All Forum Posts by: Account Closed

Thanks Rene! Yes I know it can be a potentially big project but I'm no stranger to taking on bigger projects and neither is my partner. I am trying to get all the info together to really analyze this property carefully. We have a potential investor lined up already. We both research before jumping into anything regardless of what it is and we both have a lot of connections that can be useful. My main concerns right now are the books and year round income, coming from the property. I have the tendency to modify things regardless of what it is I'm doing, to increase value. I do believe this property hasn't really been advertised much for business and can use updating to more modern times.  My partner is going to speak with the owner real soon, maybe as soon as this weekend. We will go from there. I just wanted to know If anyone has experience in this field and can give any tips that we may be missing or not aware of before we speak with him. 

Thank you Alex and Charlie.  I am in the research stages right now. My partner owns personal property on this lake and was looking to buy a rental property out there and possibly turn his into one. He has became close with residents there, one of which just signed for a similar deal. My partner is also doing research. On this particular lake, there is a sewer system but has well water from my understanding. We are looking into this as well with this property. If this owner is tied in to the system that's a huge plus. Thanks for bringing up the septic points Charlie. WiFi was also on my list. I like the idea of starting with a few additional cabins. First we are going to find out what the current situations are on the existing cabins. Like I said we are in the research phase as we speak and still need to contact the owner. Its been listed for a couple years but does not have a for sale sign out front. My partner has a friend there that is a realator. I think this property has a lot of potential. My other idea was to build a central shower/rest area for additional cabins. With the annual renting or leasing, we are looking into what owners are charging there and what the pros and cons are. We also thought about the liability insurance for boat rentals or even having docks for boats to be docked. We even ran the idea of possibly building a tiny house community but that's a whole other story itself and is just an idea at the moment. We are more focused on what the property produces as is and what mods we can make to increase income. Again I appreciate the feedback. 

I found an opportunity to buy a pretty good sized lot on the corner of a river and a very popular eventful lake here in MI. There are currently 11 cabins, 24 spaces for camping and some permanent Mobil homes on site. There is a beachfront area, area to park boats and it seems like a lot of potential for additions and changes. Being that it's a lake front property, I think rv/camping sites might be limited. My thought was to build more cabins to generate more revenue. I am not sure on the details yet but I believe the cabins are annual renters like lease options. Being that it's a lake and there are events in the summer and winter, this may make more sense to build more cabins so people can rent, stay and bring boats. My goal would be to generate income all year round to pay bills and make passive income in a sense. I can also leave areas vacant for camping out of the 24 available spaces.  What is all involved with cabins on the water and what type of things would make more sense on a lot like this? Also in MI, what are some legal things I need to know? It is a commercial lot from my understanding.

I tried to get the rental property owners info through my friends that lived in the 2 houses but they haven't gotten back to me. I was interested myself. I do know they wanted way too much for what condition they were in. They basically wanted arv but each houses needed upgrades and some other work. Therefor I just stopped looking into those deals. Utica is like a royal oak. It's a smaller, tighter city and and they just built a jimmy Johns ball park right in the downtown utica area. Downtown utica also has smaller shops, entertainment etc. Prices are a bit higher than some of the surrounding areas but values are there pretty good. Like I said im new also but I'm just going off of what I do know. One of the houses was a little over 700 sq. Ft. With a detached one car garage. The landlord wanted $110k built in 1940. Looking at some of the comps, it seems that's what arv was around, give or take. I just knew of the possible opportunity and started to look into it. Both friends wanted to buy the houses but didn't due to the price they wanted but didnt because the owners wouldn't budge.

Sorry for the typos. Fast typing on my phone! 

I am a noon who hasn't done any deals yet but I have researched quite a bit from wholesaling, to flips etc. There are areas of detroit that are up and coming but I don't know specifically. I have heard from a friend that there are good flip opportunities in Hazel park. As far ares buy are snd holds, metro detroit are snd rea is a give or take. There are a lot of opportunities throughout from what it seems.just on my street where I live alone, I know of 3 properties that are rentals. I also have 2 friends that rented 2 different houses from the same landlord. That landlord is now selling all of their properties. There are opportunities everywhere is what I'm getting at. You just have to dig and research really. I'm in that process myself. I am leaning more toward the buy an hold but with multifamily or aapartments.That seems to be a tougher market though. I hope this helps some!

I have actually been thinking about this for a couple weeks now myself. I had a slightly different idea to where they were permanent. I have read that there are some tiny house communities they that exist but a lot of them had major issues dealing with the city or towns they are located in. It's still new and there aren't certain things in place to make this happen. The RV type park with mobile tiny homes was an idea and so was permanent tiny hones with running water, gas, electricity and plumbing. That though, would cost a lot to do. You would need something like an existing RV park to begin with or find someone willing to be a lender and get a bank to approve a loan. Again, this is a new fad and there Andre a lot of people who aren't familiar with it. That goes with laws and regulations also. 

I agree with Jim. The more colors you use the more you have to keep track of. Keep it all the same across all of your rentals. You have to remember, renters are renting. I get that you want tenants to feel at home but they won't rent if they didn't feel comfortable there. If color bothers them that much then maybe it's a simple way to filter out unwanted tenants. It's like leasing a car. You pay for it but it's not yours. Eventually you will give it back and you can't make changes as you please. That's something you know going into a lease. Same with a rental!

I assume you can't do much until it goes to auction if nobody claims it or inherited it. You can Google search the persons full name and try to dig up names that may be connected to it. You will have to filter out people of similar names by location and things like that. White pages actually works good sometimes. There's a few sites that will give you names related to that person. But, if it wasn't left to anyone, my guess is it will end up going to auction and that could be a while. It doesn't hurt to try but don't spend too much time on just this one house.

I am also just starting to research and plan while trying to get my foot in the door in one way or the other. I'm weighing my options as of right now and trying to decided which route to take. Basically my first goal of the year will be to get my first deal going, which ever route I choose.