All Forum Posts by: Jim Bowser

Excellent rehab and flip or nice rental property! Brick, hardwood floors, furnace, A/C and roof good. Natural fireplace in living room and basement.  Needs clean up and upgrade. Great project for someone new to Rehabbing!

Cash purchase only, buyer pays Seller's closing costs. You are purchasing our assignable interest in the property.

$72,000 but PROPERTY HAS A ONE YEAR REDEMPTION, SO YOU CAN HAVE OWNERSHIP WITH RIGHT OF REDEMPTION FOR $ 15,500 CASH PRICE AT CLOSING;
THEN YOU WOULD HAVE UNTIL NEXT OCTOBER (AFTER YOUR REHAB) TO PAY OFF THE REDEMPTION!

If interested, please contact by phone or text: Jim (586) 242-6238

Photos: https://www.dropbox.com/sh/8fiijpragaxjhtt/AACzHFUPNw_8RJMfcjN6fWnKa?dl=0

Dynamite Rental or Rehab!

Brick Bungalow in Eastpointe in good shape and ready to rent out with some TLC! Needs: paint, carpet and clean up of basement and basement full bath to rent at $1200/month.  

Alternatively, would make a profitable rehab to sell to a retail buyer. Comps place the house in the $133,000 to $140,000 ALV range.

Repairs for rental $9,000 and for Rehab $20,000 max. 4 BR, 1.75 Baths, 1,484 Sq. Ft., hardwood throughout, Natural fireplace in living room and basement, 2.0 detached garage ( extra deep). Full basement. May need a new HWH or maybe just the pilot. Furnace, air, brick, windows and roof all good. Nice street and neighborhood. Needs some concrete leveling in rear driveway. With power wash, deck would be a huge asset. Large door wall from bedroom out to deck.

Dropbox Photos: https://www.dropbox.com/sh/8fiijpragaxjhtt/AACzHFUPNw_8RJMfcjN6fWnKa?dl=0

$75,000 Cash purchase only. Buyer pays Seller’s closing costs. You are purchasing our assignable interest in the Purchase Agreement. Must enter into the Assignment Agreement and deposit a non-refundable $2,500 earnest money with Transnation Title to get the property.

If interested, contact Jim at (586) 242-6238 or at [email protected].

3 Bedroom (2 down, 1 up) Bungalow in nice neighborhood of fast selling homes, 1 bath, Frame, basement, 1.5 car detached garage. 1020 Sq. Ft . , copper plumbing, newer vinyl windows, hardwood floors throughout, bath recently upgraded, roof good, cove plaster ceilings, Furnace and HWH older but good working order (need to replace humidifier), glass block basement windows. Good sized back yard, with nice flowering bushes and grape arbor. Repairs: Approx. $25,000. Fuses – need new electrical box, kitchen, basement flooring and general cleanup, exterior painting, some wall work in living room and painting, wood floor refinishing, Most of concrete driveway newer; one area of drive where may need raising/replacement. Deck needs power wash and staining.

$145,000 Cash Purchase only. Buyer responsible for all closing costs (Estimated at about $2,200). You would be buying my assignable interest in the Purchase Agreement. Non-refundable Earnest Money of $3,500.00 due at time of signing the Assignment.

Call/email to make arrangements to see the property.

Jim Bowser

(586) 242-6238

[email protected]

Pictures:https://www.dropbox.com/sh/5or1ksu23h6veq3/AAD93pNuX0F53acUENEGvPZ-a?dl=0

 Chris, I believe I am responding to your text. If it is not the same Chris, please let me know and I will direct my response to your email.    Jim

You would have control and cashflow w/o needing to get your own mortgage. The tenant pays your PITI and you have $350 cashflow each month. You're in the last 11 year's of a mortgage so you are getting great principal reduction. This is creative finance at its best!

Address is 8257 Packard, Warren 48089. 3/1 (Additional full bath in basement - needs work). 980 Sq. Ft. Full basement and detached 2 car garage. Fenced yard.

