All Forum Posts by: Cory Mccarthy

@Bob E. would you mind sharing the name of your property manager in Lansing?  I currently own one property there and am looking at a couple of homes in the area as well.  I really like what he/she has done with your property, so I would like to talk with them myself.

Welcome to BP Jason!  I am in the Fenton area and am also fairly new to BP myself.  In a few short weeks, I have learned a ton on the site, but perhaps much more importantly, I have made quite a few great contacts that will likely teach me as much if not more than just the podcasts, webinars, blogs and articles. Strongly encourage you to use the networking opportunities that BP offers such as the local area meet ups to make those contacts.  My first property is in Lansing, so I started with that meet up and look forward to attending others in Ann Arbor and Flint as well.  What part of Michigan are you from and what is your preferred niche and strategy?  If you are close, I'd like to connect.  Always willing to help in any way I can, just let me know.  Best of luck to you on your journey. 

Boy, I agree professional staging really makes a difference.  Sound investment in my book too; if it takes even 2-3 weeks off the sales process, we'll worth it. .  I suspect a lot of the regulars here on BP are well aware of this trick, but as a newbie, this tip alone is worth thousands in the long run.  Great post and thanks for the info. 

Wait @Sam Byrd, you turned that closet with the water heater in it into the bathroom picture that is directly below that????  What a bonus!! You must have a great eye for potential.  What did you do to replace the closet or were there already two closets in that bedroom?

What a great story and really inspirational.  Looks like you did great work and I agree with Brian, you did quality work and that makes all the difference.  Congratulations and keep the BP community posted on your continued success.  

Just out of curiosity, how much does a professional stager cost you and how long do they typically agree to have it staged for as the standard agreement?  Need to know for future reference.  Any tips on finding a great stager?

Best of Luck to you in your new venture!!

I agree with Julie, concentrate on your credit.  Set up auto payments with your bank on every single monthly bill, even if it is just for the minimum, so that way you will never be late on a payment ever again.  That is huge on your  credit.  Credit Karma (Free) is also a great site if you are not already on there as they provide insights into all three major credit reports and provide you tips about what is really dragging you down.  Once you get those bills paid down and establish better credit, you will be surprised how willing banks will be to work with you.  Keep focused on the goals, write them down, post them on the mirror in your bathroom so you see them every single day and make one small step every single day toward those goals.  You will be surprised how quickly you will reach those goals with this strategy.  And of course, keep posting here and let everyone else on BP know what you need and how we can help.  I think you will be surprised how helpful everyone on here can be, I know I am...  Best of luck to you and post your successes here as well for everyone to get motivated by.  Regards,

Yonatan,

Not that I have a great deal of experience yet, but i personally like the large college towns such as Lansing, Ann Arbor, Kalamazoo, Grand Rapids, etc. You can find great ROI's in all of those areas and avoid some of the potential downsides you might experience in Detroit and Flint if you are not a local with eyes on the property regularly. Getting a great property manager will be one of your most important steps I imagine and they can likely provide additional advise on local markets. Best of luck to you. Let us know if we can help in any way. Regards,

@Patrick Sullivan,

I did my first flip (or rehab) the same way about 25 years ago. Great way to get started and the whole experience really taught me a lot about home ownership, becoming an advanced Do-it-yourselfer and pretty competent at just about any maintenance and repair issue I could imagine. One thing I noticed about your post was that you were planning to finish the basement. One word of caution on that front: you typically do not get your money out of basements. What ever money you spend down there will likely be lost as basements overall are valued at about a 1/3 or 1/2 of the living space above ground. A finished basement may help you break a tie for a potential buyer if they are considering another house that doesn't have a finished basement, but you won't get your investment back and they are not likely to pay you significantly more for yours than the other comparable house. Just clean it (basement), maybe paint the floor and make sure it is well lit, but going beyond that is probably not worth it. Put as much of your investment possible into the kitchen and bathrooms. That is what sells houses and is where you will maximize your ROI on the investment you are making. Best of luck to you in your new adventure. Take lots of pictures before you start and every step of the way so you can remember the adventure thoroughly. And post some of them here so others can share in your success. LET THE ADVENTURE BEGIN!

Thanks @Mark Nolan. After i secure a lot more financial education from BP here, I may reach out to you further to learn more about self directed IRA and 401K's. Perhaps I can use some of those strategies to secure some funding. Any advise you can share on no money or low money down investing would certainly be appreciated. Best of luck to you in your REI adventures.

Thanks @Ashley Andrews and @Clarence Scott.  Sent you both connection requests and hope to learn more from you both regarding the Flint Market and surrounding areas.  It is so nice to have this BP resource to help us all make these connections.  Please keep me posted on on anything interesting that you learn or have going on in the market.

The first one can definitely be overwhelming at times, but at the end when you look back it is quite rewarding.  Then it gets even better when you are finally at the closing table and finally get paid for all your hard work.   Post some pics sometime of before, during and after as I and likely others would love to see the transformation.   Best of luck to you in the homestretch.