All Forum Posts by: Bill Bodziak

I would contact your attorney asap. Yes, there may be clauses releasing the inspection company of liability, but a jury or mediation board probably would side with you if you show there to be complete incompetence and negligence with this 'inspector'. Contact your local BBB as well!

I am always on site with inspectors (for my properties or my client's properties--especially with inspectors I have not worked with in the past) to make sure they are thorough. If I think anything doesn't look right I can point it out to the inspector and be satisfied with the result knowing it the inspection was done properly.  

Good Luck, I hope the numbers will work out for you in the end--Congrats on the purchase!

Hi Jalen,

Sure there are ways to buy with $0 but it will take work and usually pretty good credit, solid job history, or private money (family etc).  There is tons of great info on BP so your joining is a great start! Listen to the podcasts and check out the forums daily and I am sure you will find exactly what you need to get the ball rolling....

P.S. Redford is a decent market to get started in....good deals can be found relatively easily and the retail market is pretty strong....

Good Luck! 

Arthur I know Kalkaska... great town! You are way ahead of the game with your experience. Personally, I would seek out multi-family properties around there. This way if you end up in a bad/no tenant situation the bills are still being covered by the other tenant(s). It may be easier on you and friends/family to manage 2-4 tenants on one property as opposed to all over the county...

That $25k should be enough to get you rolling. Have your appraiser brother talk to colleagues about your desire for a multi-family. Commercial appraisers are great deal sources!

fyi the Schlage Camelot electronic deadbolts are $84 on Walmart.com I just print out the price sheet and take it to Lowe's/Home Depot to match the price (they have them on the shelf for $129+)

I use keypads on my homes. They are loved by all! The batteries last years in most cases and I have not had any break down issues. There is a key override on the locks too so maybe you can hide a key somewhere on the property just in case it is ever needed? I use the Schlage Camelot series, I prefer the manual deadbolt (no motor to wear out). Press a button turn the lock and walk away! The Schlage keypad handle systems work well too and lock automatically, but I have had complaints from a landlord who used them and the electronics stopped working after a year and just after the warranty expired....

As far as the widows go...'If it ain't broke don't fix it'! If they are sealed and functional I am sure they are just fine...

Congrats! I was in the same situation a few months ago. I chose a large Coldwell Banker office in my area. The managing broker is great and very accessible. The training is solid, if you take part in it. While the large franchise brokerage may not be for me in a few years it currently provides me the framework to get the selling side of my business rolling strong... 

Good luck!

I would stick with a local realtor who knows the market and will help form an exit strategy. Start advertising the portfolio at local investor association meetings before the properties go the MLS. If the properties are priced well there is good chance another local investor or group will buy the portfolio or knows someone who will....

Good Luck!

Hi All!

I am currently working with an investor looking to retire and liquidate his portfolio. This includes 90+ SFH in Pontiac, MI. All homes were well maintained and are tenant occupied and cash flowing. No section 8. 3-4 homes are vacant while they are undergoing rehab.

Properties will be offered in bundles of 6 or more. Please PM me for contact information and additional details. This is a great opportunity to invest in an area that has seen tremendous value increases over the past 24 months!

Bill

Realtor, Coldwell Banker Weir Manuel

Just a follow up.... The buyer was able to use an FHA insured loan to purchase the home at closing. The title company used the funds to redeem the house then complete the sale and transfer the deed. Thanks for your responses, hope this helps!

Hello all...I am hoping someone has some experience here and can give some advise. Here is the situation....

I am an agent and investor in Michigan helping a friend/client find a first home. The perfect home came on the market, we saw it and made a good offer. Waiting on a response.

According to records and the listing agent the sellers have appox 50% equity in the home and are in the middle of the divorce. There was a QCD to the wife who now owns it solely. During the divorce the sellers quit paying the note, they are now in the redemption period with about 60 days left. If they cannot cover the balance of the note or find a buyer they lose the house... 

The buyer is ready to go with an FHA loan. I spoke with the lender rep and he does not know if the buyer can use financing for the home since it needs to be purchased in cash if done during the redemption period. My response to this is that is what the closing is for... The only info I have been able to find is in regards to problems with financing is using conventional loans that will be sold to FNMA or FDMC .

Can a buyer use an FHA loan to purchase a home during the redemption period?