All Forum Posts by: Christopher M.

The 5k houses you have seen are not rent ready. They have squatters, or all the piping and wiring has been pulled out, or the listing is fraudulent. Or any combination of the above. So you would most likly lose all of the 5k

Your excited and that's great.  but as @Morgan Nilsen said you need to learn the market. 

50k is just barely enough to start from abroad. Bare in mind that there are tax implications in Norway and the US when you move money from one country to another

@Mads Veland

That's why I asked. It is possible, but the first step would be hire a lawyer in the states. That lawyer would then help you bring the money in to the US. That alone will set you back a few 1000 dollars

To be frank, 10K is not nearly enough. Can you acquire a house in Detroit for under 10k? Yes. But it would need another 30-40k in work, at least, to be rent ready.  

Unfortunately, your next step would be to save more money. I know that is not what you want to hear but 10k just isn't enough. Save for a few more years, there will still be emerging markets in the US in a few years from now.

@Mads Veland

It is very possible to purchase real estate in the US with out setting foot here. But there are laws about moving money in to the country that can be very complicated. Additionally You would need a very strong team on the ground. 

Let me ask you, Why Michigan?

I always answer my phone. If I can't i text back as soon as possible.

I disagree with @Joe Splitrock slightly, while the younger generation is very phone-phobic, I have had "seasoned Realtors" not call me back for days when I am trying to set a showing. 

But you are absolutely right that good deals move too fast for RE agents to not answer their phones.

@Jorge De Jesus

To be clear, I am in no way suggesting that wholesaling only works in "war zones"(whatever that actually means). But sellers that aren't highly motivated are going to go with a licensed agent or FSBO. Sellers that are willing to call an unlicensed broker (a 'wholesaler') need to have a motivation that is quite strong.

Hello @Michael Mendoza and welcome to BP

Wholesaling works best in areas that are under served by the traditional real estate sales industry. Areas with high crime, low equity, low property values, and high poverty. Where people need to sell in a very short amount of time.

I hope this helps, and feel free to reach out if you have any other questions.

@Justin Earley

I would love to connect and help you get to your goals of financial freedom. You seem really motivated. Shoot me a PM and we can discuss the equity in your current house and how to get you in to a small multi-with a FHA or Freddie Mac loan.

I wouldn't even use the same contract in two different counties, let alone more than one states. You will need to find a contract for each individual area you wish to do business in. Different areas have different customs. 

For example Washtenaw county it is customary to prorate taxes to be paid in advance, while in neighboring Jackson county it is customary to prorate taxes to be paid in arrears.

And that is just one small example. There can be many more differences

@Jim Frye

In my opinion Oak Park is a great location for investments. That being said I would never, ever trust Zestiments, for rent or price. Without actually running the numbers, 140k seems like absolute top of market for area. 1300 seems really high for rent. 

Anecdotally I know a family renting a 3 bedroom house in that neighborhood (near Roanoke & 9 Mile) for 900 a month.

Is it Oak Park Schools, Ferndale Schools or Southfield Schools? What is the condition?

@Ken Bresser

I do not have any personal experience with DLBA. But I have never heard a single good thing about them. I have heard investors say the whole process of working with the Land Bank is an uphill battle the whole way. You need to have financing in place and detailed plan for repairs before they will even look at your offer.