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All Forum Posts by: Jim Bowser

Jim Bowser has started 19 posts and replied 87 times.

Post: Need help understanding Quitclaim deed ramifications

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35
Get title insurance for amount of your investment.

Post: Rental Diamond in the Rough in Inkster, Michigan

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35

ARV $20,000

COST OF REPAIRS: $7,000 – 9,000 Depending on purpose: Rental or Retail Sale

PRICE TO ASSIGN CONTRACT $7,000

AREA RENTS: $700-750 RETURN OF PURCHASE PRICE IN 3 1/2 YEARS!!

26210 Yale, Inkster, MI 48141

Aluminum ranch style, vacant former rental. 2/1 with 683 sq ft. on a quiet street with very nice houses across street in particular and in the area in general. Some others on block and in area are being renovated currently. The following are the more recent renovations (2008) to the house: roof and gutters, ceramic tile in kitchen and bathroom, ceramic tile shower, pedestal sink in bathroom, new kitchen cupboards and countertop, sink in kitchen, vinyl windows throughout, coved stucco ceiling in nice sized living room, steel front door, Upgraded electric - breaker box in basement. Extra supplies from extensive rehab in 2008 stored in basement. Large eating area in Kitchen. Lots of closet space in front foyer, and each bedroom. Pantry closet in kitchen. Lots of storage in basement. Unfinished basement with metal double sink and lots of room for storage. Ready for washer and dryer. Has Laundry chute to basement. Only needs a furnace and hot water heater to hook up - all piping in place. One window needs fixing in basement. Needs repainting throughout. Needs carpet in living room, 2 bedrooms and back hall. Needs new mini blinds for windows. Kitchen and bath finished - just paint and clean up as rest of house. Tub needs new faucet and shower fixture. Large fenced back yard - trees and bushes along sides. All needs trimming, one large stump and few smaller ones need to be removed and some landscaping would really shape place up. Pine tree in front would be beautiful once trimmed up. Small piece of aluminum siding missing on North side at top of peak, and few corner pieces missing on north front corner. Siding, roof and gutters only need to be washed off. Needs furnace and hot water heater - repairs mostly cosmetic. Call Jim for showing (586) 242-6238.

Link to Pictures:

https://www.dropbox.com/s/5vcdat7dmsblhu1/26210%20Yale%20Details.docx?dl=0

Buyer is purchasing my interest by assignment in the contract for the sale of this house. Buyer shall conduct their own inspection and not rely on the information in this flyer. First to enter into a signed contract and provide an earnest money of $1,500.00 will get the house.

Post: DETROIT, MICHIGAN RENTALS!!!!!!!!

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35

We have a number of nice Detroit SFHs in good rental condition with minimal renovations.  (Some currently being rented).  Range from $15,000 on up. 

Jim Bowser

Michigan Wholesale Properties

[email protected]

(586) 242-6238

Post: 10 Unit Apt Complex in Detroit - High Cap Rate - Updated

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35

Hello,

We are part of the same team on this property.  Do you have an interest in it?

Jim

Post: I FAILED MY REAL ESTATE EXAM.

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35
Jasmine Williams You know what to do! You study again and you retake the test the next time that you're able to take it - this time you pass it! People fail licensing exams the first time all the time, it means nothing other then you need to work some more and pass it. You can do it!

Post: 10 Unit Apt Complex - Detroit, MI - GREAT RETURN ON INVESTMENT

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35

@Danielle Fattizzi Sorry - you are right - here is the link to ROI.

Post: 10 Unit Apt Complex in Detroit - High Cap Rate - Updated

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35

**Rent Rolls Added**

100% Occupied Off Market "10 Unit" Apartment!


18037 Pelkey St. Detroit, MI 48205

Investment Details

10 unit Apartment Building. Brick. 100% Occupied. Owned 17 years. No property management company in place, family manages on their own. 1 unit needs some updating but the tenant has been renting the unit for over 10 years. We have all rent rolls & lease agreements. All current on utilities and taxes no mortgages no liens. Not a distressed sale.

Monthly Income:

Total Monthly Income: $4,140.00
Gross Annual Income: $49,680.00

Tenants Pay: Electricity
Owner Pays: Water, Gas & Taxes
Water & Gas: $6,400/yr combined
Taxes: $5000/yr
Insurance: $2,295/yr
Annual Expenses: $13,695.00(Self Managed)Annual Expenses: $18,758.96(w/ 10% Management)
Annual NOI(w/ 10% Management): $31,017.04
Annual NOI(Self Managed): $35,985.04
Buy Now:$160k $10k EMD

Photos

https://www.dropbox.com/sh/s4oayr53uo636wr/AAAt98E5YaCBC8qMhDxc_gsHa?dl=0

ROI Spreadsheet

https://www.dropbox.com/sh/j0s8p2me17bmetg/AAAOidn...

