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All Forum Posts by: Henry Matthews

Henry Matthews has started 35 posts and replied 65 times.

Hello all. I have a question regarding section 8. I’m looking at a few occupied section 8 properties. How do you calculate your offer, what formula should we use?

Post: Section 8 Rentals

Henry MatthewsPosted
  • Detroit MI
  • Posts 81
  • Votes 4

Hello all. When buying a section 8 property, how do you calculate the offer. What formula should be used to show the Maximum  Offer Amount ?

Hello all. I have a question. How do you calculate an offer for a section 8 occupied property? Is there a formula? NOI / .065? I'm in the Detroit market, and I see a lot of properties for sale with existing sec 8 tenants on place.

Thanks..

Quote from @Michael Smythe:

@Henry Matthews what Detroit Neighborhoods are you buying in at that low of a price?

Most Class C SFR properties are now at least $75k.


There are homes on the west and east side of Detroit. It may be challenging to find DSCR at my price point. I come across properties as low as 25K.

I invest in Detroit @Travis Biziorek. I would love to connect with you. In looking for information on DSCR loans, for properties in the 40k-75k range..

Quote from @Travis Biziorek:

Hi Pham, definitely add Detroit to your list. If you need some resources on that market I can send you some great ones.

Your budget is healthy for single family homes in Detroit in solid areas. You just have to be smart about where you're buying and work with the right people.

If you get lucky you may even be able to find the right duplex deal under $110k (if you're open to those).

I have 14-doors in Detroit and have been investing there since 2019. 

I generally prefer empty properties because, no matter how much legwork you do, you can't be 100% sure about the tenant in the property. Tenant occupied properties are often under market rent as well. Buying vacant allows you to choose your own tenant and make sure you're getting market rents.


I've got two foreclosed properties(in Detroit Mi). I'm working on one now, but I'm looking to get a hard money for the next one. Anyone have any good advice?

Post: BHX Duplex - Minimal Rehab Needed!

Henry MatthewsPosted
  • Detroit MI
  • Posts 81
  • Votes 4

Investors, here is a duplex with a new roof & CHA system. Inside is in pretty good shape. It needs maybe $2,000 in repairs and updates but mostly a good clean out. Tenant in one side paying $550.00. Market rent is $600. Existing tenant would like to stay but is currently month to month.

Potential Monthly Rent: $1,200

Annual Property Tax: $1,296

Annual Insurance (est) $1,100

Annual New Income: $12,004

You have the potential for a 24% return on your money!

Don't mss this one. Call David asap at 855-571-8688

See more details at www.NationwidePropertyLiquidators.com

Post: 3 Bedroom Rental (Possible Commercial Usage)

Henry MatthewsPosted
  • Detroit MI
  • Posts 81
  • Votes 4

Investors, take a look at this 3 bedroom 1.5 bath home. This house is in very good shape and won't take a lot to get a tenant in place. It does sit on a busy road so it should be easy to rent with such high visibility.

Because of the location, this might also be used as a commercial office space!

Check out the pictures above and then give Henry a call at 248-499-3691 or call the office at 855-571-8688

Total Tax Appraisal - $104,300

Selling for 50% OFF!

Post: 2 Bedroom Fixer - Easy Rehab

Henry MatthewsPosted
  • Detroit MI
  • Posts 81
  • Votes 4

Investors, here is a 2 bedroom 1 bath home with 1,252 sq ft. Nice quiet street with off street parking. This will make a killer rental for you with the kinds of returns that keep coming month after month!

This property has been rewired and is on circuit breakers. The gas line has been rerun & there are hardwoods under carpet. Deck overlooks large fenced backyard!

Biggest issue for you will be trimming up the yard.. it is a bit overgrown!

$600 Monthly Rent Projection

$7,200 Annual Income

$668 Annual Taxes

$6,532 - Net Income

38% ROI

This one is a no brainier for landlords! Call Henry at (248) 499-3691 or the office at (855) 571-8688 to see this one. It is vacant and ready to close.

__________

All deals cash or hard money only. I like to work with everyone which usually means if you're making money I'm making money...please add any commissions on top of my price. What I am selling is my assignable contract with the seller of the property. I am not a realtor nor do I portray myself as one. All properties require cash or a private/hard money loan in order to purchase - no conventional or FHA financing available unless otherwise indicated. All inspections must be completed prior to buyer signing the contract. Buyers will need to provide a $2,000 non-refundable deposit (cashiers check) at time of contract. Buyer will be responsible for all closing costs unless otherwise indicated. Closing are an assignment of my contract with the seller to the buyer and are held at Reli Settlement Solutions in Birmingham.