All Forum Posts by: Robert Breen

I am an investor and a Realtor.  I don't want to buy a property with known mold issues.  Though easy to take care of, the stigma attachted to that just never goes away and must be disclosed.  I actually would buy a home with foundation issues before one with a mold problem.  A foundation issue is usually fairly easily taken care of and if planned for in the renovation process and purchase price of the home, can still be lucrative.  

i would also look into the rules for a 1031 exchange.  You may not be limited to only purchasing one property.   From what you have posted it seems you don't have to go through the expense of a 1031 exchange but just in case you may want to look more into it.  

I would take a look at the IRS website that states the rules regarding the sale of your home. 

http://www.irs.gov/taxtopics/tc701.html

This explains things quite well.  Remember that's only for Federal taxes.  Your state may have different rules. 

Private lender needed for $250,000  real estate loan.  10k down.  3 duplexes.   Must be below 10% rate.  

I have a few homes left in the Muskegon area that are great deals. One is offered by HUD. 3/1 on full basement near schools. Well below recent appraisal at $48,600. Another home near the High School is currently rented with good paying tenanants. Needs some cosmetic work. $55,000. Anxious owner. Talk to me about these or other investment opportunities you may be looking for!

I am part owner of a RE/MAX franchise in rural MI.  One of the most important people we put on our team was a closing coordinator. 1 person to handle all the details of a closing while we concentrate on getting more deals put together. 

I have a possibility in the rural West Michigan area.  Email me if you are interested. I am a licensed Realtor in Michigan. I can't buy my own bank owned listings or I would be looking seriously at this one for myself! 

3 bedroom one bath home just a block away from Muskegon High School.  Owner occuppied until recently. Current tenant has been there since Dec. 2013 and is a good paying tenant at $500 per month.  They have a lease through Dec. 2014.  One tenant expressed interest in a rent to own agreement but current owner cannot do that with them.  Current owner bought the home but decided they would rather live outside the city. They are from a more rural area and want to live in a rural area. They cannot buy a new home until they sell this one. Needs some maintainance but overall not bad shape from what I am told.  I am a licensed Realtor selling this for client. 

Let me also add that Studios are not built until all six studios in a suite have been sold. They are doing quite well right now at moving everything along. If an entire suite of six is ordered they are getting them fully functional and ready for tenants in 90-120 days. Studios are owned by buyers with common areas owned by North Dakota Developments. There are laundry facilities, rec area, cafateria, excercise area, and a store all on site. This is all set up in order to cater to the needs of the many workers in the area both in the oil fields and support industries.

Thanks Jon.

Here are the numbers for individuals or businesses that want to buy suites seperate from any partnership I may want to form. The brochure is much more explanatory as far as the entire project goes and gives a better overview of what things will look like.

1/2 interest in 1 suite $30,950 + $2140 booking fee +$1750 est closing costs=$34840.

1 Single Studio: $54,950 +2908 Booking Fee + $2350 est closing costs =$60,208

Suite of 6 Studios: $319,700+13560 Booking Fee + $10,300 estimated closing costs=$343,560. Includes a $10,000 discount for purchase of full suite.

You are free to manage your own suites. There is the option of having a management company run everything for you as well. The potential return shown in my examples are using the management company to make this hands free.

Nightly rates of $139 per night. 50% to the management company which also maintains all the units. $5 per night per studio for insurance. $450 each studio advertising charge to get the room rented. 82-90% occupancy rate. That rate is very common for housing in this area. Watford City is where the first project is located.