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All Forum Posts by: Mike Dugan

Mike Dugan has started 12 posts and replied 23 times.

Post: Strategy for this one?

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7

I am a landlord/wholesaler in the hot Grand Rapids, Michigan market and came across a lead that I wanted some input on. I have a SFR that is in Cascade township (4/3, 2500+ sq ft), in dated but decent condition that from comps is worth around 270k. Told the seller that would have to have about 20% off of that price (get for 216k) and he is considering it if I can get $ to him quickly.

In the past I have worked with properties in the 50-120k range, wholesaled some, kept several for myself thru traditional financing.  I don't have the time with this deal to go thru traditional financing, nor is my cash reserve enough to pay for outright.  

Open to wholesaling this as well, but in the past I was able to get deals to my buyers at around 70-75 ARV. Is it typical for larger homes to command a higher LTV(80-85%) from cash buyers since the potential profit is larger dollar wise?

thanks for any and all input

Mike

Post: would you buy a former marijuana grow op home?

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7
just closed on one last week!

Post: First wholesale deal AND first buy and hold...

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7

@Dylan Tanaka, sure, feel free to share!

Post: First wholesale deal AND first buy and hold...

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7

This last month I had the following 2 success stories - both coming out of a yellow letter campaign in my hometown of Grand Rapids Michigan.

1.  Completed a wholesale deal that netted me 5k.  Profit on the deal was 9k, but had some help from some members of my local real estate group.  Was actually a member of the group that found me a buyer, so don't skip those meetings!

2.  Closed on deal that I am going to keep for myself - details:

Single family residence, 4 bed/2bath, 1650 sq. ft. in Grand Rapids Michigan (where I live). Comps show ARV between 90k and 100k in a revitalizing area of the city.

I paid 15k + 8k in back taxes and closing fees, immediate repairs needed of 3k, so all in at 26k (used HELOC money).

I will wait for current renters lease to end (10 months), do cash out refi for about 45k and do full refresh of carpets, paint, repairs, kitchen and pay my HELOC back. This will let me bump rent up about 200/month. current cash on cash return is 22% during this first 10 months.

After refi and refresh, I will have about 50k in equity and none of my money into property, with about 425/month cashflow.

MIght put a small HELOC on at same time of cash out refi (20-25k). Always good to have for the quck down payment cash!

I am have been patiently watching and learning for about 2 years from a lot of people locally here in GR, as well as from all the great posts here on BP.  Few months ago decided to pull the trigger and start a mailing campaign and am very happy with results.  Used @Jerry Puckett for mailing service and would highly recommend him.

Have several good leads I am still working, so expect a couple more good deals to come out of this campaign.

Wanted to post this to encourage everyone to get educated, get a plan, and then take action!  

Mike

Post: Grand Rapids - Insurance companies for rental properties

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7

What insurance companies are people using in Grand Rapids to cover their rental properties (SFR)?

Thanks for any help

Mike

Post: Quiet Title Lawer in Grand Rapids, Micigan

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7

Post: Quiet Title Lawer in Grand Rapids, Micigan

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7

Hey everone!  Looking to find a grand rapids michigan based lawer that can help answer a quiet title question and then handle that process if appropriate.  Any good recommendations?

thanks

mike

Post: Private Lending Questions

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7

@Jayne Overbeck, yes would love that name and number!  feel free to message me with it

thanks

Mike

Post: Private Lending Questions

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7

I am a new investor in Grand Rapids Michigan and have recently launched a yellow letter campaign that has resulted in me getting two duplexes under contract. I have the credit (740) and cash/w-2 income to do traditional fannie mae 20% down, but wanted to explore the idea of private lenders at this point. I plan to continue buying and know that once I get beyond the fannie mae 4 house limit, it gets more complex for additional properties through them.  Figure now is the time to start learning about non-traditional source for financing properties.

I know I have seen people in the past on craigslist advertising 'get secure 6-8 % rate of return backed by real estate' and imagine these were people looking for private money as well. LTV on both should be re-assuring to a private investor I would think: I am getting one duplex for 48k, worth 72k, so about 66% LTV on that one. The other is a 65k duplex, that I will get for 30k, or just under 50% LTV. Both B-/C+ areas in Grand Rapids Michigan. I am looking for longer term financing since I want to hold these properties. Any ideas of where I can look/how to let people know I am in market for this? Will post on CL and mention and REI meetings, but wanted to know how others have done this...

thanks for any and all help!

Mike 

Post: Grand Rapids Michigan - attorney, accountant, title company....

Mike DuganPosted
  • Wholesaler
  • Grand Rapids, MI
  • Posts 24
  • Votes 7

Getting ready to pull trigger on first rental property, and need some reccomendations for following in Grand Rapids Michigan:

Attorney: general real estate, lease-purchase option documents, investor friendly

Accountant: real estate savvy

Title company: investor friendly

thanks for any and all help

mike