All Forum Posts by: Drew Denham

Welcome - there is a Grand Rapids meet up every month. Let me know if you want more details

Hi all, I have under contract a 800 sq ft house built in 1930 on a crawl and the one corner is sloping a bit. My inspector didn't think it was a big deal since the plan is to rent the house (I paid 11k) Anyone know how much this is to fix? 1k 10k???

601 n Catherine bay city mi

Jon Holdman Hi Jon - I took a look at realtor.com and my house is in a much better area. In addition, this house only needs a little work and some of those houses on the web sites are train wrecks (I've been through a couple). This house is pending inspection so I will be able to determine repairs... But this is a Low risk to get into the average areas of bay city. I have another rental in bay city (A+) area so I'm just trying to diversify a bit (for 11k, can I go wrong)???? ARV is $25k

Bay city mi 810 sq feet on crawl needs some roof TLC In a C area 2 bed 1 bath COC return 30% Meets the 2% rule Rent is 500-500 fixed up a bit Good buy??

So I'm looking at purchasing a MF home but the landlord pays utilities and with Michigan winters this could get pricey on a 1900 sq foot house. Any creative ideas for tenants to keep the bills down? Rent is 1150 per month and I can probably get the house for 25k ready to rent. I haven't seen the previous heat bills yet but I'm not sure if it's a red flag not to have multiple furnaces .. Thx all!!

JT Spangler Bay city mi - thx for the note

Deal #1 - 2 unit currently rented at $1150 per month. Built in 1900 new siding roof and furnace. On a busy road in a C area. located close to downtown and currently rented by college students (good or bad?)
Asking price is $32,900 i'm going to start at $22K
Morgtage w/ escrow and maintennce $100 est per month - 430
Down payment $5,000 @ $25K PP
Annual rent @ 93% occupancy - $12,834
Annual expenses @ $7662
COC return 1.5%

Deal#2
2 bed 1 bath 800 sq ft house in a C- area
Asking price is $19900 and motived sellers - going to start $8800
Mortgage with exrow and $100 maintennce per month - 370
Annual rent @ 500$ per month $5580
Annual expenes @ 4458
COC return 56%
Built in 1930

Deal#3
3 bed 1 bath in an A area
Septic tank might need relplacing (REO property) Roof and furnace is shot
HUBZU property
Asking price is $50K (been on the market 1.5 years) and will try to get for high $20's. ARV at peak levels is $90K and will rent $1000 per month.
Morgtage with escrow - $460
Annual rent $12K
Annual exp $5600
COC return 95%
Built in 1965

I'm not a fan of 1900-1940s houses but the value is there. I really like investing in better areas but the ROI on these properties are pretty well. Are you seeing ROI's like these in your areas? Thanks all!

Mike H. Hi mike! I read your bio - seems like your doing great! Congrats! Can I ask how you picked up 10 houses in 8 months? Are u a cash buyer? Thx

HI all, i'm looking at putting a bid in on a house on HUBZU which does not have city water or sewage. This would be my first offer on a house like this so i'm trying to ask the right questions so i'm prepared for what could be wrong with the house. Can you have an inspection on a HUBZU house? Do a lot of investors have success with septic/well houses? Again, this might be a dumb question but I just want to be prepared! Thanks all!!