I got from a bandit sign. 

The home is a 6bd 2.5ba at about 2000sqft.  

Gross rents are $500 per room so $3000.

Overall the home is in good condition and just needs a few grand of work.  

The guy bought the home and did a lot of work in '12. It was rehabbed then and the basement was also redone and he added 2 legal bedrooms down there.

So the issues I'm having is how the heck do I comp this type of property? I am looking to wholesale it so would a potential landlord want to rent it out per room? The other issues I can see is the fact that he has just a verbal month to month lease. No background checks or anything.  

With a bit of work getting the people leased up and such this thing could cashflow really well! Just need some input.  

Thanks, BP peeps

@Craig Herring Welcome to the BP community.  There is a wealth of info on here so keep on learning.  I'm in Ypsilanti so feel free to reach out. 

I have heard people mention that they like to get an outside appraisal before they refi or sell a home.  That gives them a second opinion of sorts in case the second one comes is way low.    

Like the title says I'm looking for a good appraiser in the Ypsilanti, Ann Arbor area.  

Thanks

@Mike McCarthy That is a good point as well. I guess I was thinking that the appraiser wouldn't consider the sqft in the basement unless it was in the MLS. You are probably right though at this point I really just care about getting a decent refi for the added value of the basement apartment.