All Forum Posts by: Adam Percento

So I work for a manufacturing company and we recently started renting this building for a new division. It consists of 2 separate office spaces each having 2 offices a nice big entry and a bathroom. And then the shop floor Currently the company i work for are using half of the building and don't have plans to occupy the other offices or to utilize the entire shop floor due to power restrictions (CNC machines)

My question is

The building is being rented by the company I work for 

I want to rent half of the building 

And then rent it out to someone else. 

Is this possible? 

Is it legal in MI?

Also note that the company owner (my boss) did agree to rent me a space to bring in my own equipment but I've decided not to do that. 

Thanks in advance. 

My very first batch of marketing cost me around $15 (stamps, paper, envelopes)  I had some family members help me write 24 letters and sent them out. 4 days later 2 calls 1 of which was a very good lead.  like my mentors have said to me, don't let anyone tell you  you can't do it. JUST DO IT! wether it be 5 letters at a time to good leads or 1000. Just start doing something. even at that 5 at a time pace eventually something will come of it.  

@Michael Wagner I believe hes current on mortgage but according to the city website hes behind on taxes owing over $3000. 

With a short sale would the bank approve one with the owner being current?

If so how would you present this idea to the seller? and the bank?

I really want to make something work with this one I feel like Its what Im supposed to do.  

@Michael Wagner @Jay Dewberry  Thanks for the quick responses!

As for more in depth numbers. property taxes last year were $1199yr

I estimate rehab costs at around $30k-$35k being that it a gut project (this is the biggest issue)

Im pretty confident in the comps I stated in the post. most recent (retail) sale of a similar house was June of last year for $72k

I just finished a walkthrough of a absentee owned SFR

3 bed 1.5 bath 

1488sqft

Decent comps imply ARV=$60k-$80k

Rent rates for similar houses in that neighborhood=$950-$1100

Everything on and in the property needs to be replaced. (not exaggerating) 

roof, siding, windows, insulation, drywall, electrical work, plumbing work, kitchen and bathroom guts. etc 

The owner is asking $35k because he owes $35k

Any ideas on how to make this work?

loan assumption? but at $35k i dont think its worth it 

Welcome James! 

I'm here in Holland originally from Grand Rapids we're looking to make moves in both areas. I plan on attending any upcoming meet ups maybe I'll see you around soon. Good luck and happy investing 

Hello BP family it's good to be back! 

It's been a long journey of ups and downs the past few years we've certainly been through a lot. Now we have settled in in Holland Michigan and our 3rd son will enter the world here In a week or so!!!

I have been in the manufacturing industry for the past 10 years and have worked hard to reach the income level I am at. While it's good money and it's enough for our family, it's just not where we want to be, 

My wife and I are very excited to step into the world of real estate investing! 

We have set our goals high and we have always strived to do great things and make a difference in the community. Our mission is to create a business to which homeowners, investors, and other businesses can come to us for all their real estate matters.