All Forum Posts by: Account Closed

oops... sorry, my mistake.

here's the corrected stats:

Rob K

%-wise #s shows inverse "white flight" haha... but then again, i'm not a statistician to properly adjust the numbers to show a better comparison. however, i figure by % measure, that should be "apples-apples" enough ...maybe? :)

%-wise census shows definite move in hh income over the years

Hi Rob K

Row Geography White+ Population Black+ Population American Indian+ Population Asian+ Population Pacific Island+ Population Other+ Population
1 Detroit city, MI 86,039 601,988 8,448 9,925 673 24,981

how long would you say the "black flight" has been occurring? depending on how long or real of what you say is true, according to census, the demographic spread shows not much "flight" from detroit :) UNLESS, the proportion was much greater before the last 2010 census.

When/if you do get estimates, don't forget to consider cost for mold remediation. I'm sure this varies from state to state, and maybe you can find someone to do it for real cheap (without a license - but that's a whole other set of risk) depending on how bad mold is.

the fact that you have water leaking from the roof down can mean water coulda gone anywhere along the house. also, depending how long this damage has been around for exposure to water, the mold could be really bad. hopefully you can find a contractor with experience who can give you an accurate quote of assessing water damage and what will need to be repaired.

cost for termites may be another concern depending on how old the house is, how badly the roof is damaged - termites see open spaces for their meal to get started for their homes and food could spell trouble. even tho the house was tented 2yrs ago w/a 5yr warranty, you can have infestation much sooner than estimated if your roof says eat me in a termite climate. not sure if termites are an issue there - some places are more prone to termites than others (climate, etc.)

definitely consider assessing repair of water/mold/termite damage... THEN, get an estimate for updating the property. after all is said and done, it might not be worth all the trouble and expenses to go through when you can get a house with less extensive unknowns for damage. water can go just about anywhere.

again, i don't know if your area makes a big deal about mold - cali certainly does (at least when it comes to insurance not covering it) :)

10-20k could just be for repairs
another 10-15k for upgrades (depending how fancy you go)... while i'm not a construction guy nor have extensive years of experience in rehab, no experienced rehabber or construction guy can give you an accurate estimate online without knowing what they're looking at. even if you ballpark it w/the above #s, you're looking at 20k-45k AFTER you purchase the property... how long will it take to be able to move in (and at what cost)? how much will it cost in all the extra hassle depending on how extensive the damage will be to your primary home? that's unknown .. perhaps until you're in the middle of it might you get a decent estimate.

wonder of Will Barnard and @j scott and other experienced investors might know better.

good luck!

I must interject a li'l warning... it's REALLY EASY to get stuck in the study as the days pass by.

I'd strongly recommend figuring out a 14day plan on a 30day outlook of actionable tasks towards weekly, monthly deadlines/goals. By the time you know it, it will be July 1, and without a definitive course of action (syllabus per se), you may be scrambling and worrying that the time has flown by and you're not much further than where you were 60days ago with little to show for, but the ability to write a review or two and maybe even a bookreport on what you've read.

Joshua Dorkin / Brandon Turner is there a xx day (i.e., 30day) action plan in your Ultimate Investor Guide? I remember looking through it, but not finding such an action plan. Might there be any plans to create one (or get a poll on interest for such)? an action plan for each investor/strategy profile one might opt for (i.e., for wholesaler, for rehabber, etc.)

Starting off, it's realllllly too easy to get overwhelmed, spin your wheels, and get frustrated b/c you tried a li'l of everything, but nothing long enough to gain traction in any one direction/objective.

Hopefully, you have a detailed plan in mind or are drafting one to execute next week, if you don't already.

What are your measurable results to work towards in a step by step fashion to reach your goals? Better yet, what goals do you intend on hitting by June 1?

Much luck to you and your wife!

on the point about the judgment... wouldn't talking to a few reps from the big three cr bureaus be a good place to start to get feedback on whether that's recorded on your cr history or not?

as for settling... I think Jon Holdman has a good idea about how to charge... to add to that, if you still think that's not fair, it might help to adjust perspective by considering the difference in amount can add up to convenience and tuition for this lesson/situation w/your ex-tenant. I'm sure you'll handle things differently after this li'l debacle. I know I've learned from it!

good luck!

where are you finding your buyers? Have you joined any rei groups? I have found connecting with the more known/popular, active investors in these groups usually helps reduce the risk. however, it's not the same as establishing a relationship and getting to know them over time. connecting and birddogging for more high profile investors who are regulars in public rei groups (at least for me) helps minimize any monkey business, since it's so easy for me to call them out in if needed. their "stardom" in the rei group, i'm sure, helps them stay honest at the very least. but more likely than that, i think active investors in the rei groups i've been too and trust are just genuinely honest, straightforward shooters anyway.

Welcome to BP!

have you or your wife considered getting your re license? as you become familiar with what to look for in homes as investments, it should be useful to also be an agent for those looking to buy/sell. at the very least, you'll have access to the mls - a valuable tool to determine home value and doing comps.

i'd recommend to definitely understand how to do the numbers and evaluate home value... even just as important, connect with other local investors - don't stop going to the rei meetings ... or at least continue to network with ppl in the industry so you can get more familiar w/the terminology and the goings on in your market.

much luck to you and your wife!

thanks Clay Huber for your reply.

I've come across a few posts where i've inferred that when offers are made in high quantity (i.e., 250 offers in one week), it's what I've heard from other local investors: the rehab is estimated into the numbers and an offer made, site unseen - with an inspection contingency.

how effective the offer is, i'm sure, is a different story.

thanks J Scott for your reply. been away...

would you feel betrayed if you were in the person's shoes of losing your job b/c your friend was offered your job?

would you take the job if it meant your friend would lose it to you?

don't the above questions imply a moral issue... would the above situation be more about right/wrong in terms of taking the job given the circumstances?

I dunno... i think this situation is a good reminder that everything we do IS personal. afterall, there isn't anything that we can do that is NOT personal / relative to us anyway. Unless I'm misunderstanding the implication of the saying: "It's not personal, it's just business." slightly straying from my own topic, I often wonder (as can be demonstrated in this scenario described) if the bigger picture really is that everything we do comes down to personal (ethics, values, decisions, actions, etc.). to say something is just business seems like a cop out in taking responsibility for a decision made. facts to back a decision can only rationalize / justify a decision (good or bad - personal value).

well, it's late, and that's my excuse for this vague & obtuse reply.

but really... there's no such thing as "it's not personal, it's business" - we play by social rules and personal interest... it's either all personal... or personal and business... but never business and not personal.

I hope this makes more sense in the morning after some rest. :)