All Forum Posts by: Joshua B.

Hi @Zachary Metler! I actually did try to call Beal already, but they said they're not taking any more properties at this time. Sounded like maybe they were going to focus on a different aspect of their business. 

@Joshua B. from a foreclosure standpoint I don't see any obligation to make a disclosure to the former borrower, they were served per state laws. 

@Account Closed Thanks for your frank input, could you provide more info on how this impacted you negatively on the Seattle deal?

Thanks

Bob

We have a SFR in Michigan that was taken back at the FC sale last December and the redemption period expires on June 6th. The borrower may still be in the property and one strategy we considered is to approach the borrower to see if he wants to remain in the home and execute a rental lease with our company as the landlord. This way we avoid eviction/REO resale and reposition the asset as a cash flowing property.

I'm sure that this scenario has some risk especially in light of CFPB regs. Does anyone have experience or comments regarding the viability for this approach? 

Thanks

Hi, question- is it a law that we have to sign a exclusivity form with our agent to put a bid in for the state of Michigan?

Thank you

Hi there,

I'm a new to BP.  My sister (who lives in Ann Arbor) and I are looking to buy and hold a multi-family property in the Ann Arbor area.  She would occupy one of the units.

We are looking to meet real estate agents who specialize in this area as well as attorneys who could help set up the appropriate business/partnership structure.

I understand the market can be tough - any advice on the above topics ad on starting out in general is much appreciated!

Thanks in advance,

Bethany

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $4,000

Cash invested: $30,000

Purchased house with foundation wall collapsed. House was condemned. I saved cash from work and rebuilt the entire house. I vaulted the ceilings and replaced all the electrical, plumbing, and mechanical elements. I also resided, and reroofed the house and built a new deck and gazebo on the property.

What made you interested in investing in this type of deal?

I have the experience to rehab almost any house and I had the time. I wanted to complete a project on my own that had no debt associated with it.

How did you find this deal and how did you negotiate it?

Condemned house on the mls. I had a real estate license in Michigan at the time.

How did you finance this deal?

Cash

How did you add value to the deal?

I rebuilt it myself

What was the outcome?

It’s on air bnb doing well

Lessons learned? Challenges?

I might not pick one that was this far gone again. I had no capital and it has turned out to be a great investment though.

Hello! 

I know traditional property managers in Michigan need a broker's license (or to be an agent under someone w/ their broker's license) to manage other people properties. But does this also apply to managing STR's?

What if I wanted to rent a 3/1 apartment (NOT owned by me) in my smaller city and make it a STR, would this break the 'PM' rules?

And/Or would I have to claim this activity on tax Schedule C (versus E)? Just trying to set this up the right way... 

***Here is what one site described Michigan PM as:

Property management is:

1) the leasing or renting, or the offering to lease or rent, of real property of others for a fee, commission, compensation, or other valuable consideration pursuant to a property management employment contract.

2) However, if the activities provided do not include leasing or renting services, a license is not required.

IF specifically, I don't offer a renting 'service,' I just rent the apartment myself, then sublease the whole STR on my own. Is that even a true PM service?

Thanks for your guidance!

I am considering getting a RE license in Michigan to use primarily for purchasing my own investment properties.  Can anyone help me understand the costs to getting and maintaining a license?  I want to make sure that the expense is worth it.  Thanks!