All Forum Posts by: Adam Spencer

I am buying a house in Ypsilanti with a 203k loan.  I want to get a few bids on the rehab and am looking for some recommendations. 

Thanks

hi @David Wesorick welcome to the site. Make sure to ad a pic of you on your profile. I am also new and looking at meet ups. I have gone to the metro Detroit one a few tims and is really good. You can talk to @Tom A. about the details. As far as AA there is one but you have to join and pay a few hundred dollar fee. I haven't gone so I'm not sure if it's worth it

awesome feature guys keep up the work!

welcome to bp!

your numbers look like they make sense to me. I am new and looking for my first deal. I am seeing the same around me that you have to put so much down to get any good cash flow now you ROI is crap. I am not sure how anyone would buy these deals but they do. Just keep looking and learning that's all you can do. Don't get into a deal just cuz.

That does seam a little tight for cashflow.  I would say work on the value add stuff and it should help out the overall value of the place.  You can always get another property later on and double down sorta speak.  I am new myself and learning so I think the best thing you can do is just keep reading the blog and keep growing.  best of luck

@Nathan Kaminski

welcome to bigger pockets the best place to learn. I am in the same boat looking for a multi to live in one unit and rent out the others. I would say first thing is learn a lot about how to evaluate a property. Next step is get talking to some lenders about financing. Your going to want a FHA most likely and can look at a 203K for repairs. Best of luck and keep growing!

under 200k

Yeah your pricing in a bit high there but seems like it could work.  The deal I have under contract is for 170K with gross rents of $2215.  I am not sure how it will work out yet I am still working with my lender as this is kinda stretching my limit.  Keep up the good work @Amaf J.!!

looking in Ypsilanti, Ann arbor, Canton, Belleville, Romulus, Dexter, Chelsea, Whitmore Lake ect.  Looking to be about 20 miles or less from Ypsi where my job is at.  Thanks