All Forum Posts by: Bill Bodziak

Thank You all! No door it is :)

Hi All!

Quick question here. My flip partner and I have different opinions on how to finish off a bathroom. Ranch home 3/2, tiny 3 piece bathroom on the entry level (see photo). This is a Pontiac tax auction home acquired for 25k with an ARV of 80k undergoing approx a 20k rehab.

1 opinion says to add glass door to tub/shower (cost $500), other says keep it simple and roomier with just curtain rod and let the buyer finish it off. What say you? New tub, vanity, fixtures and toilet with large grey tile tub surround going in. 

Thank you for your thoughts!

I would break the news until after you are licensed and when you have an opportunity to offer your opinion or advice on a relevant real estate matter while standing around the water cooler. This way what is done is done and you have already shown that it hasn't affected your work but you are accessible if the boss or colleague has question or a referral. Any agent would tell you the more you talk about your real estate business the higher the chances are that more referrals will find you.

Good luck!

your last paragraph on your OP answered the question....definitely do independent inspections until you or your team knows and has more experience than your inspector! 

Just evaluating repairs, proposed purchase price, and arv your overall investment -cash and finance- is $145k.....it doesn't make sense for a property with an arv of $120k at best. I would get the purchase price lower (in the 60 range) and offer a higher interest rate for the seller to compensate. Save as much cash as possible for a real deal.  You can re-fi in 6-12month out of it after repairs are done and property is cash flowing. 

I would do a safety inspection and bring the damage to the attention of the tenant. Tell them they may be evicted if the dog is not house broken and continues to damage the property. Pets are ok in the lease, not the destruction of your rental. Contact an experienced RE attorney, a 30 minute phone call should give you all the info needed to proceed legally and protect your investment. 

Good Luck!

I'd go with a gift card and a Christmas card. Great job on the response time. I wish more landlords were that responsive to maintenance issues. Last time I rented I had a waterfall coming through my ceiling for 2 weeks before they moved me to a new apartment.  

Persistence and a good grasp on the knowledge it takes to get rolling with little money. Check out OREIA and/or MREIA. There are plenty of great people at both investor associations that will share knowledge.  PM me if you would like to grab a cup of coffee and talk real estate. I'm in the RO area often.

It all depends on budget and your goals, @Andrew Abbott. RO isn't going to give any cash flow right now. I have been looking for multiple clients in RO, new builds are the only thing turning decent profits. Ferndale is doable, look for high DOM properties and make low offers if you are not direct marketing. 

Also look into Madison Heights, Clawson, maybe Berkley. Any area down the 75 or Woodward corridor has good MF potential. I started in Pontiac/Auburn Hills and am working my way south...

I use ladyprinting.com (no affiliation, just a customer).... 4000 door hangers for $129. Google for the promo, the ad will follow you around for weeks haha. The hangers are smaller, simple, effective, great customer service and the price in untouchable for massive door hanger action. 

Good luck!