All Forum Posts by: Melody Everett-Neddo

hi Seth!!

Welcome to BP!!  Fun community here.  Jump into the forums and webinar (Wednesday).  I love the weekly podcasts.  

I live in Rapid City, MI.  Great to see other northern MI people on here!!  I too am a newbie (no done deals yet).   Love the advice given by @Account Closed.   Thanks!

If you want to get involved locally, there is a Northern MI Real Estate Investment Association meeting in Traverse City on Oct 3rd.   This will be my first meeting as I just found the group.  Please join us? Feel free to add me, if you like?

Melody

I am a newbie and will be going to my first local meeting in the next month (as soon as I found out when they hold them....could be this week?)   I am looking forward to learning from local people.

Welcome!!  I am in Northern Michigan!!  Let me know if I can help in any way!!

Is there still a group???.....when I contacted the prior leader, he told me the group was dissolved?  I would love to become a member of a local group.....or create another group?  I live in Rapid City, but work in Traverse City.

What about Lake Michigan Credit Union?  They have a branch up here in Traverse City too.  I am not a member there but have heard good things.  I am a member at 4Front Credit Union but I don't believe they have a brick and mortar in GR?  Good Luck!!

@Charles Kao just to let you know I was not able to find your document in the Files area called "renovation inspection checklist"  nor anything uploading under your name....unless I have not looked in the correct spot??    Please let me know if you find it?

Thanks,

Melody

@Charles Kao  thank you!!!  I will go grab that now.  I do not have those numbers and I need to plan for them.

Melody :)

Thanks @Charles Kao.  It means alot that you read and replied to my post!!  You are correct that i tend to give more info than needed.....I need to work on that as far as being more concise in my wording.  I appreciate you coming forward to remind me.  I guess my thought was.....I want to give as much info up front so if someone reads this, they will know right away if it is something they or maybe someone they know might like to do?

Would the following wording have worked better for me, do you think??  (And please, gut it if need....I would rather learn now than later)

Wanted: Partner (that has done previous deals and possibly to mentor on this deal)

I want to buy a 3B/2Ba Townhouse in a popular ski/golf resort POA in nearly turnkey shape. It is going up for auction here in Northern Michigan on Tuesday, August 16th. I can bring $15,000 to the table and will attend the auction. Photos of interior and exterior posted online. SEV is $42,900. It needs at least powerwashed and painted exterior, and painted interior. Roof is ok for now. I am interested in flipping it or wholesaling it. I expect it to sell for $30-40,000 at the auction. Partner needed would bring $15K+ to table. I am open to how we split profit. Any questions, please contact me on BP.

Again Charles, thanks for being straight up with me, I really like that and do appreciate it!!

Melody

At the auction, if you win, you pay bid price, plus 10% buyers premium, plus plus taxes due for current year, plus $10 deed recording fee.  You then get a quick claim deed.  

Talk to a Title company.  It is my understanding that it will cost about $4000 per property to clear the title IF you intend to mortgage or sell in future.  If you are just buying to keep and use yourself, you may not need to do that step?  Talk with a lawyer to make sure what the rules are in your area.  I have no experience yet either, but have been following the tax sales for 3+ years.

Hope you got some good advice?   You still have time, I see....

(I hope I picked the right place to put this in the forums??  OK by me if it needs moved, and I apologize in advance)  

I am still new and have no deals as of this time.  I tried last year at the 2015 Michigan Tax Sales, but the one I wanted and did bid on, I did not get.   AND I did not have a backup plan as far as a second or third choice to bid on.  Fast forward one year and I have spent alot of time reading forums here on BP, Podcasts, Webinars, etc. trying to get myself in a better place to make a deal with confidence.

I have a specific property that I wish to bid on this year. I know it is in an POA/HOA and is in really great shape compared to others in the Tax Sales (Ironically there is a 4-Plex in the same POA that is also in great shape if anyone is interested in that one.....perhaps I could be your boots on the ground for that one??).

I would like to find a partner quickly (auction is Tuesday), but not sure if I have enough of a due diligence about partnerships?  I admit I am nervous about partnering..... @Brandon Turner makes partnering sound sooo easy....LOL 

I can bring 50% of the money to the deal if it goes for less than $30-35,000.  My gut tells me, that it will go for more.  SEV is $42,900.  My husband is not on board with us being landlords and thinks I should try Wholesaling or Flipping?  I was not getting good vibes from him, as the auction creeps closer, so I made him come look at it with me last night and he actually got on board to a more comfortable degree and thinks we should definitely try to get this one (I honestly think he thinks all tax sales are for run down trailers with 30 yards of trash in them).  

I am open to all options at this point and really want to get a deal under my belt.  I am also working on my team on this end.  I ask for referrals of contractors and I tell everyone I will buy a house this year.  

Anyone out there, here on BP, have advice or have done a deal specifically involving a tax sale property in northern MI?   Would love to hear your success and learning experiences.  

Thanks for reading,

Melody