All Forum Posts by: Fernando Domingo

I think that the deal can be good. Like Tiffany Vogel said, the repair cost is what would be the biggest concern. If you are close and can do some of the work or get some buddies to help then that can help relieve some of the uncertainty. 

The one thing that I didn't see was maintenance costs. Maybe that was in the "fixed costs". Even a 5% COC return isn't bad. We always want more, but the lack of inventory and ability to do work yourself can limit options. I personally don't do any of the work myself and am okay with making less for the convenience of paying someone to do the work for me. Less money, but less stress. I think of it as a long term investment and rents will go up, depending on interest rates the ability to refinance later can be an option. The very first house I bought in 2017 started out with rent of $995 now is taking in $1325.

I hope you're able to get started soon. It can be scary, but very rewarding. Remember that it is okay to make mistakes along the way. Thats how you learn and grow.

I am an investor looking to expand my portfolio into the Birmingham area. I'm still in the beginning of my research, but I was hoping to connect with others that love the Birmingham area. I'd love to connect with real estate agents, property managers and investors that love this area for investing in buy and hold property.

I live in California and have properties in Michigan. I am now looking to expand my portfolio into Birmingham. Please reach out and connect with me if you enjoy talking about real estate and if your looking for someone to work with moving forward.

@Jai Reddy love both of those ideas. The master isn’t big enough, but I’ll keep that one in mind for other properties. I like the charging outlet ideas for sure.

@Damaso Bautista Great advice. Thank you.

I’m in the process of doing a complete rehab and the house is down to the studs. Plumbing, HVAC and electrical is starting as I wanted to get some suggestions on things to do since there are no walls and we are starting with a blank slate.

So far I will be doing

- recessed lighting in all areas except maybe a dining room chandelier.

- waterfall shower heads

- upgraded tile in smaller bathrooms.

- tile shower in master instead of an insert

- vinyl floors throughout except bathroom

What other things are good to consider???

I am purchasing a property where the house is a going to be completely gutted because of the state it is in. I don't know how the seller is living in it now, but that isn't for me to determine.  

The seller needs to have the cash from the sell of the house in order to buy  a property.  He is asking to keep possession of the house for 10 days after close. I'm am okay with him keeping possession of the house. 

I was wondering about liability if he gets injured by the condition of the house. If the floor falls in or the ceiling falls on him and injures him would I be liable for unsafe living conditions?

What is the best way to protect myself?

I have properties in Royal Oak and Lincoln Park that were just rented in the last couple of weeks with a very high demand as well.  Found multiple renters in a couple of days.

I am looking at a house where the owner wants to walk away with 20k after all fees are paid.

She owes approximately 50k 

ARV is 82k

$5K of work to get to rentable condition

predicted rent will be $1100

I plan to offer to give her $20k down and take over her payments.  I plan to refinance and pull some of my money back out.

In my head the deal makes sense. I just don't know how to execute it.

Do I hire a RE lawyer to structure it? What is the approximate cost?

If I am able to take over the loan, I would assume to send the payment directly to the bank. Is that correct?

Since 2017 I've purchased 4 houses, but all with traditional financing through a bank. I'm looking at other options to be able to grow my portfolio a bit quicker and to practice other ways to buy properties.

Thanks for all of you help in advance.

@Charles East Thanks for the tip

@Patti Robertson That was super helpful. Thank you so much for the link and the detail. Much appreciated

@ Matt Leber Thanks for the info Matt this really helps. It doesn't sound like it's as difficult as I anticipated it to be.