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All Forum Posts by: Michael Miller

Michael Miller has started 11 posts and replied 35 times.

Post: Great opportunity to help a family stay in their home.

Michael MillerPosted
  • Kalamazoo, MI
  • Posts 35
  • Votes 14
  • An installment land contract is best in their view, rent to own (lease option) is okay for them if must be.
  • 500 per month is common in this market.  They can maybe afford more.  We can negotiate.
  • They are living there, so it's in no need of repair.
  • It's a small house.  2br, 1bath.  Probably less than 1000sq-ft

Feel free to call me or email me if you'd like to discuss it further.

Post: Great opportunity to help a family stay in their home.

Michael MillerPosted
  • Kalamazoo, MI
  • Posts 35
  • Votes 14

Howdy y'all.

I'm writing to advertise an opportunity to help a family stay in their home while you collect checks from a deal with instant equity as an exit plan.

  • Small SFR in Western Michigan
  • Last year bank appraisal at 110,000 ( I haven't verified that claim, but it's definitely worth more than the current mortgage balance which needs to be paid)
  • Total money needed from investor/s is 35,000
  • Land Contract or Lease-Option
  • Tenant-Buyer can afford 500 a month in rent/principal&interest
  • Action needed ASAP

Story:

Young family was quick-claimed a house from the husband's grandmother.  A few days before the loan was handed over to them she passed away.  Now the bank wants the loan to be paid in full or else foreclosure.  They cannot get conventional financing and they do not have the 35k, but they want to stay in the house.  I have already discussed with them how this option can help them, and help an investor who wants landlord duty-free cash-flow.

I have a real estate license in Michigan, and as this is a favor for a good friend of mine, I will charge no fees to either party.  If the tenant-buyer does not follow through, because there is so much equity in the property, I view it as safe bet.

Looking forward to hearing from you.

Thanks Lance,

To be honest, you might be better served asked some of the lenders who are on BP.  They not only have more information, but they also have the services.  For me, I have a local lender with whom I might work (a credit union).

Originally posted by @Dawn Anastasi:

Congrats!

I've never seen something referred to as a 3.5 bedroom house before.  How do you get a .5 bedroom?

 I wasn't sure whether or not I can list this as a 4br because the fourth room barely meets the criteria for a bedroom.  Of course, legally, it does, but for the sake of CMAs, I cannot be sure if I should use it as such, so I ran my comps as a 3br, even though it is technically a 4br.  The legal requirements of a bedroom according to the State of Michigan are 70sp feet of floor space, 7.8 ceilings and/or 500 cubic feet.  

This room is just over 80sqaure feet with 8 foot ceilings.

Originally posted by @Bertha Gomez:

Excellent! Nice to hear investors are doing great in Michigan.

I'm happy for you Michael!

 Thank you! The corridor between Chicago and Detroit is really an swath of excellent markets.

@Neal Collins

The roof was 5500, and the other materials were priced very strategically. My background began with building material sales and blue print takeoffs. I know how to rehab for little (ex. I bought all of the Cabinetry, except for the counter tops, from a secondhand building materials store resulting in a final cost of $480 for all of them, solid oak). I'll try to round up some photos.

Originally posted by @Robert Walter:

Kalamazoo is great because there are solid neighborhoods with good deals, if one is patient and persistent enough to find them.

Regarding costs, I keep them low through creativity and doing much of the labor myself. Roof was 5.5k installed by professionals, by far the biggest single expense. PM me if you'd like to go into detail. I know of good income neighborhoods within an hour driving distance of Saginaw.

-m

Originally posted by @Dmitriy Fomichenko:

@Michael Miller

Thank you for the encouragement.  This is the seventh consecutive deal for which I have earned returns above 20% for my portfolio.  There is always volume in my market for investors.

Originally posted by @Karen O.:

Surely, I miss living in a big city like NYC, but the returns in my area are too great to pass up.

Originally posted by @Tony SanFilippo:

Nice Job. 

What college is it located close to, if you don't mind me asking.  Did you rent to students?  Staff?

Sounds interesting.

 It is located walking distance from Downtown Kalamazoo, MI, Western Michigan University and Kalamazoo College campuses, for a total student body of about 30,000.  I'm currently renting to a family with young children who just moved to the area.