All Forum Posts by: Jim Bowser

@michael Kennedy. I'm located in Macomb Tony but do business in all the metro Detroit counties. Definitely check out on Meetup.com and this site all the REIAs in the area. There you will get a chance to personally meet and talk to other investors in your area and outside your area. Many of us, try to go to several different REIAs in the metro Detroit area.

@Ahmed Hamza   

Welcome to BP!  It's a great place to learn and interact with others with similar interests. It just so happens that I'm looking for a property in St. Clair Shores. I have a retail buyer that is having trouble finding a house to purchase priced between 90 and $110,000. It could be rehab or not.   Please let me know if you come across or know of any such properties. 

I have a retail buyer who has requested me to find a house in the city limits of SCS, MI for her that has been recently rehabbed that would be in the $100,000-$115,000 range ARV. She has qualified for a 115K FHA mortgage and is prepared to purchase it immediately. Please contact me if you have such a property or we will be able to find and flip one in the next 90 days or so. Thank you to all that are able to provide assistance.

Michael Richardson I'm a newer wholesaler in Macomb County as well as the metro area. I have found the REIA of Macomb and Wendy Patton's Michigan REIA to be invaluable and try not to miss an event. I have met all kinds of fellow investors at these meetings and I'm sure you would find what you need. Let me know if I can ever be of help.

if I understand your facts correctly, you received your claim to ownership through the land contract which is in breach, because only $2000 of the total $9000 of been paid.  That is ... The individual who gave you the property, received it from his grandmother, who received it from his deceased mother, who received it  along with her husband pursuant to a land contract which is in default.  Is the husband still alive? He or his heirs, along with the mom's heirs, have an interest in this property.   How did the grandmother get title from the deceased mom? By quit claim? Quit claim after her husband passed away leaving interest completely in the mom's name? If this is the case, you just need to find the land contract sellers ( whether I live or their heirs)  and pay them off and get a deed. 

Dylan Tanaka that sounds great!. I was at your meeting last night with the CPA and it was awesome. The networking was also outstanding-met two investors that are in my area who gave me tips and we discussed future business together. Now I just need to join.

Thank you for the information. I have completed the real estate course in Michigan and it briefly dealt with appraising. But I was hoping to get into a little more depth and practice as well as to appraisal techniques.

As a newer investor, I am interested in a class that teaches appraisal principles.  Does any one know of any classes out there, whether online or in a classroom?  I am especially interested in whether any investors in Michigan are familiar with any classes that are available in our area.

i'm not aware of any requirement in Michigan to file a tax return or do anything other then pay a basic $25 annual fee and file an annual report which basically indicates whether there are any changes to the LLC. Furthermore, you need no attorney or service to form an LLC. If you go to the state of Michigan site, you can download the forms. I have learned however, over the years, that it is wise to consult an attorney and a CPA, both of which must be thoroughly familiar with the needs of a real estate investor. You meet with those professionals so that you are aware of the strategy of the type of entity you want to be for tax reasons as well as other issues. But those meetings can be nearly consultations I think once you know what you're going to do, you can form the entity yourself.

A more common remedy for a breach on a land contract is a forfeiture, which is more like an eviction - you get the property back and keep all the money that has been paid.  It's a lot less involved than a foreclosure and the redemption time for the land contract purchaser is usually much shorter.  As to  approaching the foreclosed owner, there is nothing to stop you from making contact and working something out with them. Often, we will purchase the foreclosed owner's redemption rights before the six months expire so that we can redeem the property  ourselves for the amount bid at the  foreclosure sale . It's just a question of whether or not the figures work out for the redemption. In Michigan, the  redemption period is typically six months during which the homeowner may sell the redemption rights  or exercise the right themselves. That person can pay the amount owed and take back the property. That is a typical strategy during the six months after the foreclosure sale.