All Forum Posts by: Mike Herbon

@Account ClosedI'm looking for a general contractor to handle it all at this point.  While capable to coordinate it myself, I don't have the time to do it.  

Exterior work (siding, roof, windows), drywall, flooring, painting, kitchens, bath, miscellaneous electrical, plumbing, etc....  Basically, the typical rehab needs.

If you know of a good __________(ie. electrical) contractor, then I'd love to know them directly too.  Anybody with credibility!

Looking for a solid rehab contractor.  The two guys that I've met from CList were a joke.  I didn't trust their input/numbers at all.  Does anybody have any good sources for residential rehab contractors, or know of a contractor that I should call in SE Michigan.

Thanks in advance!

102 Washington Street, Mt Clemens, MI 48043

Price has been reduced to $26,000 

• -1860 SF, 3 BR + office, 2 bath, Large Garage
• -Roof new in 2007, All windows replaced in 2005
• -Open floor plan with a ton of potential!
• -Great structure! No signs of structural issues anywhere.
• -Built in 1905 in historic area of town.
• -Existing boiler system out of commission and radiators taken out of service (pipe all intact). *Needs new boiler & radiators or MORE likely upgrade to forced air.
• -All water lines were professional winterized prior to heat being shut off. -Wood siding needs minor repairs and to be re-painted, but could be re-sided (possibly with vinyl)
• -Typical rehab work needed: Needs new paint and flooring throughout. Kitchen and bath updates needed.
• -Large garage/barn. Needs siding restoration and garage door, but VERY structurally sound.

RECENT COMP- directly across the street -1780 SF- Sold Nov 2014 for $95k. 
Zillow estimates this property to be valued at $109,400.  ARV is $90k (Values are increasing in this neighborhood steadily).

Repairs:

New Furnace system 9,000, Wood siding repair and Painting 5,000, Flooring 3,500, Interior Painting 3,000, Kitchen updates 7,000, Bathroom updates 4,500, Garage Door 1,500, Misc Electrical Expenses 1,500, Closing and holding costs 3,000

Repairs/renovations estimated: 38,000

PHOTOS:https://www.dropbox.com/sh/jfm0tj6vo4t24df/AAB38eFh369E23CBNnZ3SRd2a?dl=0

Mike Herbon

Michigan Home Buyers, LLC

[email protected]

(586) 879-9502

@Micah Copeland

  got it!

@Micah Copeland

Thanks for the response....I do/did, but I kind of blew them off since I had a buyer agreeing to asking price. (1st lesson learned). I think the seller will let me push it back, but hate to do.  Gotta do what I've gotta do though.  I dropped the price $2k and sent it back out to my buyers list (only 20 deep) and put it on Craigslist.  

I was never direct with the seller (2nd lesson learned).  I had told him that I had co-investors though.  I think that I can use the line that you offered.  Appreciate the input.  It's been stressing me out.  First Deal!!

If I don't get another buyer tomorrow, I suppose that I'll contact the seller and have this conversation.

Curious about deposits from buyers.  My "buyer" told me that was ******** that you read in books and nobody collects NON-refundable deposits (3rd lesson learned?)  Thoughts?

Rookie here! I'm looking for some season the investor input. I'm supposed to close one week from today according to my purchase agreement. The investor who I hadbeen negotiating with and trading contracts with has gone dark on me. Without providing a deposit. I am scrambling to find another buyer but he had tied me up for nearly 2 weeks.

@AntonioColeman

Thanks Antonio Coleman.  Thinking of boosting posts to advertise.  Unsure what having likes does for me, or how the fb algorithms may help me.  Also, considering offering a referral bonus for leads that I put under contract.

Looking for your successful FB marketing idea.

How are you using Facebook or other social media to gather leads for motivated sellers and/or buyers.  I've got a website, and I've started a FB page, but am looking for simple ideas for promoting it.

Thanks in advance.

I'd appreciate if anybody would share a Purchase Agreement and/or an Assignment contract that they like to use.  Ideally looking for another MI wholesaler to share, but am unfamiliar with the differences if they exist.  I'm preparing for my initial push of leads and want to be 100% ready!

Thanks in advance.  I would plan to run anything shared past attorney regardless.