All Forum Posts by: Christopher M.

@Sergio Fetter

Detroit is coming back very strong. Boots on the ground and independent research are extremely important. 

Crime rates are falling and values are rising , But significant population shifts are still happening all over the city. 

PM me if you want to talk further.

All this makes it sound like it's a bad Wholesale deal. In my humble opinion it's best just to move on to the next one. I know you are just starting and it seems like there might not be a next one, but there will be. 

@Shanae Williams

Have you toured the subject property? Do you have an idea of what it would cost to get it up to move in ready? You need to shrink the ARV range to 5k or less.

The basic formula is ARV - Needed repairs - 3-5k for assignment fee = offer

example $45,000 - $10,000(repairs) - $5,000 (fee) = $30,000(offer)

Hope this helps

Try the app LandGuide. It'll have basic information on most parcels in Washtenaw, Wayne, and Oakland COs.

@Account Closed

I love it. I will be saving this to my computer as well

@Emad Abdelrahman

Wikipedia has the basic demographic data for the various cities, counties, and the Metro area as whole. 

Wayne county is the only one that lost population. All the others have seen growth. Oakland has seen the slowest and Washtenaw the fastest. 

If you want to hold for the long term you need net population growth.  

Do you want SFRs? 2-4 units? 5+ MFRs?

@Russell Brazil

Is that just for 1-4 unit properties? I know SFRs go for more money, a lot quicker if they are vacant. I haven't seen much variation in the 2,3,4 range as far as vacant vs occupied.

That being said I've seen a lot of 5+ unit buildings that are vacant. My understanding is for commercial loans, the subject property needs to be at least 80% occupied.

@Tom Smith

It will very from area to area. and from agent to agent. 

I have access to most of MLS in Michigan through my Board of Realtors.

And some agents are members of multiple Boards or licensed in multiple states.

But the short answer to you question is no.