All Forum Posts by: David McKelvie

That's what I'm ultimately interested in pursuing, because I'm not sure how else I'll move forward from here.  I have 8 of these that are paid in full.  I need to learn more about the refinance process and see if I can find a lender that would work with me.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $12,000

I purchased this distressed property in 2018 from the bank. Offered 10k less then asking was turned down and then contacted a week later and the deal went through!

Did most of the renovation myself except for a new furnace/ac/chimney liner as well as an upgraded 100 amp electrical service/meter/offset riser which were done by the hvac and electrical contractor I use.

In the 4 years I've owned this home I have only had to snake the main drain 2x. Was able to be done from outside through a cleanout.

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

It was a no brainer that this was going to be a great investment. I was buying a solid house in a nice enough neighborhood for 35k.

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

Found it on zillow. Negotiated through a friend agent before I became an agent myself. He made my offer, they said no, then came back and said yes.

How did you finance this deal?

Cash.

How did you add value to the deal?

Renovated the interior and added landscaping.

What was the outcome?

A great house now valued at 125k. First began renting it for 1000 a month then three years later when the tenant moved out I relisted the home for 1,300 and found a great tenant within a month.

Lessons learned? Challenges?

As much as I like the neighborhood I don't like the neighbors on either side of the home. They are disruptive/obnoxious. One of the neighboring properties is a multi family home that attracts low quality tenants. There was a slight concern about theft during the renovation but fortunately all went well.

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

Yes, but I'm a realtor now so I'd recommend myself instead! Always on the lookout for good deals.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $12,000

I purchased this distressed property in 2018 from the bank. Offered 10k less then asking was turned down and then contacted a week later and the deal went through!

Did most of the renovation myself except for a new furnace/ac/chimney liner as well as an upgraded 100 amp electrical service/meter/offset riser. I did some drywall work/insulation/re finished hard wood flooring/installed laminate click and luxury vinyl/removed and replaced kitchen cabinets and changed layout of kitchen cabinetry/re plumbed house in pex. Painted home/new ceiling lights throughout and some new interior doors. Fixed some damaged siding.

In the 4 years I've owned this home I have only had to snake the main drain 2x. Was able to be done from outside through a cleanout.

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

It was a no brainer that this was going to be a great investment. I was buying a solid house in a nice neighborhood for 35k.

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

Found it on zillow. Negotiated through a friend agent before I became an agent myself. He made my offer, they said no, then came back and said yes.

How did you finance this deal?

Cash.

How did you add value to the deal?

Renovated the interior and added landscaping.

What was the outcome?

A great house now valued at 125k. First began renting it for 1000 a month then three years later when the tenant moved out I relisted the home for 1,300 and found a great tenant within a month.

Lessons learned? Challenges?

As much as I like the neighborhood I don't like the neighbors on either side of the home. They are disruptive/obnoxious. One of the neighboring properties is a multi family home that attracts low quality tenants. There was a slight concern about theft during the renovation but fortunately all went well.

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

Yes, but I'm a realtor now so I'd recommend me instead! Always on the lookout for good deals.

Just checking in on this thread to say the house has been renting monthly for 1,100 for quite some time now.  First tenant moved out when he purchased a home and found a great tenant within the month he gave notice!  Allen Park has been a pleasure to work with by the way.  

Purchased at 55k zillow says it's valued at 91k.  Not too shabby for owning it a couple years, only putting 10k into and making a little over 10k profit a year in rent.

Hey guys, thanks!  Flash, I like your idea of buying used appliances on market place.  I picked up a free washer/dryer from market place over the summer.  I'm actually going to keep the stove and replace the fridge with a smaller white one.  That stainless steel fridge in the photos is taking up too much space.  I use to buy appliances from a store called noble appliance.  They sell appliances that can't be sold in retail stores because of cosmetic damage.

Here's a photo of my hazel park house that I just rented out for 1k a month in November.  These are plants I purchased from costco.  They sell boxwoods and yews for $20!  Arbs 36! Costco is also where I purchase my laminate flooring if the house doesn't have hardwood floors.

I definitely want to power wash the house this spring even when it's already occupied though.

Hey all.  I purchased a sfr in Allen Park MI in November. For those familiar with the area it's right off of outer drive and southfield fwy.  It took me a month to update the house and I'm going to rent it for 1k a month.

17439 Cicotte Allen Park MI.  Bought it off an elderly gentleman for 55k.  He had bought it for 30k in 2010 and had it rented to one tenant the whole time for 700 a month.

I've had it listed for rent for a month with little interest from anyone who I'd qualify as a good prospective tenant, which seems unusual.  I'm hoping it has something to do with the time of the year - Dec/Jan.

This house is the most expensive home I've purchased, but it required the least amount of work done to it, so it was a good trade off!

What I did:

Painted walls and ceilings with sherwin williams superpaint dover white.

Trim and kitchen wainscoting was painted with super paint semi gloss white.

Ripped out plaster tub surround and replaced with cement board that was waterproofed and tiled.

Replaced some missing shingles on garage roof.

Replaced old shower valve with single handle valve.

Replaced garbage disposal.

Replaced old outlets/switches with new white outlets/switches/plate covers.

Jacked up sagging portion of house and sistered three of the joists and replaced the rotted sill plate.

Removed vinyl tile from laundry floor and painted the concrete with grey floor paint.

Before photos:  Apologies if they are sideways or upside down...

The after photos can be seen on my zillow ad, https://www.zillow.com/homes/17439-cicotte_rb/88664724_zpid/?view=public

Thanks for taking a look :)  Looking forward to possibly making some contacts through this site.  I'm a licensed agent/buillder who's life game plan is to continue acquiring rental properties and hope to someday build new construction homes.