All Forum Posts by: Bill Bodziak

Craigslist ad....FREE POOL. Someone will take the time to disassemble it and remove it.

Good Luck!

Hi Jared,

The 3% difference shouldn't be too hard to cover but will probably take more than 9 days to get done. Maybe pay off any unsecured debts? @Don Harris had a great suggestion by selling a vehicle that is financed.

I would definitely have an extension done on the closing date AND your financing contingency ASAP. The closing date extension will tie up the deal for you a little longer and the financing contingency should protect your EMD if you are unable to find a solution.

Hi Bryan,

Welcome to BP! Good advice here so far. @Alexander Felice is spot on... 30 year gives you more flexibility with a fixed rate that you can pay off early. Royal Oak is a great market for rentals but you have to hunt for the deals that will give you a decent return. The market there is also on-fire making the deal finding a little more difficult.  I like many of the cities around Royal Oak too for investments. PM me if you want to meet up and check out a few properties around town...it is never too early to see what your money can or cannot buy!

I will be there..... late, but I will be there @Daniel H Hauer.

@Bao Nguyen You make some great points here and I think your vision is great.... However economies exist that alleviate many of your concerns. Sure, the industry is time consuming. It takes time and hard work to find and build that team and compromises usually are must. No one is going to take care of your assets like you, however you need to build that team that you trust first in order to maximize your time. Things to consider:

1. Leasing Agents--I would suggest finding a newer agent who is hungry

2. Virtual Assistants- For $3/hr you can eliminate all the mundane listing and basic secretarial tasks

3. Property manager-- sure it is going to cost about 10% of gross rents but how valuable is your time? It sounds like you have the experience so you should know the right questions to ask to find the property management team that will be your partner, not a headache.

4. Relationships with brokers and wholesalers who will bring you pre-vetted deals...

5. Contractors---no solution to this one haha. You just have to be patient and when you find a good one, pay them well and keep them busy!

Best of luck on your endeavors.

Willie, definitely use a buyer's agent! I can refer a great one to you. PM me if would like.

Congrats on the move Thai Le! I love the Phoenix area, Flagstaff is my favorite winter destination. Check out all the podcasts on BP, great place to start while you multi task your way into REI!

Hi Sam,

Farmington Hills is full of possibilities. Are you originally from the area?

FHA loans (probably a product your potential buyer would be using, based on your OP) require at least 3.5% of buyer's funds in the deal so adding any seller subsidies into the deal can be tricky...

If you are serious about selling I would change out the counter tops.... Kitchens sell. @Wayne Brooks is right, buyers don't have the vision to see past what is actually in front of them.

Some courts will seize the house.... case in Michigan from a few years ago below. I heard of similar situation a few weeks ago too.

http://www.fromthebench.us/2011/03/01/desmond-clark-rental-property-seized-as-drug-house/