All Forum Posts by: Michael Belz

Thank you seems that is the best option bringing in a partner for this fix and flip

I’ve been working with a bank’s agent over the past three months on a single-family home listing in my area. The property is a full rehab, possibly more, and originally had restrictions from Freddie Mac requiring buyers to live in the home for at least a year, so I initially passed on it. However, about a week ago, I followed up, and the agent mentioned the price had dropped with no activity, and that the occupancy restriction would be lifted after 30 days on the market.

I made a low offer, and after some back and forth, they declined but then listed the property on the MLS for less than their lowest counteroffer to me. This price drop attracted attention, with three offers at asking price and six showings in just three days. However, since I was already negotiating with them, they allowed me to accept the newly posted price within 24 hours, which I did.

Now, I have two options: I could fix and flip it with an estimated $200K rehab for an ARV (After Repair Value) of $825K, having purchased it for $465K. But since I'm not an experienced fix-and-flipper, this would require hard money, additional out-of-pocket expenses, and a 3-6 month turnaround before selling. Alternatively, I'm considering wholesaling it for a quick $20K, but I'm not sure how to find local investors who can move quickly and close within the bank's timeframe.

I’d appreciate any tips or guidance on whether I’m approaching this the right way, ways I could improve, or how to effectively connect with local investors who could allow me to wholesale this property and make some immediate cash. Your advice and insights would be invaluable. Thank you!

I’ll be in Detroit next Tuesday, November 5th, meeting with investors and developers to discuss our North Corktown land, approved for a 42-townhouse development with schematic plans for an additional 72-unit rental building. My partners and I have held this land for several years, recently securing approvals for the townhouse project, and are now actively seeking experienced developers interested in purchasing one or both adjacent sites.

This is a prime opportunity, and we are looking to connect with experienced, accredited developers or investment firms familiar with large-scale residential development projects. Given the unique value and high-demand location, we’re prioritizing groups with a strong track record in similar developments and the capital resources to move forward quickly.

Meeting Availability: I have limited availability on Tuesday Nov 5th for a 1:1 site visit with qualified candidates. If interested, please DM me with:

• Your company name

• Contact information

• A brief summary of relevant experience and current projects

I’ll review your information and arrange a meetup if it’s a good fit. Thank you, and I look forward to connecting with the right partner to bring this project to life.

Thank you . 

Thank you .

Thank you all for the great advice! I’ll start by using the tools provided by Airbnb and Vrbo and build from there. Once I grow beyond a few properties, I’ll look into implementing additional tools. Please feel free to share recommendations for the best tools to use when managing 5+ properties and taking it to the next level.

This would be my first one managing and owning myself. I do have my another home that i gave out for a managment and hope to take that over once my contract is completed with that manager if i learn and see the value . 

I'm looking for recommendations on management software and tools to support my Airbnb short-term rental (STR) business. I was advised that AirDNA could be a valuable tool, though I noticed it costs around $400 annually. I'm curious if it's worth the investment or if there are other options out there with better pricing and equally robust data to help grow my Airbnb business. Any suggestions or recommendations would be greatly appreciated. Thank you!

Thank you all for the valuable insights. The short-term rental manager is handling all bookings and creating the listing under his brand. My concern is that when we take over, we’ll need to start from scratch with our own branding. Is there any way for us to be listed as the host now, or do we have to wait until our agreement with him ends? And when we do take over the listing, is there anything we can do at that point to make the transition smoother?

Regarding purchasing the necessary items, my wife has opted to oversee that and find great deals on what’s needed. We’ll consider additional upgrades, like a jacuzzi, once we see how well the property performs. As for the 10% fee for overseeing setup, I understand this is in addition to the cost of hiring someone to physically set everything up.

We have a house on 3 acres near a neighborhood, and we're considering listing it on Airbnb. After some research, we connected with a local Airbnb manager who took a look at the property and was very complimentary. He quoted a 20% fee for managing each successful booking and suggested we improve the staging of the house, which he would oversee for an additional 10% of the total staging costs.

He provided a list of staging products, and now we’re realizing just how expensive it is to get the house ready for Airbnb. We’re wondering if these fees and processes are standard for short-term rentals. This is our first time with STRs, and we’re willing to learn. If things go well, we plan to manage it ourselves and possibly expand. What steps can we take to ensure a better experience and maximize bookings?