All Forum Posts by: Bara A.

Hello,

My partner and I are looking for off-market deals to flip in Oakland County, Wayne County (no Detroit) and in Genesee County (No Flint). We can close quickly on the right opportunity. If you come across the right opportunity and you wanted to pass it on, we really appreciate it. We also appreciate any referrals for investor-minded real estate agents.

Hello BP colleagues,

I am rehabbing a property I purchased through Hubzu with the intent to flip it. The house is built in 1939. I am experiencing seeping in through the walls and the corner floor of the basement. So far. I added/ fixed the concrete siding all around the house and fixed the gutters/downspouts. I also sealed and painted the basement walls. The problem seems to be decreasing but it still exists. I am reaching out to all of you who are more experienced than I am to see if you have any suggestions.

Any help and input are appreciated, and any recommendations for contractors to do this job in metro Detroit is also appreciated.

Hello,

We are closing on a SFH in Dearborn, Michigan. Any recommendations for a general contractor who can handle the rehab and obtain the certificate of occupancy from the city.

Bara

Please send me multifamily listings in both counties on the following address [email protected]

Thanks

I am an investor based out of Michigan. I have growing family ties across the border from Detroit, most specifically in Windsor, Ontario. I am looking to purchase small multifamily (2-4 units) in Windsor. Let me know if you have any deals or if you can connect me to someone who may have. I am open to deals within a 45-minute drive from Windsor. 

Thank you

Bara

Where are these properties located? Please feel free to inbox me at [email protected]

Arsen,

I am from Grand Blanc, I am interested in single family, duplex, triplex anywhere within one hour drive from Grand Blanc. Inbox me with the best ways to follow up.

That is a great tip about the furnace/ hot water tank. I accounted for the taxes in my purchase closing cost and got some of them back with the re-sale escrow. Thanks again.

 Thank you:)

I want to share the following story with the BP community as a way to encourage others and most importantly, learn from others on how can I improve. So please, let me know if I should have done anything differently or better.

Background and thought process: I am a recovering academician with zero handyman skills and a ton of student loans. I have a full-time job and a ton of fear having witnessed the impact of the financial crisis as soon as I arrived in the US to go to graduate school in 2008. Therefore, I want to purchase something using cash money without getting a mortgage. That is why I chose an area with low price points around where I live. I am hoping that my next deals are in better areas. I want to be a buy and hold investor, but I can use flips to acquire cash and accelerate my buy and hold portfolio

Timeline:

September 2017: Learned about BP podcast and website.

January 2018: Singed up for pro membership.

January 2018- March 2018: looked at listed properties, analyzed deals using BP calculators, went to properties, met my real estate agent who is an investor in our area, and learned about property management by volunteering few days at a property management company.

March 20.2018. Acquired the first deal. Did not like to rent it because of the area. Therefore, I decided to flip it.

April. 28.18. Completed rehab and listed the house for sale.

6.24.18. Sold the house

Deal details:

3 BR.1bath brick house with attached 2 garage door in Flint, MI

Purchase price including closing cost, inspection, etc: $20,673

Rehab cost: $7,150 that I funded myself.

I estimated $5,000 but went over because hot water tank and furnace were STOLEN while the property was listed for sale (any tips on how to avoid that other than avoiding such locations are appreciated)

Rehab scope: minor plumbing, painting most bedrooms, installing light fixtures, replacing the carpet in one room, installing fence gate, landscaping, and other miscellaneous tasks.

Sale cost: $6,250 including realtor fees, seller credit (3% of sale price), title insurance policy, etc.

Profit: Sale price – [ acquisition price+ rehab cost+ sale cost]

=49.000- [20,673+7,150+6,250] = $14,927

Please feel free to comment on the following.

Things that I should have handled differently?

How does my profit margin compare to typical flips? I invested $27,823 and returned $14,927 of profit

Is my strategy of using cash generated from flips as a mean to accelerate reaching my buy and hold goals reasonable?

If you live in Michigan and have deals within an hour drive from Flint, MI, please let me know. I would like to get to know more like-minded people, learn from others and contribute.