All Forum Posts by: Jeff Lubeski

You can count me in.  

For me:

Fix & Flip:

• Min 3 br / 1 bath (1000+ sq ft)
• Max purchase price $200k
• Must have both a basement and a garage
• Target 20% return on the deal (not annualized)

Buy & Hold:

• Prefer 3 br / 1 bath (1000+ sq ft), consider 2 br
• Must have either a basement or a garage
• Not in the city of Detroit or Inkster
• 15% minimum ROI (accounting for property management)

Hi @Ted Tackeberry

Welcome to the site.  I live in Livingston County. It's a great time to invest in Michigan.

Welcome Chris.  

@Gregory Dickerson Jr Welcome to the site and real estate investing.  I live to the west of you a bit in Hartland.

There can definitely be some benefits to buying from a Wholesaler. I would also disagree with the notion that there are no good Wholesalers in Michigan. In 2014, I purchased 3 properties off Wholesalers. Two I kept for rentals and one for a Fix & Flip. I am a Realtor and watch the MLS every day. All 3 deals were better than what I would typically see on the MLS. Had they been listed on the MLS, it is likely I would have been bidding in a H&B with 10 other people. Sometimes a better deal comes up outside of the MLS and sometimes it is through a Wholesaler. That being said, some may not know rehab costs real well or even ARV. Always be sure that you are confident with the numbers.

Does anyone have experience or a recommendation for a service that will allow tenants to pay their rent electronically instead of with a check?

I came across dwolla from a search and it looks pretty low cost to use it. I'm just wondering what experience others may have with this or other services.

What exactly does it mean if you buy the right contained in a Sheriff's Deed?

If the property owner were to redeem, do you get the amount from the Sheriff's Auction?

What is involved with completing the foreclosure process?

Can you get title insurance?

Welcome @Bryan Whitfield

Your story sounds much like mine. I live in Hartland and my profession is an Engineer for Ford. It would be great to me up sometime. Hope to meet you in the future for a local meetup.

@Arthur Banks

Reading your last question and thinking about my purchases which were all foreclosures, I am pretty certain every house had broken pipes from freezing. I tried to get additional money off the purchase price at one house with no success. I honestly expect every foreclosed house that I look at will have broken pipe from freezing, water or baseboard, and just factor that into my cost. If you are rehabbing and have people there working on the house, it should not be too expensive to fix your pipes. You could always ask Freddie Mac to fix or give a discount.