All Forum Posts by: Scott McMahan

This is still available. A couple interested parties are still poking at the tires but haven't produced a written offer yet. 

Fully rented for $2105/month. I love getting the rent checks but my partners are not long-term partners and don't want to wait for a refi. 

I'm about to spend $5-6K to redo two bathrooms. After that there is no more deferred maintenance that I'm aware of. To a cash buyer who can close quickly and buy it as is I'll give a price break to make it worth your while. Call or email me for more info. 

Reputable property manager referred by local BPers available upon request. 

Will co-op with agent or wholesaler who brings a buyer.

approx 1100sf, 3/1 bungalow with basement. 

extensive work needed: extensive drywall repairs, new plumbing, electrical, kitchen, windows, siding, furnace, A/C, ducting, landscaping, some flooring (wood floors everywhere but kitchen, dining room, and upstairs can be reconditioned).

It does have a new dimensional roof in 2012. Structure is sound with no issues. It does need everything else!

ARV: $105,000-115,000 without garage, $115,000-130,000 with 1car or larger garage added.

Comps:

260 Farmdale 1056sf 4/1 2 car garage sold 129K DOM: 8

307 Farmdale 1006sf 3/1.1 w car gar sold 129,900 DOM: 10

331 Adams 1100sf 3/1.1 no garage sold 122,500 DOM: 3

410 W Chesterfield 913sf 3/1 no garage sold 119,900 DOM: 7

435 Flowerdale 918sf 3/1 no garage sold 107K DOM 91 (occupied)

321 Gardendale 1091sf 3/1 no garage sold 106K DOM 69 (occupied)

There are not enough professionally "wow-factor" rehabbed homes available in Ferndale. Would also make an excellent rental.

Selling price: $32K including wholesale fee. Will co-op if you bring a buyer.

Thank you,

Scott McMahan

248-904-8727

Quiet cul-de-sac street with friendly neighbors near Genesee Valley Mall and Swartz Creek in Flint Township. Lots of jobs nearby. Units have been very easy to fill with multiple qualified applicants for each vacancy.

Three adjacent parcels with 2 houses and a duplex. Houses build mid 1950s, duplex built late 70s. All units are 2/1, 630-700sf each. 

Now fully rented for $2105/month gross. Rent includes water and summer yard maintenance ($70 total per month). Tenants responsible for gas and electric.

Previous owner replaced roofs on all units and most of the windows in the last 5 years. I've replaced the water treatment system (one well services all units), one water heater (others drained, tested, and treated), 2 kitchens' appliances (reconditioned), 2 bathrooms, some subflooring, lots of misc, and paint and carpet. There is no further deferred maintenance that I am aware of, so this is a turn key sale. 

Great tenants - I inherited a "lifer" who has been there 12 years, pays $550/mo, and never wants to leave. The other three tenants were the most qualified and stable of the applicants I received and are on 13 month leases. The most recent one moves in 7/5. 

Great opportunity for $70,000 for all three. Cash sale or conventional/commercial financing available. Bank introductions available upon request.

Seller is licensed agent.

Call or private message me with questions: 248-904-8727.

All units 2/1s. Landlord pays for well, sewer, trash, and yard maintenance.

Nice street in Flint Township near newer medical development and Genesee Valley Mall. Lots of jobs within 2 miles.

3 legal parcels with two houses and a duplex. All parcels share one well.

1 unit has 12 year tenant who wants to stay. Currently month to month, willing to sign your lease. Pays $550/mo.

Other 3 units just cleaned out, painted, and carpeted to make ready for new tenants. All buildings have new roofs in the last 5 years. Houses have new windows. Houses have W/D hookups, duplex does not but they could be relatively easily installed in oversized coat closets. Projected rent on house: $575, duplex units: $500 ea.

On quiet cul-de-sac street with mostly owner occs. Friendly neighbors.

I just listed these for rent on Craigslist. Buy it and place your tenants with your lease.

Asking $70,000 for all. $2125 projected monthly rent.

Call or message me if you're interested. 248-904-8727.

what you really need is comps. Anyone can pull an ARV out of thin air without justification. You personally need to start by studying what sells in the marketplace, for how much and how quickly. Forget about wholesaling altogether if it takes more than 3 months to market a property once it's fixed up (unless it's a high end market perhaps, but I definitely don't recommend a beginner start wholesaling in a high end market). You're flying blind right now because you have no understanding of values in the market. So stop everything and study comps, block by block if necessary, until you have enough understanding of value to know if cap rates are even a useful measuring stick in your market, then if so, what are they there?

You wouldn't consider wholesaling antiques, electronics, or any commodity without understanding values really well, would you? Real estate is no different.

That's why wholesaling is generally not a beginners game. If leads are being delivered to you without significant marketing on your part, chances are they're not wholesale deals. They might work for fix

when I traded stocks one of my favorite indicators was the CNN/Forbes/Time indicator. If they were bullish on something I'd investigate investing - from the short side. Same holds true with real estate imo.

a lot of the reo listing agents are complacent. They have the relationships to get the listings and they often don't care any more than the banks asset managers do what something sells for as long as they go through their bureaucratic process that "proves" that they're working. Of course they could sell their assets for more if they hired diligent and hungry agents but they're riding a gravy train of other people's money so who cares. I too was astonished by this when I first got here. There are lazy agents everywhere but it does seem more prevalent here.

If you're looking in the city of Detroit there will indeed be other factors too.

I personally wouldn't bother with an option unless it comes at no cost and is for current value or less. Better just to get the lowest rent in the area that will best support your income generation imo. Insisting on an option to purchase will limit your field of rental choices and any money spent on an option would most likely get a much better return for you put into marketing and/or flipping.

why not lease your residence and put your energy into increasing your income, both from your job after graduating and from wholesaling and flipping on the side. Income is half of dti .

I went through a similar thought process and decided to stop putting my energy into my residence and instead focused on generating income. So far, it's proving to be a good decision.

Welcome to BP, Jon! I wish you all the best with your career change and those new twins. Congrats! It sounds like you intend to get into flipping?