All Forum Posts by: Ray J.

We own 2 properties free and clear that we are getting ready to rehab for rentals in Detroit. Current rents are $700 - $800. ARV $40k - $50k. Rehab costs are approx $15k each. Once we finish the rehab and get them rented, we will be looking to get cash out funding and repeat the process (BRRRR strategy).

done

Hi Alisha, I would like more info on this property as well.  Repairs, liens, etc.  also do you have any other properties for sale?

[email protected]

Thanks

2 more cents added to that 2 cents!

Hi @Clarence Scott, are you still in the Flint, MI area? I am beginning to look at the Flint market for rentals but need to connect with someone locally.

Sarah Rollins I recommend researching your area and attend local REIA groups to get to know other investors. You could partner up on a project.

So, several things here... 1. You mentioned subject to but you also talk about owner financing. Does he own the property is out right or does he have a mortgage on them? 2. How much does he want for a down payment? You could possibly use a private lender for a short-term loan for the deposit. 3. Are there tenants in the property currently? Are you going to continue them as rentals or possibly do a lease option? If you do a lease option you could use the option deposit money from the lessees and pay off the down payment loan. 4. Another option would be to have someone come in as a partner who can put up the deposit money.

Originally posted by @Mark Brogan:

welcome @Ray J.

Read,listen to all the podcasts,ask lots of questions,then get to work learning your market 

Good luck

 Thanks Mark. That is exactly what I've been doing. My brain feels like a sponge.....but in a good way. LOL

Originally posted by @Bill S.:

@Ray J. welcome. There is a meetup close to you in Eire, @Dan Mackin organizes it. Perhaps he can fill you in on the details. Be sure to set up some key word alerts about your areas of interest. That helps keep you in the loop about what is going on locally.

 Thanks Bill. I will do that.

Hi all, I have been filling my head with real estate investing info lately to get prepared to buy my first property. I am VERY glad I found BP along the way. What a wealth of information! I've even done a few mock runs with properties I've found. The BP podcasts are awesome and I've learned a lot from them. I look forward to this journey and sharing my experiences here.