All Forum Posts by: Jeff Lipple

Thanks @Juan Vargas! Yeah I could see that being the case.  The only people who I've brought the idea to are those that I have an existing relationship with.  I don't mind bringing on a partner.  My main thing is I want to hold it indefinitely and figure out an agreement where I can buy them out over the next several years.

Hi Everyone,

I'm purchasing a resort.  Net income is about $85,000 and purchase price is around $850,000.  I have 80% of the financing covered by a bank.  The bank does not want me to do a PPM.  I would like to borrow around $200,000 from an investor as a second position mortgage for 3 to 5 years plus and at sometime in the next few years do a cash out refi with the bank to pay them off.  Has anyone done something like this?  Is there any demand for loaning money in second position or is it seen as too risky and almost unsecured, especially since a resort is much more unique than a standard apartment?  I'm trying to determine if this is something I can likely accomplish in the next couple weeks or if I really just need to bring on a partner to close the deal.  Thanks for any feedback!

http://cashformihome.com/investors.html to be added to buyers list

Price: $75,000 or best offer
39751 Sylvia, Harrison Twp, MI 48045
2 bed 1 bath approximately 1,240 sq. ft.
estimated average rent: $1,088 (rentometer)
Crawl, 2 car detached garage
Big fenced yard, hardwood floors
Great area, schools and price per square foot. Quick flip as a 2 bed or plenty of room to convert the work room to a large master bed and bath making the home a 3/2!
248-733-5453 or [email protected]
More pictures, video walkthrough and details here:
http://mailchi.mp/566e8029…/flip-property-in-harrison-twp-mi

(No idea why these pics are showing upside down, but click the link above to see all pics and video)

Thank you everyone for the input!

@Percy N.  There is no mortgage on the property, but that's a great point about negotiating with the bank prior to sale and checking for pending litigation.

Hi group, I'm looking at purchasing a resort for around $1,000,000 with about a dozen cabins.  Does any one have any experience with this, that may be able to provide some guidance?  I'm thinking I could purchase as a syndication deal like a typical apartment purchase, buy the business entity as a whole through a stock purchase, or some type of seller financing or creative structure.  Any insight is greatly appreciated, thanks!

http://cashformihome.com/investors.html to be added to buyers list
Price: $44,000 or best offer
27618 Dartmouth, Madison Heights, MI 48071
2 bed 1 bath 624 sq. ft.
estimated average rent: $1,065 (rentometer)
On crawl, no garage, large shed
Less than 2 miles from downtown Royal Oak!
Furnace and roof only 4-5 years olds. Kitchen, drywall and electrical need updating.
We are selling our assignable contract to purchase.
Call: 248-733-5453 or [email protected]

More details here: http://mailchi.mp/479c1acfa484/madison-heights-mi-...

(Sorry don't know why these are coming in upside down)

Reduced to $51,000 !

http://cashformihome.com/investors.html to be added to buyers list
Price: $54,000 or best offer
637 E Robert, Hazel Park, MI 48030
3 bed 1 bath 1,008 sq. ft.
estimated average rent: $988 (rentometer)
Basement and 2 car garage!
Needs some carpet, paint, siding repair and bathroom update. Wouldn't take much to get it rent ready or some nicer finishes to flip.
We are selling our assignable contract to purchase.
Call: 248-733-5453 or [email protected]

More details here: http://mailchi.mp/5f62f9ef7cd9/rent-or-flip-in-hazel-park

http://cashformihome.com/investors.html to be added to buyers list

www.FB.com/JestliPropertiesLLC

Price: $24,000 or best offer
11259 Lozier Ave., Warren, MI 48089
2 bed 1 bath 720 sq. ft.
estimated average rent: $746 (rentometer)
On a crawl, no garage
Fenced in backyard, can use some paint and carpet. Furnace is older, but everything works good! Cement patio in backyard is cracked, low and collects water, should be replaced or just removed. Cement steps need attention.
We own this property.
Call: 248-733-5453 or [email protected]

More details here: http://mailchi.mp/b486f3c03750/24000-warren-rental

http://cashformihome.com/investors.html to be added to buyers list

Price: $57,000 or best offer
4840 Briarwood #8, Royal Oak, MI 48073
1 bed 1 bath 589 sq.ft.
2nd floor condo, appliances included, wood floors, floor needs some work in living room. $189 monthly condo fee
Call: 248-733-5453 or [email protected]
More photos here: https://drive.google.com/drive/folders/0Bx_YPBHtn1...