All Forum Posts by: Garett H.

@Chad Rainwater, thanks for the link. She probably already found one, but others searching (like me) may have not. 

Hello Denver BPers!

Is anyone aware of any real estate groups or meet ups in the next week or two in the Denver area? I'm currently in Aurora and would like to make it out to one or two if possible.

Hope to see some of you soon,

Garett 

Welcome Bruce. 

http://www.meetup.com/Real-Estate-Investment-Association-of-Oakland-County/events/229246135/?rv=md1&_xtd=gatlbWFpbF9jbGlja9oAJDBkODI5ZTU4LWJmOWUtNDg2OC1iZTJiLWI5NmQxYmY3NzZkOQ&_af=event&_af_eid=229246135&https=off

Welcome to BP.  You've got a pretty wide area where you're looking at and each city has their advantages and disadvantages.

Are you looking to become a landlord or are you trying to flip homes? The meetup below has a podcast that has a lot of metro detroit specific info. 

http://www.meetup.com/renegadedetroitinvestors/

Welcome Josh,

There's a REIA meeting tomorrow at 5:45 in Madison Heights if you're interested. $20 for non-members and $18 for the dinner if you'd like to eat.

http://www.meetup.com/Real-Estate-Investment-Association-of-Oakland-County/events/227878290/?rv=cr1&_af=event&_af_eid=227878290&https=off

There's one manufactured home that I found that sold in 2014 for $23k, it was a Fannie Mae property. It was 700sqft smaller, lower quality, and it's hard to say what the actual property looked like inside.

I was emailed this property tonight and it looked ok at first, but after doing this analysis there's a few things I'm not too sure about.

The original plan was to fix and flip this property, and according to my conservative estimates/the wholesalers rehab estimates I could profit around $11,000 on an $80,000 investment.

Comps:

If for some unforeseen reason I couldn't sell and had to hold the property for a rental I'd be getting a ~6.5% coc on my conservative estimates. Later, I could pull $60k of the $80k invested out and still have a ~7% return after the P&I with a $150 cashflow.  (If I could pull the entire $80k out, I'd be at a $0/mnth cash flow, but I'd have the equity from the refinance, and be out $0.)

As I mentioned, after the analysis I have a few concerns:

• The property is a modular home, if I put $30k into rehabbing this would I be able to bring the value up to $100k or is it still seen as a "double-wide"?
• If holding as a rental could I at least pull $60k back out of it which would leave me with $18k tied up making only ~6.5%. I would have $78k into it total, if it doesn't value for more than that, that's not a very good investment... 
• The wholesaler mentioned the sump pump broke, which explains the puddle of water in the basement in the photos and the humidifier, but on zillow I found a note that stated "the homeowner had major problems with sewer and flooding" which obviously sounds a bit scary. 

Do you think this is workable, or too much risk for the low reward? What could I do to make it work? I appreciate the input.

Thanks for the information @Karen Margrave.

Oakland County, MI looking for $110,000. Property is $135k so I'll have $25k of my own cash in initially, market value is around $150k. 

The house will be a primary residence/flip, I'm currently living out of the country until Jan 1 then I'll be back in Michigan. I need the hard money due to all of my liquid funds being tied up at the moment. Once I'm back in January I will be refinancing into traditional funding. Currently awaiting the pre approval letter from my lender.

Another local investor will be giving the property a walkthrough for me in the next few days.

Looking for $110k for 2-3 months. Property is in Michigan.

Property value is a conservative $150k, $135k purchase price.

Let's make something work

[email protected]