All Forum Posts by: Michael B.

No all the other properties that he offered look like good deals as well. However, this one had the best returns on paper (prob because it's the oldest in his portfolio). Thanks for the advice with the monthly financials! I will def. hit him up regarding those. 

Everything about those deals sounds like in the bp podcasts: 

Older Investor that has been self managing the properties (he and his wife even cut the lawn and do snow removal themselves). They currently own 40 units and they don't want to deal with the headache anymore. They never used a mgmt company. The inside of the house needs a scrub down according to him. 

Thanks @Charles Kao, both families are moving out in August. Until now the house was HUD approved but this will change in August so the numbers will most likely change. I don't know what it would take to make it a HUD rental again.

What are your thoughts on just making a lowball cash offer? Btw. each of the units is 1500sqft with 3bdr 1 bath. 

@Joe Villeneuve In Kalamazoo

Thanks Julie!

They got a new breaker box but they didn't update the wiring they said. However, the owner doesn't know what time of wiring is used in the home and if the wiring has been mixed (copper and aluminum). Plumbing hasn't been replaced. Roof was replaced 10 years ago. Foundation looks good according to the owner. 

I was wondering if somebody could help with my decision on a deal. I found an investor in Michigan who is currently trying to sell off half of his portfolio. One particular deal sounds very good to me. The property I am looking at is a duplex, but it was build around 1820! What are your experiences when it comes to homes this old? The asking price is 50k. I would say it's a C area. I verified with the tax assessors office that the home has been in their portfolio since 1990. I am planning to pay cash for the property. Do you think I should negotiate for a lower price? The seller is a real estate agent. Please see his cost analysis below:

I talked to him on the phone and he seemed very professional and nice. He straight up sent me all the profit/loss statements for all the other properties he is planning to sell. What are your thoughts?

Did you guys meet up yet? I'm down too!! 

Hi everyone!

I have a question about auction.com or purchasing a property at auction. I noticed that they state on some properties "total estimated debt" which is sometimes followed but a number in the hundreds of thousands or even millions! If a property goes up for auction, does the buyer, or winner of the property up for auction, take on the estimated debt as well? Are there situations where this debt would be dropped? I am just trying to understand why someone would take on all of this debt tied to the property as well as the winning bid at auction? I hope this makes sense. Thanks for all of your help!!

Thank you so much! I checked on the online directory but I wasn't able to find anything there. However, I found that I might be able to get the information and the records office for a small fee. Thank for you help! 

My wife and I are thinking about building our own house in Ventura County. I tried to find some comps for this area to find out the price per square foot for each developed and undeveloped land. Unfortunately there are only a few properties that sold within the past year according to redfin and zillow. Does anyone know what land is going for in this area at the moment?