All Forum Posts by: Mark Yuschak

I've owned several properties in the City of Flint and have done real well over the years.  As already mentioned, the location is key since the neighborhoods can change from bad to worse real quickly.  As little as five years ago it was relatively easy to make a great profit with very little investment.  Tenants were easy to come by and Flint didn't have as much of a negative connotation.  

Notice the use of past tense.

That was then.  I've sold all my Flint properties.  The City has gone down hill quickly.  Taxes are up.  Water bills are outrageous.  Crime is up.  Blight is the new norm.  Schools have declined.  Finding tenants for these homes has become nearly impossible even for the most savvy investors.

Flint Township and the surrounding areas are a completely different story.  The municipalities in Genesee County that border Oakland and Livingston are very affluent.  In fact, finding properties in those communities under $100 a square foot is nearly impossible. 

I'd be careful with Flint proper.  

Thank you, Uwe!  Same to you!

It's nice to come back to a post like this and see all the names from years ago who are less active now.

Was this referral arrangement (or kickback) in writing and agreed upon by both parties' brokers?  If not, he really doesn't have any recourse.

A commission on a transaction can only be paid to a broker.  This includes any referral compensation.  Unless your cousin is an agent working for another broker, the commission would never be paid directly to him and would have to be paid to his broker, which in turn would be re-disbursed back to your cousin, the agent.

I'm also in Grand Blanc. Welcome to BP!

In Grand Blanc you don't need a permit to do a lay-over if there's only one layer existing. Maybe that's an option you haven't considered.

However, if there are many layers on it and you need to strip it, just get the permit. Not doing so will cost you a penalty, the cost of the permit, and the inspector (Dave Gibson) may require you to remove some of the shingles to prove you have adequate ice and water shield (assuming you get caught).

I did the contract for 12 months. It definitely wasn't as clean as just flipping it for a quick profit, but I still wasn't too good for the deal!

$300 for an REO in Flint, MI in 2010. I even collected a $1000 commission on the deal.

I then sold it on a land contract with $1000 down for $5000 at 11% interest to another investor within a week of taking title.

I use Lighthouse Title in the Flint area. They're west Michigan based and very investor friendly.

Give them a shout. They've handled 100s of transactions for me.

I have package listed for sale in Michigan for you to consider. Here's a link to the thread and I'll also email you.

http://www.biggerpockets.com/forums/517/topics/101377

The price has been further reduced to $279K for the 31 properties.

I actually ended up wholesaling the property to some other investors who are local in the area. I saw the finished product and they did a fantastic job!