Additional Information
The first one with signed contract and EMD wins the deal!


If not the principal buyer, please add your fee on top.
Seller pays all current & past due taxes & water.
Buyer pays all closing costs.
Sold as-is. POF required with all offers, unless we already have it on file.

Please do your own due diligence. If you are interested, make an offer or feel free to contact us with any questions:

Jim Bowser

[email protected]

(586) 242-6238

Post: 10 Unit Apt Complex - Detroit, MI - GREAT RETURN ON INVESTMENT

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35

100% Occupied Off Market "10 Unit" Apartment!  EXCELLENT INVESTMENT
18037 Pelkey St. Detroit, MI 48205

Investment Details

10 unit Apartment Building. Brick. 100% Occupied. Owned 17 years. No property management company in place, family manages on their own. 1 unit needs some updating but the tenant has been renting the unit for over 10 years. We have all rent rolls & lease agreements. All current on utilities and taxes no mortgages no liens. Not a distressed sale.

Monthly Income:

Total Monthly Income: $4,140.00
Gross Annual Income: $49,680.00

Tenants Pay: Electricity
Owner Pays: Water, Gas & Taxes
Water & Gas: $6,400/yr combined
Taxes: $5000/yr
Insurance: $2,295/yr
Annual Expenses: $13,695.00(Self Managed)Annual Expenses: $18,758.96(w/ 10% Management)
Annual NOI(w/ 10% Management): $31,017.04
Annual NOI(Self Managed): $35,985.04
Buy Now:$160k $10k EMD

Photos & ROI Spreadsheet

https://www.dropbox.com/sh/s4oayr53uo636wr/AAAt98E5YaCBC8qMhDxc_gsHa?dl=0

Additional Information
The first one with signed contract and EMD wins the deal!


If not the principal buyer, please add your fee on top.
Seller pays all current & past due taxes & water.
Buyer pays all closing costs.
Sold as-is. POF required with all offers, unless we already have it on file.

Please do your own due diligence. If you are interested, make an offer or feel free to contact us with any questions:

Jim Bowser

[email protected]

(586) 242-6238

Post: Private Money Lender from Michigan

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35
Kevin Flowers Yes I would agree with Emilio Basa that the Michigan REI in Troy is a good one. I also want to give a shout out to REIA of Macomb run by Dylan Tanaka - next Meetup is 12-1 at 6pm at Macomb CC Bld K - very good as well.

Post: 10 Unit Apt Complex in Detroit - Fully rented - Can be Improved

Jim BowserPosted
  • Flipper/Rehabber
  • Chesterfield, MI
  • Posts 94
  • Votes 35

100% Occupied "10 Unit" Apartment!


18037 Pelkey St. Detroit, MI 48205

Investment Details

10 unit Apartment Building. Brick. 100% Occupied. Owned 17 years. No property management company in place, family manages on their own. 1 unit needs some updating but the tenant has been renting the unit for over 10 years. We have all rent rolls & lease agreements. All current on utilities and taxes no mortgages no liens. Not a distressed sale.

Monthly Income:

Total Monthly Income: $4,140.00
Gross Annual Income: $49,680.00

Tenants Pay: Electricity
Owner Pays: Water, Gas & Taxes
Water & Gas: $6,400/yr combined
Taxes: $5000/yr
Insurance: $2,295/yr
Annual Expenses: $13,695.00(Self Managed)Annual Expenses: $18,758.96(w/ 10% Management)
Annual NOI(w/ 10% Management): $31,017.04
Annual NOI(Self Managed): $35,985.04
Buy Now:$160k $10k EMD

Photos & ROI Spreadsheet

https://www.dropbox.com/sh/s4oayr53uo636wr/AAAt98E5YaCBC8qMhDxc_gsHa?dl=0

Additional Information
The first one with signed contract and EMD wins the deal!


If not the principal buyer, please add your fee on top.
Seller pays all current & past due taxes & water.
Buyer pays all closing costs.
Sold as-is. POF required with all offers, unless we already have it on file.

Please do your own due diligence. If you are interested, make an offer or feel free to contact us with any questions: