All Forum Posts by: Josh Cunningham

@Chris Shuptar

It would depend on funding for me. Outside funds? If so, more available? Financing? If so, would you have the ability to finance additional deals, or are you now limited to $600 return until you have enough equity in the house to borrow again?

The same would be considered for personal capital. I would not tie up that amount of money for $600 per month.

@Alex Heckaman

I use Brian Weiss in Kalamazoo, Vlachos & Vlachos on Stadium Drive.

 (269)375-6646 Handles all of our closings/ forfeitures etc. Highly Recommend.

Hi #AlexHeckaman

Weclome to BP. I'd be happy to try to answer any questions you have.

It's based on experience. When I first got started, I spent endless hours researching my market. I've been apart of many deals (mostly buy and hold) and just talking to buyers/ renters daily will offer a lot of insight on the market, current trends and what people are looking for. "Near" campus usually refers to west of downtown. Your in an area with very few houses for rent. When we've had houses in Plainwell/ Otsego for rent, the phone is nonstop and gets top dollar. 

Sounds good so far. Sounds  low for rent and could probably get more. What are the city inspections like? A town near me (won't mention) is a son of a gun. They drive by to look for violations non-stop and for the occupancy or rental permit will search all non-permit pulled improvements and make you bring them to current code. I'm not opposed to doing things right, but I've purchased homes in that scenario and ended up with an additional $7,000 bill so look into it.

I know the area well. Have a house on Phelps and a friend has a house on cooper. A little too far to be considered "close to campus". Rental market here is amazing but have a 3 bed in the area renting for $750 with no basement. Looks nice from the pics but think your looking at closer to $700 (w/o any utilities) . I think because of the high demand in rentals, investors want to squeeze whatever they can from them. I'd rather set a competitive but fair price and retain a long-term renter instead of dealing with turnover.

You'll receive a property transfer affidavit in the mail or you can print one out from:

https://www.michigan.gov/documents/l4260f_2688_7.pdf

 Fill it out and mail it back. Highly doubt they will refund the difference from homestead status once paid. Doesn't hurt to ask the title company though!

You can do unlimited land contracts from investor to investor SO if you had a partner, you could sell to them on LC then do a subject to or a wrap if permitted under the contract, then sell to a third party. I would not recommend doing too many as the laws on Dodd Frank seem to be unclear to most including attorneys. If you purchase a home on land contract from a seller you do not know, explain that you are an investor and like to have many options for your investments such as rent, lease to own or wrap an LC. Make sure they are ok with it and have it written in the contract and you'll be fine.

I agree with #MichaelQuarles. I guess it makes a difference if the house you have under contract was already on the MLS and that's were you found it or if its a FSBO and have a contract with an individual. I will list a property that I have under contract through the listing agent on the MLS but not back on the MLS. That would certainly cause confusion with one pending and the other for sale. I advertise on postlets.com or craigslist while I have a house under contract. I think the best way is to create a network and buyers list and reach out to the investors who do not have a lot of time to find deals themselves but still offer an attractive profit on their end.

Hi folks,

New to BP, already seeing the potential of this site. Have primarily worked with just a few other investors over the past 3 years and have been apart of over 100 deals. Looking to reach out, network and expand my business even further. I have had 2 amazing mentors with over 75 years of experience combined.

Thanks!