All Forum Posts by: Barima Opong-Owusu

My question goes along with what you've already been discussing.  My state also has the NTC posted online with the PR name and address.  How do you know that the deceased estate contains real property?  It my understanding that the only way to determine this would be to do a individual property lookup for  the address of the deceased to see if it is owned.  is this correct or does anyone know a more streamlined way to go about it?

The is a package of 30 homes with tenants and reliable property management in place. The homes are spread throughout the city and already cash flowing. 

Package can be sold as a whole or in blocks of 10 for $37K a door.

**Please do not disturb tenants**

Properties are located around Detroit in desirable neighborhoods. Some homes are concentrated in same areas.

Serious inquires only for property addresses, rent rolls and management info

Asking: $1,050,000.  Total package has Cap rate:15%

@Brandon Foken 

I use ClicktoMail for my postcard campaigns.  Its saved me quite a bit compared to some of the other services available.  It also allows more control on determining the drop dates.   I wouldn't use it for letters since the options in that category are limited and you can only use standard business window envelopes.

Farmington Hills, MI 48336

After Repair Value: $205-215,000

Farmington Hills Rehab Property
This 1996 Farmington Hills colonial is a 3 bed 2.5 bath home with a finished basement. The home has an open 2 story living room, nice sized dining and kitchen area on a huge lot. It has a 2 car garage and finished basement. It is located on the end of a cul-de-sac in a beautifully wooded neighborhood. It is in the Farmington Hills school district.

Repairs:
Repairs are estimated at close to $20,000 depending on the level of rehab.
, landscaping, deck restain and replace some rotted boards, interior painting and wall patchinig, flooring (replace the carpeting), kitchen countners, bathrooms require some updating.

Detailed Repair Analysis

Pictures:

CLICK FOR PICTURES

Value:
ARV of this home is $205-215K

Sold Comps:

Rehab Analysis

Inquiries/Access: Please call Barima @ 248-384-8644 to discuss interest in home

Jon I'm curious how do you go about finding your eviction properties?

After wholesaling for some time and having some successes and some setbacks.  I decided to get my real estate salespersons license.  I debated whether it was neccessary or not but realized it could help my business growth.  

I've recently passed the test and now I'm looking for a good broker to work under in Southeast Michigan.   If any brokers or agents are interested in added someone to their team please feel free to contact me.  

Also to other agent/investors, what are some of the most important things to consider when choosing a broker?  I have some ideas but would love to hear others thoughts.  

@Bob Bowling How would I determine the market cap rate on a mixed use building?

@Giovanni You make some good points. Adding more into the estimated repairs, adding vacancy and property management makes this a less attractive investment unless more upfront improvements are done to increase the income.

@Joel Because we met through a mutual acquaintance. And I'm sure there are several investors on here that took a risk using leverage to get started or bringing on a partner. I never said I would have zero skin in the game, but there is no way I could do an amount that large without an alternative method.

I'm looking into getting my first buy and hold. After looking for multifamily properties a casual conversation with a coworker turned into the potential for me to buy an apartment building from her relative. Here are the details for the buildind and the deal.

It has 6 apartment units and 3 commerical store front properties. All residental and commercial tenants pay for gas and electricity The income on the property is

Commerical Units: $3975/mth

Apartment Units: $4995/mth Monthly Gross: $8970 Yearly Gross:$ 107,640

Expenses (figures were give by the seller):

-Taxes $11,000

-H2O Bills $3600

-Insurance $7800

-Maintenance $6000

Total Expenses: $28,400

The seller is looking to sell the building for $975,000 with $200,000 down and carry the note for 15-20 years. The monthly payment for 15 years breaks down to $5,830 or $69960/year. Leaving $9,280 as cashflow for the year. CAP Rate of approx 8.6%

After looking at the building I can tell there are lots of ways to add value to the apartment units because they haven't been updated for some time. My biggest questions are does this look like a good deal? And if it is, how would I go about getting the down payment at a cheap enough rate to still have decent cashflow. Private Investor, Convential Loan, Partner, what would be my best route at securing that much money for a buy and hold deal and at that point does the deal still make sense?

Thanks for any feedback.