All Forum Posts by: Kenitra Parks

This house is going to be amazing, minus the Pringles cans ;-)

I wouldn't do any repairs to that house until you close on it.  If the loan is denied at the last minute or something goes wrong, you just repaired a home that you don't yet fully own, no money back from the seller, bank, or anybody.

An appraisal is not that scary. They are there to gather information on the house ie, condition, value, neighborhood,etc. Please, I urge you not to attempt to fix a house just to get a loan. Be patient and wait to see if there is anything wrong with the appraisal. Even though the bank won't make any repairs, even if the house is cited as needing some repairs at least try to renegotiate with the bank first and then decide if it's worth going through with the loan.

Never fix a property you don't own or have control of! Unless you like fixing houses for free in that case PM me anytime. You can fix any houses I come across and I won't have to worry about rehab cost ;-)  

Hope this helps PM me if you have any questions. 

Thanks for responding. Sent you a friend request. Hope we can connect soon.

Hi everyone!

I'm an newer investor that has a property available in Livonia, MI (5 Mile & Levan). I would love to work with a partner or private lender to get the deal done but I'm still in the process of building my cash reserves so bringing 10-20% down is something I can't do.  I know my best option is just to wholesale it but if I can work on the deal with an experienced investor where I could even be an assistant or errand girl on the project would be a plus. 

So should I try for private/hard money or just wholesale it?

Property Details

3 bed 1.5 bath brick ranch 1082sq ft

Price $146,500 (includes my wholesale fee so room to negotiate.)

Repairs Estimate $10,000-$15,000-- Contractor will have actual quote within 24hrs. Most of the repairs are cosmetic. Has newer roof, hot water tank, updates to one bathroom, finished basement that has office or 4th bedroom. Kitchen just needs some updating and the garage as one side of the roof to be replaced. 

ARV $190-199k conservative estimate using MLS comps. There are similiar homes within 1 mile and less than 3 months old that support $200-205k but I think it's best to use the lowest numbers to be safe. Also to get As-Is properties in this neighborhood the going price starts at $160k.

I have way more details and numbers on this property but am just running through the basics here. If you need more info PM me.

Any advice would help. Thanks

Congratulations on thinking of such a good niche!

Keep us posted on all the pros & cons could be something more investors might want to try.

@Scott K. I mainly want the suburbs of Wayne County( Redford, Livonia, Garden City, etc) but won't turn down Detroit properties in well maintained neighborhoods at a good price point. Some of the Detroit leads seem to be from people who bought cheap properties($500-1000) sight unseen and without doing any due diligence and want me to take them off there hands for $5k-$10k. That can be frustrating but I know Detroit can be good for rentals if the house is right.

What's your take on the Metro Detroit market? I always hear from the people who don't invest saying our market is gone but I still see investors buying up properties left and right.

Thanks everyone for being so nice and responsive!

@Tim Dingman don't have a portfolio of my own rentals yet. Right now trying to find the best deals that make sense. So far what has come across to me has been just to bad to justify buying (burned out, over 75% neighborhood vacant, etc.) If you have any advice for the Detroit market I would love to hear it since I'm still new and have been putting off getting into REI for ten years. I have experience with doing apppraisals and knowing how to properly value a property but I'll be the 1st to admit rehab cost may be a weakness so I just over estimate the repairs. Figure I'd rather be over and have some money left over than to be under and lose my skin.

If you don't mind I would love to connect with you and gather your insights on the Detroit market. 

Thanks Paul for the advice. I will definitely be checking out those resources.

@Lester Scott Thanks and the same to you!

Hi everyone!

My name is Kenitra and I'm a newbie investor from Detroit, MI looking for some good advice and help with growing my real estate business. So far this site has provided some great advice and warnings about the true nature of real estate investing. Hoping to network with others and share some of my experiences with others.

Happy REI to all! Looking forward to getting know more of you.