All Forum Posts by: David Hall

Hey Jacob,  I'm a little late to the party, but most local credit unions will do loans under $50,000.  I've personally had good experiences with MSUFCU and Case Credit Union.  Also I know Union Home Mortgage can do loans that low for a higher interest rate.  I've also been able to get unsecured financing to purchase real estate.  Ideally if you can fix it up a bit and refinance you can get great long term fixed rate debt and get some money back.

Nick Popoff will be joining us to discuss best practices for Air BnB., May 30th, 2019. Air BnB can be more profitable then a monthly rental, but is it worth it? Can it be automated? Do local jurisdictions allow it? Comes, be a part of the discussion and help us all sharpen each other.

Meet local investors, network and grow your real estate knowledge.
Wholesalers
Flippers/Rehabbers
Buy&Hold/Landlord
Property Managers
Multi-family operaters
All are welcome
This event is FREE. Tony M's does have a minimum dollar amount that must be spent to allow us to use the facility, so come hungry, come thirsty and lets talk real estate.

I tell clients a low ball is anything under 90% of asking price.  There are hundreds of agents in Lansing so there is no black list.  The only way to get rejected is to write offers and not perform.  No one blames you for writing what you think is fair.

To make numbers work for my clients we've been offering a lot of low ball offers.  Most get rejected.  But those are the offers investors are writing now since there is a supply and demand issue right now.  Either you have to find a property with a unique problem you can fix, or offer what you think makes sense and will equal a good return.

James, our market is plenty big enough that if thing don't go well with one agent or you offer lower on properties, it will not ruin your or her reputation.  It is a competitive market right now and I have clients who are investors being forced to offer low on properties to make their numbers work.  Higher prices mean lower returns (generally) and unless you are finding properties with problems you can fix, you may have to write a few offers before you get one accepted.  I would explain that to your agent and if she doesn't want to serve you, since you are her client, I'd find another agent who will.  An agent who will do what you want since you are employing them to help you.

Here Richard Floyd Speak, April 25th, 2019 and share his wealth of knowledge and experience in real estate in our local greater Lansing market.

Come meet local investors, network and grow your real estate knowledge.

Wholesalers

Flippers/Rehabbers

Buy&Hold/Landlord

Property Managers

Multi-family operators

All are welcome

Event is tonight!  6:00pm.  Hope to see everyone there!

I've had good experience with Steve Dulan.  He teaches/taught Real Estate Law at Lansing Community College.  You can google his name, he is out of East Lansing and his info will come up

Come hear how I bought a 3 unit and house hacked it. I was able to use this one property to catapult me into many more deals and the snow ball is still rolling. Hear how I House Hacked this opportunity, how it has tripled in value and how it still cash flows to this day.

Come meet local investors, network and grow your real estate knowledge.

Wholesalers

Flippers/Rehabbers

Buy&Hold/Landlord

Property Managers

Multi-family operaters

All are welcome

Days on Market

There are a lot of variables here, you may just need more info.

Insurance I would expect to be $800.  Could be less, could be more depending on value, sq ft, coverage, carrier.

Repairs you won't know unless you walk it.  But you can gain a lot by asking the seller what they've done and what it needs.  If it is licensed as a rental that will help you understand that plumbing, HVAC and electrical are at least functional and up to rental authority code.

SFH don't really go off a CAP. Most investors I know want $200 a month cash flow and a certain percentage Cash on Cash return. 10-20%.

Utilities you'll have to guestimate or ask the seller if they have this info. But on a SFH tenants most likely are paying all these items.

10% Property Management

10% Repairs/Maintenance (Depending)

10% CapEx (Depending)

10% Vacancy (Depending)

These all vary, but if you run these numbers and can get a good return it may be worth walking through.  The ideal buy and hold DEAL is a home that doesn't need repairs and it just under valued.  An investor and buy it, rent it and have no issues.  The ideal FLIP is something that an investor can make 30% or greater on.  

Beware, there are several areas in Lansing that don't sell fast. Your ARV in these areas is worthless unless there are short DOM. I often look at DOM first and if I can move it quick, then I look at projected return or a plan B. Often I'll flip a property, with the intention of listing it for sale for a month or two. If it doesn't sell I'll rent it, refinance it and do it again.

Hope that helps.