All Forum Posts by: David Hall

My experience is that there are not many wholesale/investor friendly title companies in Lansing.  Most are tied to a brokerage and focus on doing higher volume of easy transactions and aren't interested in complicated "out of the norm" sales.

E-Title out of Detriot, Legacy out of Clarkston or Lighthouse out of Hastings can help you.  Everything can be done via email and a mobile notary so you don't have to travel to get your deals done.  Good luck!

Hi Mitch,  I am an investor and real estate agent here in Lansing.  The cost to build new in our market is so high, the mortgage likely exceeds the monthly market rent for a new build.  Buying an existing structure is almost always going to produce better cash flow.  However, if you aren't buying for cash flow and would prefer just to have your expenses covered and still benefit from principal pay down, appreciation and depreciation, buying new may be a good option.  The other benefit to buying new is often the major mechanicals are warrantied and your maintenance costs are drastically lower and somewhat predictable.  This is a great fit for investors who want an easy experience and peace of mind.

To determine rent I suggest using rent-o-meter, craigslist and zillow.  All of these will help paint a picture of what the market demands.  Each property is different and the timing on when you list it, how it is marketed and other available comparable options, will all dictate the price.  

I suggest aligning yourself with a knowledgeable realtor who knows the rental market as well and can help give you comparable rental info on homes you are considering. We host a local REI meeting that you are welcome to attend. It is free and there are a lot of knowledgeable agents and investors who can help you on your journey. The March meeting is actually tonight! Look for our group on facebook or feel free to message me for details.

The season is almost over but I have a guy I've been using in Lansing and he is very affordable and has time to take on new clients if you need a referral let me know.

Welcome! I, like you, have interest in Muskegon and Grand Haven area.

I am in Mid Michigan (Jackson, Lansing and Grand Ledge). If you're ever out this way I'd love to connect.

Welcome Jake.  I know it's late notice but we are having a meetup tonight in Lansing!  Message me for details.

House hacking is how I started and is the perfect way to utilize today's low rates to scoop up long term, low fixed rate debt.  The real estate doesn't matter as much as the loan does.  Obviously you want to by smart, but 15 years into a 30 year mortgage when rents have risen and your cash flow is up, purchase price matters less.

Congrats on making a smart decision and jumping into real estate. There are a lot of great people in Lansing and we are all happy to help. We have a REI Coffee coming up too so let me know if you want details to come to that.

Hey Justin, congrats on your first investment in Lansing!  I'm local and happy to help in any way.

When do you buy your next house?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $72,000
Cash invested: $86,000

Thie deal was brought to me and it was a home run (Or it should be). Great neighborhood, well kept, just needed updates

The seller still occupied the home and asked for a month to move. Due to the holidays, COVID-19 and my busy schedule I didn't start the renovations until May 2020.

TOTAL BUDGET $13,500
Interest and estimated closing costs $10,000

Future Sales price: $139,900

Potential Profit $44,000

Stay tuned for more updates, photos and videos.

What made you interested in investing in this type of deal?

This flip was in a great area and didn't need much work. Just a face lift.

How did you find this deal and how did you negotiate it?

My reputation as an investor who can move fast with cash brought me this deal. The seller was unfortunately so far behind on federal taxes that thei gave him notice they were seizing his assets. He asked if I could buy the home (neighborhood is selling for $140-$220 for similar homes) for cash in 5 days. I offered $70,000 and we settled on $72,000.

How did you finance this deal?

I called one of my private investors who let me the money for purchase for 10% interest for 12 months.

How did you add value to the deal?

The budget for the property is below.

Paint walls, cabinets, trim and basement + wall paper removal $3,000
Flooring throughout including finished basement $5,000
Light fixtures, outlet swaps for white, misc repairs $2,000
Landscaping $1,000
Appliances $2,500
TOTAL BUDGET $13,500

What was the outcome?

To be determined!

Lessons learned? Challenges?

One lesson is to make sure the seller (if they are still able to access the property to move or collect their belongings) have a firm timeframe to get everything out. I would have been better off moving everything into a storage bin and prepaying it for him for a few months. The seller was elderly and had a hard time moving everything on this own. As a result my contractors are having to move his stuff around to complete the work.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate professional!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $72,000
Cash invested: $86,000

Thie deal was brought to me and it was a home run (Or it should be). Great neighborhood, well kept, just needed updates

The seller still occupied the home and asked for a month to move. Due to the holidays, COVID-19 and my busy schedule I didn't start the renovations until May 2020. The budget for the property is below.

TOTAL BUDGET $13,500
Interest and estimated closing costs $10,000

Future Sales price: $139,900

Potential Profit $44,000

Stay tuned for more updates, photos and videos.

What made you interested in investing in this type of deal?

This flip was in a great area and didn't need much work. Just a face lift.

How did you find this deal and how did you negotiate it?

