All Forum Posts by: Matthew John

Pro Tip - You can get the 11% rebate at Menards always, even if they aren't running it right now. 

Just save your receipts and when they run the promo, go to the service desk and ask for a rebate adjustment form. You can then mail your receipts and receive the 11% rebate. 

@Richard Dinh I'm in the middle of another BRRRR now! I'll share updates once I'm finished with the renovation! Feel free to reach out if you have any questions

@Tanner Marsey I stick to what I know...the suburbs that border Detroit. I haven't yet invested in the city. The key to investing here is having Boots on the ground and an understanding of the market. I've lived here most my life. I've seen incredible appreciation and cash flow that aren't found in many other markets. 

It's no doubt that the Detroit market is one of the best Real Estate Markets in the country to invest in right now. 

I've tried talking about Detroit before, but it gets continuously trolled and bashed by respected members on the forums. I've decided that it's best to just keep your head down and focus on building your own empire!

@Jonathan Travieso Welcome to BP & Detroit! We have one of the best markets in the country when it comes to cash flow. 

My advice is to research ALL the areas BEFORE taking the trip out here. Narrow down the areas you're looking to invest so you come to town with a plan. 

Metro Detroit is HUGE & there's a lot going on here. Connect with local investors and start building your Boots on the ground team. 

@Pablo Jimenez-Corredor No for the acquisition 

@Pat L. Did you go through with the purchase?

@Brian R. I don’t think tenants care too much, the person I’m trying to please is the Appraiser. I decided to order an Appraisal for $275 and asked them to give me the value of a fully remodeled unit to see if it makes sense.

@Chris Lynn I wish there was an easy fix! This is in the top of a Bungalow. There is limited room. Consulting a contractor to see if it’s possible to add a small hallway and alter the staircase, if not I could make it one big room and possibly squeeze in a bedroom on the main floor.

Hey Guys, I found myself in a unique situation...

I came across a 3/2 at an attractive price the day it was listed on the MLS.

I have been out of town and I wasn't able to see it, all I could do was see the pics on the listing. I knew the price was attractive and it needed some minor work, it could be a potential BRRRR deal.

I decided to throw out a cash offer (sight unseen) and they accepted.

Listed price - $65k

Offer - $59k

Rehab Estimate - $20-25k

ARV - $110-125k

I have a 7 day inspection contingency and must close by July 31st.

Here’s the problem...

Since I haven’t actually been inside, I asked my dad if he would visit to check it out before hiring an inspector.

It’s listed as a 3/2. The city assessed it as a 3/1.5 (2 full bathrooms, 1 is in basement).

But he said there was only 2 bedrooms. The Bungalow upstairs is just 1 big room, but they’re counting it as 2 bedrooms.

The only way to access it as 2 different bedrooms, would be to WALK THRU the first bed to get to the 2nd.

Do you guys think this is a deal killer?

I don't think a Walk Thru bedroom would effect market rent, but as a BRRRR I need to be able to please the Appraiser.

Would the Appraiser consider this a 3 bedroom?

This house was built in 1927, it’s 1200sqft, and located in Michigan.