All Forum Posts by: Drew Denham

So I bought a BRAND NEW refrigerator from ABC Warehouse (w/ 5 year warranty), it crapped out and ruined my tenants food (2 months after the purchase) ABC fixed a part, and 2 months later the fridge stopped cooling again (on a appliance less than 6 months old). ABC and Frigidaire are very resistant to replacing the appliance and said that I bought a repair, not a replacement warranty. I knocked $100 off rent for my tenant because she has always paid on time. 

So I wanted to ask if anyone has a similar type of problem and what they did? 

Also, what brand do you buy for appliances? I bought brand new because i'm an out of town investor and I wanted to avoid any appliance related tenant call.... 

In another rental I had a $800 Whirlpool refrigerator and 5-6 years later it broke beyond repair (also an ABC Warehouse purchase). They sure don't make appliances like they used to. 

Thanks all. 

I have a few flips going on, enough money to rehab, but not enough reliable handymen (need a crew) to get the houses done in a timely fashion.  I'm just curious on how others have found legitimate contractors in their cities. Angieslist? Thanks! 

Nick Meister Jason D. Steve Van Der Heide Thanks for the feedback guys. I really don't understand how GR could be on the verge of a bubble bust. Demand greatly exceeds supply and I don't see that changing for some time. The only thing I can think of is if one of the major corporations - amway, Gordon's, steelcase, Meijer have a big down turn where they have to lay off a lot of folks. I got lucky this past fall with a large ranch Nw side. PP 140k, repairs 50k (some DIY), and I think I could get 240-260 for it. Nuts ... I think the best bet is finding properties that need a ton of work and hope you get a little bit of luck. The million dollar question is when will GR stop appreciating???? Thx all.

I live in Grand Rapids and finding a deal is very slim. I also invest in East Michigan (Midland) and the market there is getting hot as well. Any cities other than Detroit, Lansing, GR, Kzoo that are worth looking into or other folks have had success with? Grand ledge? Battle Creek? Gaylord? Cadillac? Thx! 😄 Rentals or flips

My primary residence is worth approx. $220K (owe $135K) and I'm looking to pull out the equity to reinvest.

30 year fixed @ 3.75%

Are there banks that offer better than 80% LTV?

Huntington bank said they offer 2nd liens up to 100% LTV based on credit scores.

Has anyone had any recent success with a certain bank?

Thanks!  

I'm curious if others have had success in their flips with different upper and lower cabinet colors. I'm debating painting cabinets of a small home (800 sq ft $60K ARV) to add some character and differentiation. Upper white and lower navy blue? Upper white and lower medium grey? Flooring is light hardwoods.

Question - has this worked for others? Failed? What's been the feedback?

Thanks all!

Location is in East Michigan

@Kevin Douglas

I invest in Bay City and I'm planning on doing in full time in the near future. Let me know if you ever want to chat or network. Thanks.

Drew D.

I'm an out of town investor and I just picked up another rental property (PP $20K) - fix ups $3K and I'm debating of what to do with the appliances. I'm hoping to get $775 in rent per month. Do you guys have better luck on craigslist or buying new? I'm not sure its worth the hassle of trying to find cheaper appliances on line vs. having the peace of mind of buying new at ABC Warehouse w/a warranty. I'm just curious to know what others have had success with! Thanks all!!

Drew D

Found a MFH I'm interested but most of the banks I've reached out to require 25% down and that is spreading me too thin. Has anyone had any luck with 20% down or even less?! :)

Thanks all -

DD

I'm in the process of buying my fourth hubzu house... the people lost it to the bank for $172K and I bought it for $35K..... yes the roof is shot, might need a new septic, but its in an A location with an estimated ARV of 125-155.