All Forum Posts by: Kit Klekamp

@Joshua B., even though the property is only 60 ft wide the 4 neighbors all have side by side duplexes with the same width.  The city told me if I wanted to build I'd need to demolish the place.  I'm not sure how much demo costs nor how much it costs to build new.  I'm in the place for $310, insurance states a rebuild would be $175.  I might just fix it and pay down the principal for a year or two.  I'm owner occupying the bottom but was only hoping to do that for a year or 6 months.  

The good news is I'm not over my head yet :) 

I'll need to hit up an architect or two to find out how much all that will cost.  I'll have to contact Sarah since she has experience with all of this in the city. 

Hi @Joshua B. thanks for replying.  The property address is 417 Montgomery Ave, Ann Arbor Mi 48103.

The city did say it was zoned multi-family and allowable building expansions are allowed to be 5 ft from each side from the property line and 30 ft from the front and 40 ft from the back so there is definitely room to put more/expand.

The duplex is currently a top and bottom unit so I'm also not sure if its better to make them side by side instead.

@Brendan Chase you might want to check a local credit union.  I was able to get a 5 year 25k loan for rehab costs through mine.  This credit union has a 25k limit on unsecured loans so that is why I was only able to get 25.  Find a bank that has a higher limit or supplement some of your own money.  I'm still new at all this but it worked out for me.

Hello,

I was able to purchase a duplex in Ann Arbor that is completely value add.  It is almost a double lot down town and I was wondering, should I just fix it up or should I pay to get another building built next to it.  The duplex is a 2/1 and a bit small, 1440, so each unit is only 720.  Any suggestions would be greatly appreciated.

Thanks.

Thanks all, I appreciate it.  I was actually thinking of splitting it and managing one myself that way I can gain more experience. 

I've been looking through some PM sites and they all feel a bit shaky.  Is there any tips on major red flags to look for? 

Hi All,

I'm new to real estate investing and I'm hopefully closing soon on two properties.  I have some experience with live in renters but not anything else.

One is in a high income area duplex and another in an low to average income area quadplex.  Is it better to get a property management company to take care of them or split them?  I'd rather them be managed properly then saving some money in cash flow.

Thank you.

Hi,

Just tossing in my two cents, however, I had something similar but I was able to get a HELOC within 2 months of closing the first one. I did have to add some value to the location and I'm out in the Canton area. Go to a credit union and see if they'll let you. I was already with my credit union for a number of years before getting the loan though so not sure if that matters too.

Here's hoping it works out for you.