All Forum Posts by: Andrew Abbott

Investment Info:

Single-family residence fix & flip investment in Hazel Park.

Purchase price: $80,000
Cash invested: $50,000
Sale price: $152,000

Second completed flip. Full renovation including new roof, new windows, updated kitchen and bathroom, and addition of master bedroom suite with bathroom

What made you interested in investing in this type of deal?

Location

How did you find this deal and how did you negotiate it?

MLS

How did you finance this deal?

Conventional Fixed 30 year

How did you add value to the deal?

Performed majority of cosmetic updates myself

What was the outcome?

$10k profit

Lessons learned? Challenges?

Need to find off market deals!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Brendan Pigott @ EXP - agent
Patrick Ali @ Hall Financial - lender

Hi George,

It is mostly patchwork along with a new bathroom and closet.

All the drywall is hung, just need tape and mud!

let me know if you can help, thanks!

Hey Everyone,

I'm working on a rehab project in Hazel Park (southeast Michigan) and am in need of a drywall finisher!

Tight time schedule, all drywall is hung, only mudding and taping required.  Ready to hire!

Any help/recommendation would be greatly appreciated!

Thanks

-Andrew Abbott

@Daniel Patton my friend works for a professional stager in Chicago.

Check out www.claresellshomes.com

@Brian J Peterson @Ryan Canfield @Tyler Winters Thanks for the feedback. 

I'm definitely aware that Chicago loves its taxes.  I'd like to relocate to the city for my full-time job and start investing part-time on the side (house-hacking, buy-and-hold).  I have friends and family in the area that are already involved in real estate and let's be honest... who doesn't love Chicago?

Right now I'm just saving for a downpayment and researching/preparing as much as possible.

Appreciate the input.

Hello Everyone,

I'm interested in purchasing my first investment property in Chicago next year.  Trying to gather some thoughts/opinions on the market and maybe some specific neighborhoods to research further.

I'm currently renting in metro-Detroit and originally planned on setting up show here due to lower cost of living and affordability.  However, I love the city of Chicago and see the future potential from an investment standpoint.

If anyone has any thoughts/opinions (negative or positive) I would love some feedback.

Hello Everyone,

I'm wondering what everyone thinks of the market right now... I was planning to buy my first MF property in southeast Michigan this year, but I'm noticing a dried up market and very low inventory.

I'm of the impression we may be approaching a peak and downturn shortly after.  I know individual markets vary, but does anyone have an opinion on whether or not now is a good time to buy.

I'm in no rush and still saving for a downpayment, but I don't want to sit around forever either.

Some thoughts/feedback would be appreciated.

Anyone have any tips/recommendations when it comes to selecting a real estate agent for your first deal?

I'm looking in Metro Detroit, Michigan and don't have any ties/connections to any agents.  Referrals also appreciated.

I've read and heard that interest rates are expected to rise significantly in 2016...

Should this be a motivating factor for someone like myself who is looking to househack a multifamily using FHA fixed 30 year mortgage?

I'm not necessarily on a time constraint to purchase and am currently just saving for downpayment... however I'd like to take advantage of low interest rate while I still can.

Thoughts/Opinions appreciated.

Thank you @Brandon Gentile @Melissa Gittens @Jeff Brower@Robert Omoto@Nicole A.@Ryan Gillette for the sound advice.

I'm leaning toward sticking with my original strategy and keeping an eye out for a good MF deal.  Maybe now isn't the perfect time and southeast MI isn't the right market, but I need to start somewhere!

Good luck to all of you in your endeavours!