All Forum Posts by: Bryan H.

Originally posted by @Apurva Shah:

Hi so I'm new to Raleigh and started out investing with my two other partners. Lately we've been shut down on a bunch of deals, but have been searching like crazy for other opportunities. Anyone recommend ways to find properties that we wouldn't complete against 30 other people like MLS properties. We want to go to the source. I look forward to meeting everyone!

 Going straight to the source is a great idea. Research direct mail.

Welcome to BP

I just wish I had Dan Gilbert money. I love what he is doing in Detroit, I'm surprised more people of his means don't take advantage of the opportunity in Detroit. The man has the power to bring jobs and people into the city and he is doing it. I suggested on twitter to @Brandon Turner  and @Joshua Dorkin to do a podcast with Dan, someone from his company Bedrock Real Estate PR department responded. I hope they do it. 

Quick fact sheet on what Dan is doing in Detroit

Originally posted by @Dakota Cooley:

if you'd like any additional insight, I'm an investor/licensed realtor with an office here in Ypsilanti. Best of luck. 

Hi Dakota

I'd love to get insight from an investor/realtor in the area. What can you tell me about the area? How's the local economy? Which direction is everything going? 

Thanks!

Who are we to say how much a wholesaler can make on a deal? And you have no idea how much he is actually making on a net basis. either way, it shouldn't matter to you. 

Seems like all the flippers are OK making $20k-$100k on a flip, so long as the wholesaler only get's their $5k assignment fee. 

Do you want your end buyer seeing that you bought for $80 and selling for $145 to question why you should make so much money? I mean $65k profit?!?! That's too much! 

No. If $145 is the retail price, that's what they pay. They have no idea how much your net profit is and it shouldn't matter. 

Think it's easy to be a wholesaler and get a slamming deal like that? Jealous of their profits? Then do it yourself.

And no, I'm not a wholesaler, I buy and hold. My last purchases were from other investors. One investor bought at a tax auction, for $8000, a year later I paid $45k for a rehabbed, rent ready house that rents for $875. We are both happy as the deals met our investing objectives.  Do I wish I could buy for $8000, rehab it and rent for $875? Absolutely. Did I care how much he made on the deal? Nope. I have no idea how much he put into the house.

Your wholesaler needs to start doing double close so his customers stop feeling bad about his profit. 

And if you think 100% markup is bad, check out this infographic

Hi William Ware the area is just south of the Green Oaks golf course at Michigan and Ford. Thanks for the input.

I usually stick to what I know and invest in Macomb and Oakland counties. I haven't been able to find what I'm looking for, so I started branching out to other areas. A property in Ypsi caught my eye, so now I'm researching the area. Feedback is appreciated.

Originally posted by @Jon Klaus:

Originally posted by @Joseph Pugliese:

I am realtor in Staten Island ny, I would charge 1 month rent. But in Manhattan it can up to 15% of the total lease

 Joseph, would you charge the same for a 36 month lease?  Aren't you rendering greater value than signing a 12 month lease?  

How is a 3 year lease value for a landlord? Tenants can stop paying, leave etc at any time. The landlord can't raise rent and can only get them out through eviction due to the tenant violating terms in the lease. If you decide to sell in 2 years, your buyer will get a tenant which will limit who will buy. 

Where is the value?

Why did you do a 3 year lease? Doesn't that benefit the renter more than you? Rent price is locked in and they can still leave anytime they want (breaking the lease, but are you going to chase them?)

I think your agent is trying to pull a fast one on you. It's very well-known that leasing and sales commissions are much different. First months rent in Michigan is typical. Even when my property manager gets a tenant placed by someone else they split the first months rent with that outside agent.

Multiple exit strategies are key to investing. Its better to know what they are before getting a property, but works just as well when you figure them out on the fly.

I agree with others, I'd LOVE to have $70k in a $1100/mo rental in a good area. Once it's rented and cash flowing, I'd pull my cash out and look for another opportunity. 

Nice work!