All Forum Posts by: Janell E.

Does anyone in the Saginaw, Bay City, Midland (Michigan) areas have any recommendations for a CPA who knows real estate investing? I usually do my own taxes, but this time I have an LLC and it's become much too complicated. Thank you!

Thanks for the information Tanya! It was really fun to see the changes come along on the larger house. The hardwood floors under the carpet were an amazing surprise! So my current plan is to keep both houses on the same parcel. I found a non-traditional lender who is willing to lend at 6% with 75% LTV without a seasoning period. Hoping to get it rented out and refinanced soon so that I can move on to the next one! :) Here is a before and after of kitchen. Forgot to get a "before" pic of the bathroom, but here is the final product.

I bought 2 houses on a single parcel of 1 acre lot for $85,900 1 month ago. Rehab is finishing up and they're about to be ready for renting out at $850 and $1000. I put about $30,000 into rehab total. Estimated ARV for each house is $60,000 and $90,000. My plan is to divide the lot, which shouldn't be an issue based on my conversation with the township, and then cash out refi each property with conventional 30 year financing. I then should be able to pull out a total of about $112,000 minus about $3000 closing costs for each house giving me $106,000 leaving $10,000 left into the deal. Dividing the lot should allow be an easier exit strategy should I choose to sell one or both in the future (buyers can't get conventional financing on the property unless divided).

Just wondering if there are other options I'm not thinking of that would save me the time and small cost of dividing the property and also having to pay separate closing costs on each property. I appreciate the help. Thanks!

I have Dale VanWert do a lot of work on a property that I have in Bay City. He did a good job. His brother Larry does my inspections, both are great. 

@Theresa Harris Thank you. Yes I think so, but I think I was able to get a higher quality tenant with this route (or so I'm telling myself). A lot of the expenses were actually not even a part of this picture. I had to replace part of a roof, improve the ventilation, update the electrical, and replace some pipes too. After doing my taxes this year, I was able to get quite a bit back thanks to the bonus depreciation, so that was nice. Still learning about this area... how to attract good tenants... it's been a learning experience :)

Just thought I would post of pic of the final product. Thanks to you all for your input! Bought for $53,000 and put $10,000 into the rehab. Renting for $750/mo and cash flowing $350/mo.

There are multiple cigarette burns in the vinyl throughout the unit - reason I will replace.

Buying this 2bed 1 bath for $55,000 in Bay City, Michigan. Could rent in current condition for $750. Hoping to bump

rent to over $1000 with a little rehab.

The floor is sheet vinyl - will replace with vinyl plank. Will paint cabinets and trim white and get new sink/countertop. There is no pantry, but plan to put some shelves in the area just around the doorway. 

Questions: Where should I put a refrigerator? What quality of counter tops should I get?

Any additional input welcomed as well. Thanks!

@Soh Tanaka Hi Soh, would you mind letting me take a look at your excel spreadsheet please? I'm trying to figure out the best way to track things as I am just closing on my first property this month. Thank you.