All Forum Posts by: Account Closed

Your going in taking action best way! I personally never listen to realtors on what the value of the home will be they spit out numbers with no real value to back it up. Appraisers know the value of the home best. Paint alone may not be enough to bring in the value your looking for. Good idea on the renter painting for a lower rent payment.

Quickenloans

What kind of strategy you have? If you want to grow your portfolio I would see if its a way to refinance to lower your rate if high. Look into change in insurance and maybe raise rents if possible.

@Brandon Cook hard to leverage this house its so cheap hard to refinance a house that's worth less than $50k. My rent my tenant pay is closer to $700 but my area of Detroit could be a little nicer, less crime, etc. Not sure where exactly on the Eastside your at but could be higher depends.

@Brandon Cook I agree with @Account Closed but since an area do not have a bachelors degree does not mean they don't deserve decent housing and does not mean they are not consistent on paying rent. My partner has a renter who has no degree and pays early and is in Detroit. I also have a rental in Detroit and my renter hasn't missed a payment. You have to dig and dig some more but wait it out and see how its going.

It looks like your numbers are pretty good. You seem to have the right mindset going in. I would double check market rents if you get them from a real estate salesperson or online sometimes they can be off compared what is actually people are willing to pay. Regardless, I'm sure you can increase rents some. I would get a good inspection on the house and maybe be a little more conservative on the rates and calculate for like 4.5% interest rate just in case. Keep extra cash on the side for quick repairs. Boom! a new asset in your asset column I like the deal go get that asset!

@Brandon Madden Yea for sure follow me on here BP and instagram just my full name, and we stay connected! Good luck on your home you wont regret adding to asset column.

Depends on your strategy and goals. I would hold it personally then refinance later. Flip taxes are huge and risk on flips are weren't the possibility of taking out so much on a refinance to build more wealth. Fix, rent, refinance and repeat would be my go.

Do you have a property manager they can do it on your behalf? I called to get mine turned on and had to meet him at the property but had a friend go on my behalf.

I did this and love it! Learning so much as I am doing more investment in other markets. The pros are you learn buy and hold strategies with the training wheels on, you get your first asset, start learning from mistake early, little risk, little payment to get started! I say go!