All Forum Posts by: Christopher M.

Perfect for Fix and Flip or BRRRR project.

Boarded up for security. Needs work mininal work to be rent ready. Siding damaged from fire next door. Seller will consider all offers.

Photos

Send all offer or questions to [email protected]

Cash Flowing. Recently remodeled. Rented for $900 a month. Seller will consider all offers.

@David Wright

Many times its just to get it off their books as quick as possible. It not usually malicious.

A bank will not finance a property with out warranty deed. 

You are not reading too far into this. There is absolutely something a newbie could miss.

There will often be back taxes, back water bills, other liens.

@Derek Gibbs

If you can get rents up to where you think can, you could theoretically get 35% on your money. This might be a good deal. Even closer to the asking price.

Hello @Phil Peyton

Welcome to BP and Metro Detroit. 

I have to say, you went the wrong way. Everyone up here wishes they could move to Florida!

Jokes aside, what areas are you targeting?

@Account Closed

HI, 

I wouldn't invest in Milan, MI based on it being close to Ann Arbor. 

That being said I think it can be a great investment. The numbers on Milan properties are great. 

If you are looking for a less expensive market near Ann Arbor, Ypsilanti might somthing to consider.

Messege me if you want to discuss anything in detail.

@Solomon Hikssa 

Is the loan amortized over 30 years with a down payment of $86,625? If it is your monthly payment will be $2,448.41

My Math:

$2,448.41 + $2750 = $5198.41

$5,400-$5,198.41=$201.59 

$201.59*12=$2,419.08

$2,419.08/$86,625=.0279

You would make 2.79% on your money.

@Delmas Edwards

If you are paying 16%apr(!) I would say cut and run.
@Delmas Edwards

Where is the property located? What cross streets?

Is this your first deal?

@Matthew John

Welcome to BP and the world of RE investing. 

Tip#1 NEVER admit how much you are willing to invest, unless you are speaking to an agent or a lawyer with whom you have client relationship. It brings out the vultures.

Tip#2 Turnkeys: You kind of answered your own question. Most don't jack the price up above a rational price. They do raise it to a "retail". As an investor you should never be paying retail for a property. 

Tip#3 RE license: It will set you back about 1-2k to get set up. Including the course, the test, and joining an MLS. The MLS is over rated. Unless you want to help others buy/sell RE, I don't see a reason to get it.

Tip#4 Drive around areas you think you might be interested in investing in. In your neck of the woods, Warren; Eastpointe; Pontiac; Detroit all might be some good areas to start with. 

Feel free to reach out to me at any time if you have any questions

@Thomas Burke

To be clear, I never said investors don't want deal with agents. I said experienced and connected investors can get top dollar for thier properties, on the selling side. Many still leverage agents to help get top dollar and avoid the investment of time it takes to sell a house

On the buying side many investors avoid agents b/c I don't list homeruns on the MLS. I send them to my clients I know will close quickly. Many target FSBOs or off market deals b/c they are priced low.

$6k just to list it on the MLS would be bonkers. A strong agent will prospect daily for buyers for a property. That means calling other agents, relocation companies, and investors that can close to ensure you get top dollar for the property. Additionally a good agent will keep the property at a price that will cause it to sell.

Do you only want to sell this to another investor?