All Forum Posts by: Patrick Moore

@Nadiyah Malbon - sounds like a good Propery condition report from your ‘boots on the ground’ would settle your nerves.

@Bob Okenwa that's what I did with my first property. I'm less than a year away from having my LTV to 80%. Then I will refi into a conventional and drop my PMI.

I'm super excited because then I am able to go get another building using FHA.

@Kevin Morris

I had a grammar school teacher that instilled the “trust your gut” mentality in me. If I were in your shoes I’d tread lightly with a partnership that I was already having reservations about.

@Ben Meisel

I also have an issue with a high water bill. Mine is because I don’t have a meter, so they estimate highly.

Meters are inside the buildings, if the leak is past the sidewalk, usually it’s in the city then. If it’s between the sidewalk and house, it’s on the building owner, I wouldn’t hesitate to call insurance then as well.

This is the first MF over 4 doors that I ran numbers for, I'm guessing I made a few mistakes. Can anyone find some room for improvements on my estimations/numbers? I GREATLY appreciate any and all constructive criticism!

After listening and then watching episode #331 with @Ashley Hamilton
I then read an article about how Ford is creating 3k jobs in detroit. 

so... 

I'm exploring the options of investing in Detroit. 

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Brent Paul The coach house in the rear of the property needs to be demolished and a new house would not be allowed. Taxes on the neighbors houses are half. 

The cook county assessor has the property valued at almost half a million, if I purchase it for 100k it’s obviously not worth 500k. 

The front house is a duplex with a basement that is only 2’ below grade, there is a lot of support beams but I’m sure it’s possible to add a unit down there. 

The rent for the 2 existing units would be about 2400 a year. 

Is there a way to make this deal profitable or should I stop trying to put this puzzle together?

I’ve been watching this multi family on the market for some time now. It was up at 220k+ now it’s down to 104k.

There is a coach house with an additional 2 units. The city says it has to be demolished because it is no longer grandfathered in.

Is there anyways around this that anyone is willing to share? Can I split the lot possibly?

Next hurdle is the high taxes

The taxes are at 18k.

On the county website they have the value at 498k.

I talked to my property tax guy and he said he could get them down to somewhere between 8-10k.

How long would that take? Would I have to still pay the high taxes until I get them appealed and reassessed? Can I roll the holding costs into a 203k conventional?

Thanks for any help!

@Ryan Proffit are you inheriting any tenants with your deal?

I personally will never inherit tenants again. I want to be able to screen my tenants and know who I’m renting to.

@Michael Boyle if you need help fixing any damage caused by the water leak inside, shoot me a message!