All Forum Posts by: Peter Dukaj

Thoughts on a new construction build with propane.  Natural gas is widely used in the area and can be brought to the property for roughly 40k.  

The property is located in an area with 1M dollar homes, but a single parcel (not in a neighborhood) and propane

If you had enough volume in Michigan it might be worth bringing some of these trades up. 

Who is doing the framing in Texas?

 I have seen some lots in  Lehigh Acres for 15-30k, are these buildable lots in decent areas?

What is Sec 8 paying in Detroit/Redford area? 

The settlement could accelerate the adoption of new technologies in the real estate sector. Platforms that offer more efficient, transparent, and user-friendly ways to list, search for, and buy homes could gain traction. This could disrupt traditional business models but also spur innovation and improvement within the industry.

Navigating this situation requires careful consideration. Here's a suggested approach:

1. Verify Rent Increase:
   • Request a rent roll from the seller to cross-verify rental history.
   • You can ask the current tenant for confirmation, ensuring transparency and avoiding surprises.
2. Contact Existing Tenant:
   • Communicate directly with the current tenant to discuss the property and their intentions.
   • Understand their perspective on the rent increase and their willingness to stay.
3. Reason for Previous Buyer Backing Off:
   • It's reasonable to ask the seller or their agent about the reason the previous buyer backed off.
   • This can provide insights into potential issues or concerns with the property.
4. Negotiate and Due Diligence:
   • If you're still interested after clarifying these aspects, negotiate based on your findings.
   • Consider conducting your due diligence, including a thorough inspection and possibly consulting a local property manager for insights.
5. Evaluate Costs and Risks:
   • Assess the costs associated with potential repairs and factor in the risk of the increased rent being accurate.
   • Weigh these costs against the reduced purchase price and potential future returns.

Remember, due diligence is crucial in real estate. If you're uncertain, consulting with a local real estate professional or attorney can provide valuable insights into the market and legal considerations.

In this situation, you might consider exploring the option of refinancing the existing property to access equity for the downpayment on the new residence. This way, you can potentially retain the property and convert it into a rental while addressing the family's needs. Consult with a financial advisor or mortgage professional to discuss refinancing options and determine the most suitable strategy for your specific circumstances.

Offering 95% to a money partner could be an option to close your first deal, especially if it helps you secure the necessary funds. However, consider the long-term implications and ensure the terms are fair for both parties. It might be beneficial to seek advice from experienced investors or explore alternative financing options to strike a balance that aligns with your goals and financial interests.

Investing out of state can pose challenges such as unfamiliarity with local markets, potential difficulty in property management, and variations in regulations. Distance can make hands-on involvement challenging, requiring reliance on local contacts or property management services. It's crucial to thoroughly research and establish a reliable support system to mitigate these challenges. If you're well-prepared and have a solid plan in place, out-of-state investments can offer diversification and potentially better opportunities.