All Forum Posts by: Geoffrey Tanudjaja

Hi everyone,

I just joined BP pro membership last week and excited to learn more about real estate investment. I joined a seminar yesterday at Detroit area and they discussed about utilizing private lender to buy your investment property especially for young and early investors like me. However, I still don't quite get how the process work.

Can anyone offer their 2 cents on what is the process and what I should look out for?

Any advice or suggestions are appreciated.

Cheers,

@John Leavelle Thank you very much for your suggestion John!

Hi everyone,

I am looking for a real estate agent in Detroit, MI. Looking to invest/house hack on my first property investment and would love to discuss and learn about the real estate investment world.

Let me know if anyone have any recommendation!

Looking forward to connect!

Cheers,

Geoffrey

@John Leavelle I am not sure myself. I use the "contact agent" button from Realtor.com and they connect me with a real estate agent. So, I assume it should be a Sellers Realtor? I apologize for my ignorance here.

How do you use your own realtor? May I ask your suggestions on what I should do? Should I post in BP forum and see whether I can connect with some of them?

Thank you for your help John. I'm sure that some of my questions are very rudimentary. Thank you for your patience and guidance!

@John Leavelle Noted. I am going to get pre-qualifed with a lender, so that I have more accurate data to use.

I will check school sources for the rental rate. Can I also ask this question to my realtor about this?

@John Leavelle @Clayton Mobley Is it possible that ARV is lower than the purchase price?

I called the realtor to see whether I can tour the house, so that I understand a little bit better on what is actually being remodeled. However, the realtor wants me to be pre-qualified before he/she will actually show me the place. So, I'm going to call the loan officer's that the realtor suggests and get that process going.

For now, I am not sure whether I should rent this place for students (3 separate bedrooms) or should I just rent it as a package for one single family since we discussed about the possibility of having higher tenant turnovers if I rent it as 3 separate units.

@Clayton Mobley I definitely agree. Thank you for your word of caution. Currently, I am sticking to one analysis per day just to get myself going. I'll tag both of you once I have more information. Hopefully I can get two type of analysis (one for single family home and one for students)

Hope to learn more about real estate investment as I go! Thank you again @John Leavelle @Clayton Mobley for all the inputs! 

@Clayton Mobley Thank you very much for your input! I will ask the agent questions about their scope of work.  I didn't think about the higher tenant turnover if I rent it out piecemeal. Thank you for bringing that up. Really appreciate the input that you and @John Leavelle gave!

Hopefully, my next analysis will get better.

P.S: I am trying to accomplish "90 Days Challenge" and hope to close 1 or more deals by the end of the year. haha

Hi @John Leavelle

Thank you very much for your input! This is my first analysis, hence it is prone to error since I am not sure what I should look out for.

To answer your question:

I am thinking of renting these rooms to either students or young professionals that want to live close enough to Detroit downtown area (it's around 10 mins drive and the location is very close to highway).

Regarding the price. That was a mistake on my part. The price is $75,000. The reason I put $60,000 is to explore the potential offer that I should make. I forgot to change it back to $75,000 before I generated this report. I apologize for that confusion. Regarding the value of ARV, I just put the value that they offer (since the property has just been remodeled, so I assume that this might be a good value to put in for now). Let me know if that is not what I am supposed to do, as I want to make this analysis as accurate as possible.

For the 15 or 30 years amortization period, it was just my preference, but, you do have a point. I did not think about that when I put 15 years instead of 30 years amortization period. For 4.2% APR, I googled "mortgage rates today in Michigan", and that is the value that they gave me for 15 years amortization. Let me know if there is a better way for me to check this rate.

There is no clear description of whether the property is currently rented. Since it is being remodeled, I assume that the property is not rented. For the rent rates, I used rentometer and craigslist (I found what do people typically charge in that area) as my resource.

Yes. I will include those number in and regenerate my report.

Thank you again for your help and hope to discuss with you further!

Hi everyone,

I just upgraded my account to pro status and I would like to learn about real estate investment.

I found this deal in Detroit and would like to ask your opinion about my way of analyzing this deal. 

The purchase price itself is $75,000 (it is currently being remodeled, so, I don't know what is the condition inside. Planning to schedule for a tour in the next couple of weeks).

I'm a newbie in this thing and I'm pretty sure I miss a couple of expenses that I should include in this analysis.

All the help will be much appreciated!

Thank you in advance, everyone!

Cheers,

Geoffrey 

View report

*This link comes directly from our calculators, based on information input by the member who posted.