Long-term renter who has never paid late willing to sign long term lease at $800 per month. Renter has always done all repairs. Place in no immediate need for repairs. Recent city inspection: just needs to do some painting in kitchen, back hall and a handrail.

Out of state owner wants out. Has a fixed mortgage with balance of $32,500 with 6.25% interest, monthly payments (PITI) of 445.87 month. Mortgage matures July 2029. Mortgage always paid on time. Taxes and Water always current. Seller knows you are not assuming the mortgage and the risk.

Terms are purchase with Warranty Deed for $10,000 cash and take property subject to the mortgage. Buyer to pay all closing costs (Estimated at $1,150). You get all cash back within 2.5 years! A 42% Cash On Cash Return!!.

Photos: https://www.dropbox.com/sh/34zre38banfmrpu/AAD2ozIQLLaxvcJX_K_JHfQRa?dl=0

If interested, call Jim

[email protected]

(586) 242-6238

OFF-MARKET WARREN, MICHIGAN RENTAL (TURNKEY TYPE)

8257 Packard Ave., Warren, MI 48089 – OCCUPIED BY 5 YEAR PERFECT TENANT. IF PURCHASED, NO REPAIRS NECESSARY AS TENANT’S RESPONSIBILITY

$39,000 - Cash Buyer only - $1,500 non-refundable Deposit with Title Co. and signed Contract needed to

get the deal – You are purchasing my assignable interest in this property. (Proof of Funds necessary if

we have not done any deals with each other before).

SFH, 3/2, 980 Sq. Ft., 2 car detached garage, basement (very possible to add 4th bedroom in basement as 2nd full bath is in basement – just need egress window. Click link for photos:

https://www.dropbox.com/sh/34zre38banfmrpu/AAD2ozIQLLaxvcJX_K_JHfQRa?dl=0

Currently rented at $600 per month for last 5 years. Month to month. Rented about $300 below medium rents as current owner is out of state and current tenant is excellent and never has been in arrears. Tenant pays all utilities, including water. Tenant has been taking care of all repairs. With a written lease, tenant may be willing to increase the rent he pays with the same terms for tenant’s responsibilities.

Rent Analysis Address: 8257 Packard Ave, Warren, Michigan 48089 Report generated: 06 Jan 2018 Radius: 1.50 mile 3-bedroom Max age: 12 months. 750 Results based on 37 3-bedroom rentals seen within 12 months in a 1.50 mile radius AVERAGE $901 ±2% MEDIAN $899 $795–$1,049 80% $800–$980 60%

Boiler replaced in 2010 or 11

Insulation blown in walls at same time

All windows new in 2004 except front and bathroom windows

Contact:

Dawn Bowser

Absolute Property Sales, LLC

[email protected]

(586) 242-6238

Thank you for your answer. Is your answer that it could never happen or that it is just improbable. Doesn’t the bank still hold the loan if there are no bids at the auction and the owner still holds the deed at that point?   The problem I’m having accepting either answer is that I have people who have told me that they have conducted short sales during the redemption.  They were probably started before the auction date.   But in one case I tried, Shellpoint said they would never.

I had always thought you had until the end of the redemption period in redemption states if no one buys at the auction. I had a short sale pending with Shellpoint and they wouldn't postpone the auction, it was held and no one bid. They say it is now REO property and tossed my short sale documents. They said they never consider short sales after the auction date and I now have to wait 6 months for the REO realtor to list the property to make an offer? Is this the case with most companies? Any strategies available to keep my short sale going with Shellpoint? It is a conventional mortgage if that is relevant.

For those of you that do short sales, have you run into situations (or is it the norm?) that banks will not do short sales if the foreclosure sale occurs, even if there is a 6 month redemption period (Michigan)? I've been told by Shellpoint, no, even though the property was not bought at the auction. They say it is REO and have to wait till redemption up and make REO offer through their realtor. Is this other people's experience after a property goes to auction?