All Forum Posts by: Rene Brodowsky

They did a 'drive by' appraisal, but I think that means they looked at comps in the area. But, in Detroit you need to compare renovated to other renovated homes, not just sales.

I'm applying for a HELOC on my rehabbed house in Detroit (primary). Huntington is valuing it way lower than what a rehabbed home sells for in my area. If they only look at comparable sales, they will be including Handyman specials/fixer uppers in their valuation. I would like to work with someone who knows the area. Does anyone have a recommendation?

We need a cpa who can handle our tax situation selling rental houses here and, potentially, in Dominican Republic. 

I just read that IRS used fair MV to establish cost basis on inherited property. So, the $75K is correct. 

We are within 5 years of starting to sell off our investment properties. Two of them were Land Bank purchases. (closed for 1,500 and 3,700, respectively) We did all the improvements ourselves (minus the roof work) Am I using those closing costs and adding all improvements to calculate our cost basis?  (Or will IRS use some fair market value number??) 

The Dominican Republic has laws that ensure foreign owners are treated (under the law, at least) the same as citizens/residents. If the cost of living factors in heavily to your calculus, consider the non-touristy areas of the DR. That's where we bought our home.

Bit late to the party, but I'd like to know if Kevin ended up with a property? We bought a fixer upper in DR 8 years ago. Seller financed for one year, all cash. Same idea: It will be our retirement home in the future.

Here!  I am seriously considering making house flipping a full time job. Anyone else in Detroit??? -Rene

We have 2 rental properties in Oakland County and manage 5 others ( used to manage 25...)...the DBLA home we bought is not intended to become a rental. I would agree there are some good rental markets...but for the average investor, we did NOT manage any Detroit properties for a reason. Flip or use yourself...not for the faint of heart.

I have a question for anyone here who has done the rehab on a DLBA home themselves.  Only my name will be on title, but does that mean my family members can help?  My husband can do everything and has rehabbed two houses before, but since he can't be on title until AFTER rehab, does that complicate things?