All Forum Posts by: Russell Gaston

 Landlord pays for garbage and sewer about $400 annually.  Tenants are currently responsible for upkeep.

 There are very little multi-family properties in this area and that property was the most recent to sell and that was back in December of 2015.  That property sold for $67 sq/ft and the rents were listed for $450 mo for each unit.  The property I'm looking at is 2300 sq/ft I would love to get a 12% return but wouldn't go below 8%.

So I have an opportunity to purchase an off-market duplex in Spring Arbor, Michigan but I'm nervous about the numbers.  The seller hasn't given a price but they purchased the property 10 years ago for $135,000.  I can see the property from my back deck and its location is great and in a very desirable school district.  The larger 3 bedroom unit is currently rented out at $750 mo and the tenant is a long term tenant.  The second unit is a smaller 2 bedroom and is currently rented out at $650 mo, that tenant is new.  The property needs a new roof and both units could use a good refresh.  A similar but smaller property just sold for $100,000 but that property was in better condition.  How much would you offer on this property?  My analysis tells me $100,000.     

I'm in Jackson, MI but I still might be able to provide you with some leads.  Send me your criteria and I'll see what I can come up with.  How far back do you want to go?

I just got my license at the beginning of January, the link below is to the place I used.  It was an easy process with them.  I found them through Jackson College.

http://www.careerwebschool.com/michigan/real-estate/sales-pre-license/?ernid=2017

My good friend Brook Bisonet is an attorney the Grand Rapids area. He's from Jackson so he's down your way on a regular basis. Please let me know if you would like me to get you two connected.

Welcome! I live just down 94 in Jackson.  Maybe our paths will cross some day.

Welcome! I'm a newbie as well.  I will be sitting for the State Exam this month.  The plan is to work with investors and to also invest myself.  Let's keep in touch as our real estate careers grow.  We're not that far from each other.