All Forum Posts by: Louis Schmidt

Thank you both, this is extremely helpful.

Hello!

I currently live in Michigan and am looking at moving out of state. I would like to keep my current residence and rent it out. Is anyone familiar with how the taxes work on that? Obviously my taxes are homesteaded right now, but would they become non-homestead if I move and keep it as a rental? My understanding in Michigan is that the taxes are "uncapped" when there is a change in ownership (title, deed) and then capped again at close of sale. Basically, I am trying to find out if my taxes will increase to non-homestead if I move out and make my primary home a rental or if they will stay as homestead since nothing actually changes. As anyone in Michigan knows, this is a drastic swing in cash flow. Thank you for any advice.

Stone and Joseph, Thank you both. that helps to put it all in perspective. I definitely do find myself listening to the numbers on the podcasts. At the end of the day i think i just need to get my feet wet. Thank you both.

Hello, I am looking to buy my first property. I use the BP Calculators to estimate potential CF. One of the biggest issues i am finding in my analysis is that i just cant find the return I am hoping for. I love the calculators and was hoping someone would have some insight on what they do and what they look for. I notice that on a lot of deals it is the CAPEX reserves and vacancy that hurt my numbers. I know how important both of those numbers are, but I have spoken with some investors who say "yes we account for vacancy and CAPEX but when analyzing deals we do not account for that in our CF, we will make sure to have reserves though". SO I am curious, what are people on BP doing? How are you guys running the numbers and what numbers are you looking for? Thank you.

Yvette, I am in the metro Detroit area and am looking at houses no greater than $200k before reno.

Seth, I have both of those. my wife is a real estate agent. She has an active license but does not practice. So we have access to the MLS and other tools. I also have cash to buy these houses with.

Thanks.  

Lou

Hi there,

I am getting into the real estate investing game, specifically house flipping. i am finding that my biggest problem is actually finding a house to flip. Any house that hits the MLS seems to be a horrible deal. people are trying to push the market with houses that are out of style by 25 years. Even if you can negotiate these sellers down it is not to a point where you could still be profitable on a flip. Does anyone have any insight on getting started in flipping and how to go about finding homes to flip? Any help and insight would be appreciated. Thank you.

Lou

Hey Everyone,

I am new to real estate investing.  I am looking at into getting my real estate license ( I am from Michigan) but am not sure where to hold my license so that I can practice but not be expected to go out and be an actual agent for an agency.  I am looking strictly to be able to buy and sell my own properties.  I know some agencies frown upon this and do not hire agents that only use the license for flipping purposes.  at the same time I do not want to pay outrageous monthly fees/dues.  Any help or insight would be extremely helpful.  Thank you.

Hey Everyone,

I am new to real estate investing.  I am looking at into getting my real estate license ( I am from Michigan) but am not sure where to hold my license so that I can practice but not be expected to go out and be an actual agent for an agency.  I am looking strictly to be able to buy and sell my own properties.  I know some agencies frown upon this and do not hire agents that only use the license for flipping purposes.  at the same time I do not want to pay outrageous monthly fees/dues.  Any help or insight would be extremely helpful.  Thank you.