My reputation as an investor who can move fast with cash brought me this deal. The seller was unfortunately so far behind on federal taxes that thei gave him notice they were seizing his assets. He asked if I could buy the home (neighborhood is selling for $140-$220 for similar homes) for cash in 5 days. I offered $70,000 and we settled on $72,000.

How did you finance this deal?

I called one of my private investors who let me the money for purchase for 10% interest for 12 months.

How did you add value to the deal?

The budget for the property is below.

Paint walls, cabinets, trim and basement + wall paper removal $3,000
Flooring throughout including finished basement $5,000
Light fixtures, outlet swaps for white, misc repairs $2,000
Landscaping $1,000
Appliances $2,500
TOTAL BUDGET $13,500

What was the outcome?

To be determined!

Lessons learned? Challenges?

One lesson is to make sure the seller (if they are still able to access the property to move or collect their belongings) have a firm timeframe to get everything out. I would have been better off moving everything into a storage bin and prepaying it for him for a few months. The seller was elderly and had a hard time moving everything on this own. As a result my contractors are having to move his stuff around to complete the work.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate professional!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $72,000
Cash invested: $86,000

Thie deal was brought to me and it was a home run (Or it should be). Great neighborhood, well kept, just needed updates

The seller still occupied the home and asked for a month to move. Due to the holidays, COVID-19 and my busy schedule I didn't start the renovations until May 2020. The budget for the property is below.

TOTAL BUDGET $13,500
Interest and estimated closing costs $10,000

Future Sales price: $139,900

Potential Profit $44,000

Stay tuned for more updates, photos and videos.

What made you interested in investing in this type of deal?

This flip was in a great area and didn't need much work. Just a face lift.

How did you find this deal and how did you negotiate it?

My reputation as an investor who can move fast with cash brought me this deal. The seller was unfortunately so far behind on federal taxes that thei gave him notice they were seizing his assets. He asked if I could buy the home (neighborhood is selling for $140-$220 for similar homes) for cash in 5 days. I offered $70,000 and we settled on $72,000.

How did you finance this deal?

I called one of my private investors who let me the money for purchase for 10% interest for 12 months.

How did you add value to the deal?

The budget for the property is below.

Paint walls, cabinets, trim and basement + wall paper removal $3,000
Flooring throughout including finished basement $5,000
Light fixtures, outlet swaps for white, misc repairs $2,000
Landscaping $1,000
Appliances $2,500
TOTAL BUDGET $13,500

What was the outcome?

To be determined!

Lessons learned? Challenges?

One lesson is to make sure the seller (if they are still able to access the property to move or collect their belongings) have a firm timeframe to get everything out. I would have been better off moving everything into a storage bin and prepaying it for him for a few months. The seller was elderly and had a hard time moving everything on this own. As a result my contractors are having to move his stuff around to complete the work.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate professional!

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $72,000
Cash invested: $86,000

My reputation as an investor who can move fast with cash brought me this deal. The seller was unfortunately so far behind on federal taxes that thei gave him notice they were seizing his assets. He asked if I could buy the home (neighborhood is selling for $140,000-$220,000 for similar homes) for cash in 5 days. I offered $70,000 and we settled on $72,000. I called one of my private investors who let me the money for purchase for 10% interest for 12 months.

The seller still occupied the home and asked for a month to move. Due to the holidays, COVID-19 and my busy schedule I didn't start the renovations until May 2020. The budget for the property is below.

Paint walls, cabinets, trim and basement + wall paper removal $3,000
Flooring throughout including finished basement $5,000
Light fixtures, outlet swaps for white, misc repairs $2,000
Landscaping $1,000
Appliances $2,500
TOTAL BUDGET $13,500
Interest and estimated closing costs $10,000

Future Sales price: $139,900

Potential Profit $44,000

Stay tuned for more updates, photos and videos.

What made you interested in investing in this type of deal?

This flip was in a great area and didn't need much work. Just a face lift.

How did you find this deal and how did you negotiate it?

My reputation as an investor who can move fast with cash brought me this deal.

How did you finance this deal?

I called one of my private investors who let me the money for purchase for 10% interest for 12 months.

How did you add value to the deal?

The budget for the property is below.

Paint walls, cabinets, trim and basement + wall paper removal $3,000
Flooring throughout including finished basement $5,000
Light fixtures, outlet swaps for white, misc repairs $2,000
Landscaping $1,000
Appliances $2,500
TOTAL BUDGET $13,500

What was the outcome?

To be determined!

Lessons learned? Challenges?

One lesson is to make sure the seller (if they are still able to access the property to move or collect their belongings) have a firm timeframe to get everything out. I would have been better off moving everything into a storage bin and prepaying it for him for a few months. The seller was elderly and had a hard time moving everything on this own. As a result my contractors are having to move his stuff around to complete the work.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a real estate professional!