All Forum Posts by: Micheal Robinson

Brightmoor is the neighborhood, so the categorization is Class C. 

In the Wayne County Michigan area for a duplex that's renovated, what are cap rates in that area an investor would seem to look for? I'm thinking 7-10 cap, but with other investors' knowledge could you guys give me some input on what an investor will look for in duplexes or multi-units in Wayne County? This property is fully renovated bringing in 20k a year, it's currently under market rent value so the next investor I assign it to can increase the rent, up to market value. But while analyzing, I just want to know the psychology of the end buyer/investor on what they look for in cap rates /in that market, etc. 

 Bradley Thank you. This was indeed needed. I was skeptical of the seller asking price as well and the information he provided was untrustworthy. It is categorized as an multi family. He stated that it was inherited down to him. On top of that the property will be a complete tear down as well. Thank you so much

HEY. Just ran into a problem while trying to get good and accurate numbers for a property. So we have a property that is categorized as a 2-4 unit/multi family residential. From pictures and more information, the seller stated that his home/living space was upstairs and a whole entire business was downstairs. We hooked up county records , software listings etc to get the true sqft of the home. Everywhere it says it is listed as 1,795 , but the seller stated that, they only got that specific number from the living space which is upstairs and not the WHOLE PROPERTY / DOWNSTAIRS. He stated that both upstairs and downstairs are 1700 sqft , bringing the original sqft of the entire property to 3,500 sq ft.  Were in a pickle right now to decide whether he's right or completely wrong. The living space can get measured at 1700 but I don't see why nothing states the downstairs sqft. The downstairs is considered a level so the property is a 2 level property.  

Someone with more knowledge and understanding please help. This is great deal if the sqft is 3,500 sqft , but if it is not, the deal will go to shambles.

I'm a young investor and want to merge into self-storage.  I'm looking for a mentor who could give me advice, and information, on this industry.  Please let me know !