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All Forum Posts by: Michael E.

Michael E. has started 4 posts and replied 87 times.

Post: Investor Resume Feedback

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115

Hello Everyone,

I was hoping to get some feedback on my "Investor Resume". What do you think? What can I improve?

Thanks BP community!

Post: Sherwood Forest/Green Acres 2 Unit - Good Investment?

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115
Originally posted by @Drew Sygit:

@Michael E. read our Deep Dive series to find out:)

 Outstanding information here! Thanks Drew!

A, B, C, D: Which property class should new investors go for in Metro

Post: Detroit Multi-Family Investment Properties

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115

Hi Hnu,

If you're serious about buying, I recommend FIRE Realty. Joe Hammel has put together a great team. My agent Nick Harris is a rock star and has kept me on track to complete the 90 day challenge.

Hope that helps.

Post: Sherwood Forest/Green Acres 2 Unit - Good Investment?

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115
Originally posted by @Drew Sygit:

@Michael E. Ferndale is also a Class A city, just less expensive than Royal Oak, which is less expensive than Birmingham, which is less expensive than Bloomfield Hills.
 

Thanks for the info @Drew Sygit. If you don't mind me asking, what areas would you call class B? Just looking for some reference.

Thanks again

Post: Sherwood Forest/Green Acres 2 Unit - Good Investment?

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115

Well I'm just a newbie investor that is looking in the Metro Detroit area but it seems like a decent area. It's just south of the border for Ferndale which is a "class A" adjacent area. Royal Oak being the "class A" area. How much you could get will depend largely on how nice the remodel is. $1,500 seems really high for a 2 bed in that area but 1,100sf is a lot of space for a 2 bed. There are high-end units renting for that much and more, in the metro area. Also, how many abandoned houses are near-by will affect the price of both rent and the property. Conservatively, I would say you could ask $900-$1,000 and have "the pick of the litter" for tenants, even if it is just an average remodel.

But that is just a general statement based on the limited info presented. One of the tricks I use to see if sellers are bumping the rent estimates too high is by looking on apartments.com for similar available units in the area. If you have a target neighborhood you can create a favorites list of all the units and track which ones get rented out and how fast. This will let you get a good feel for demand (and price) in the area.

Hope that helps and good luck.

Post: Hello and welcome to BiggerPockets!

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115

1. 🌎 I live in Saginaw MI, and I'm looking to invest in the metro Detroit area.

2. 💫 My goal in joining BiggerPockets was to move beyond thought and planning and into action.

3. 🤪 My family has a pet rabbit.

4. 🤑 I started the 90 Day Challenge.

Post: Offer tenants the choice between 2 leases?

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115
Originally posted by @Brian McHugh:

@Michael E. and @Dre N. I remember listening to that episode and thinking that it was a genius idea too.  If I had more time I'd consider it, but closing's Friday and I want to have a plan in place before 11/1. 


Wow, a lot of people are quick to pay turn-over costs. I found the episode, it is Show #448

First, I'm not trying to say that anyone is wrong in what they have said. Personally, I don't think the tenant should be automatically blamed for the previous landlord not raising the rents. Having said that, I would think the biggest question is, are they good tenants? Maybe run them through your screening process. If they meet your standards (income supports new rent amount) and are/have been good tenants, how much is it worth to keep them? If on the other hand, they don't even come close to passing your screening then cut and dry would probably be the best option.

Post: Offer tenants the choice between 2 leases?

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115

There was a BP podcast with a guy that had a system that I think would work great for you. I don't remember the episode number but he called it "The binder". Basically it was a binder with printouts from rentometer.com showing the average rents in the immediate area. After showing the binder to tenants he would ask them what they thought was a fair amount for rent. This leads to the tenants "asking" for the rent to be just under the average. I've looked for the podcast but can't find it, although I'm sure a smarter and more experienced BP member would know.

Good luck and congratulations on your first deal!

Post: Zip codes to avoid in Jacksonville, FL area

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115
Originally posted by @Ed Brancheau:

Max Maxwell has a video about a clever way to find the hottest zip codes in any area. His example is at the County level but I've run the same process at the city, state, and country level just as effectively.

It's going to give you the zip codes with the highest number of cash buyers which means that those areas are where the investors are focusing.

Conversely, and to answer your question, the areas with few or no cash buyers would be the zip codes to avoid.

 Talk about a pro tip! 

Thanks for sharing!

Post: Agent said not to worry about cash flow and consider tax benef

Michael E.
Pro Member
Posted
  • New to Real Estate
  • Saginaw, MI
  • Posts 89
  • Votes 115
Originally posted by @Will Strozier:

@Michael E.

How much should you calculate for vacancy collection/ operating expenses to get you NIO to apply a rate

It depends on your area and the property. The BP calc says 5%-15% is the general range for CapEx, repairs and vacancy. The best way to know what they are for the area you're looking in, is to ask your rockstar agent (hopefully you have one of those), what's typical for that area. You could also ask other investors (BP members love to help) that own property in the same area what are their typical expenses.

Hope that helps and good luck!