All Forum Posts by: Dustin Braddock

Great job on the deal and thank you for sharing. What an awesome life lesson you have given to your kids.  

Like Ulric said, you should look into loan programs that are good for first time home buyers and specifically ones that will allow you to treat them as an investment by living and renting in the same home. No matter what buzzwords are said or you read remember to make sure you make enough money in your full time jobs to cover the costs of your rental property investment. Always have a spreadsheet that shows your income and expenses and review often. Read a book or two a month and/or listen to an audio book a month in real estate investing and finances. The pod casts are also good to listen to here. Find a realtor that is willing to HELP you and your wife find properties that fit your criteria, your budget, and your timing.  Good luck!

Hi Saeed,

If you waived your own right to have an inspection then you can't request your emd back based on inspection. FHA will do their own inspection and based on the FHA inspection will proceed or deny the loan and at that point you would have rights to cancel the deal as a long as the terms were clearly state in the Purchase Agreement you signed. From what you wrote it doesn't seem like you have any right to cancel the contract until FHA denies your loan. If FHA approves your loan then you have to in good faith and according to the purchase agreement follow through with the purchase. In Michigan an EMD will be held by the title company until both parties sign the agreement to release.

This place is AWESOME for getting help and if low rent is the only issue so far you will find the help you need here. Good luck to you.

I used Real Estate Express and I found the content to be inline with the Michigan real estate test. It's all online so you will need to be committed to studying on a daily basis. 

Tips that will help.

- Get on a schedule and stick to it.

- Take notes and go back and review or review before next course.

- Once you complete the education side of it buy additional practice tests from another company to study before the exam 

- Go into the exam with confidence and remember that you know everything you need to know to pass.

Good luck! 

Investment Info:

Single-family residence buy & hold investment in Dearborn Heights.

Purchase price: $50,000
Cash invested: $5,000
Sale price: $92,000

2 bed, 1 bath, 740 sqft bungalow with 2 car garage on a double lot. Rented it for $925/month and never missed a month it not being rented. The only time it wasn't rented was from the beginning of the process to the time we got the C of O.

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

I've always been interested in real estate and I finally had a chance to buy my first SFR and I jumped on.

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

It was a family members home that new I was looking to invest in real estate and made me an offer.

How did you finance this deal?

HELOC

How did you add value to the deal?

I removed all the carpet, refinished the hardwood floors and installed peel and stick tile in the kitchen. Also, painted and installed wood looking paneling in the closets.

What was the outcome?

Sold the property for a gross profit of $37,000.00. I was the listing agent sold I saved on the commission and also found some clients to work with and help.

Lessons learned? Challenges?

Working with the bank was the most difficult and time consuming part of the deal. This was a special case which help in learning the process banks go through and the time it takes. Also, knowing how much it will cost for repairs and the time it actually takes to make repairs. I did all the repairs myself with some help from my dad. That was the best part about it all. We made it a family event sometimes so we could all be together while mom and dad fix the rental.

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

I am a realtor, so I would recommend me. :-)