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All Forum Posts by: Jim Meloche

Jim Meloche has started 9 posts and replied 43 times.

Post: Submitting an Offer using Cash or HM

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29

As always, very helpful information.  Thank you guys for your thoughts.

Jim

Post: Submitting an Offer using Cash or HM

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29

Good afternoon - 

What does anyone suggest when submitting an offer for a property where we'll be using cash and/or hard money on the deal, rather than conventional financing (pre-approval letter)? Bank statement, letter of intent from HML, etc.?

Thanks - 

Jim

Post: Investor friendly RE agent - Brighton MI area

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29
Originally posted by @Joe Villeneuve:

I can...but I don't think I can post it here.  I'll email you his name.  He's my agent.

 Just got it.  Thx Joe - 

Post: Investor friendly RE agent - Brighton MI area

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29

Good morning - 

I've normally done business in/around the Ann Arbor area, but can anyone recommend a good, investment-wise Realtor to work with in Brighton, MI?

Thanks - 

Jim

Post: Wholesalers' Lists in SE Michigan?

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29

Great,thanks guys - PM sent.

Post: Wholesalers' Lists in SE Michigan?

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29

Good afternoon - 

I've been looking over the past few weeks for a couple of suitable rental SFH in SE MI (ideally, finding properties that need a bit (or a lot) of TLC, improving them and holding/renting). I've been doing a bit of MLS, a bit of off the grid marketing to homeowners etc. But I think I'd like to be able to hook up with some wholesalers in our area that we might work with on a couple of deals as well. Can anyone recommend a good contact?

This is a great site by the way - only on a few weeks, but the practical advice and real-time stories are extremely valuable...

jim 

Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29
Originally posted by @Joe Villeneuve:

@Jim Meloche "Thanks Joe - I get the impression that you have some particular processes for finding deals off the MLS, but have you found that the MLS also yields some suitable properties in these areas?"

Yes. The MLS is your friend if you know how to use it, what to look for, how to set up the searches, how to negotiate (sometimes this involves nothing more than patience), and.......<drum roll>   an investor friendly real estate agent (or two, or three, or...).

 ha - true.  thanks for the good feedback.

Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29
Originally posted by @Joe Villeneuve:
Originally posted by @Jim Meloche:
Originally posted by @Joe Villeneuve:
Originally posted by @Ndy Onyido:

@Joe Villeneuve 

Thanks. Michigan is  not doing bad; and the rates are good..

 Michigan is great for investing.  That's why I'm working with so many out of state partners.

I tend to agree.  I am focusing on Ann Arbor and surrounding decent school districts.  Joe, what are some of your areas you feel offer better than average upside potential?

jim

 I like Redford and Livonia, but North of Michigan Ave in Ypsi works too.  There are other areas in Western Wayne 

County that work well, depending on your entrance and exit strategy preferences. 

Thanks Joe - I get the impression that you have some particular processes for finding deals off the MLS, but have you found that the MLS also yields some suitable properties in these areas?

Post: Ordered my first round of direct mail yellow letters today!

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29
Originally posted by @Bill S.:

@Jim Meloche I am not an expert but the people I know who do this say the only way you want to do it when the MH is on it's own land. Owning in parks is a huge step down since you have carrying costs when it's empty. That can eat into profits very fast. 

 Thanks Bill - I thought a bit about that after I posted the question.  You are right, lot rents at, say, $400 /mo mean that if it's empty, that's a huge drain on profit....

Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed

Jim MelochePosted
  • Investor
  • Ann Arbor, MI
  • Posts 45
  • Votes 29
Originally posted by @Joe Villeneuve:
Originally posted by @Jim Meloche:
Originally posted by @Joe Villeneuve:
Originally posted by @Ndy Onyido:

@Joe Villeneuve 

Thanks. Michigan is  not doing bad; and the rates are good..

 Michigan is great for investing.  That's why I'm working with so many out of state partners.

I tend to agree.  I am focusing on Ann Arbor and surrounding decent school districts.  Joe, what are some of your areas you feel offer better than average upside potential?

jim

 I like Redford and Livonia, but North of Michigan Ave in Ypsi works too.  There are other areas in Western Wayne 

County that work well, depending on your entrance and exit strategy preferences. 

 Ypsi has some deals.  Can be a tricky area, but that's likely where I'm pointing my next flip effort.