All Forum Posts by: Drew Denham

Michigan flip... 2nd appraisal came in 5K less than selling price. What can I do? I've been through this issue before but the guy is comparing houses that aren't even similar (no garages, less baths, etc). !! I called him and he won't call me back. Can I go to his boss?

What can I do?

I offered a 24 month payment to the buyers as a back up option

The house is WORTH more than the selling price.

Thanks all.

Hi all, I've had my flip for sale for about 45 days now and after the thaw of the snow I see half of the basement has 1 inch of water. What I have done thus far:

1) added down spout extenders around the house

2) built the one side of the house with dirt

3) for whatever reason, the holes in the croc were plugged up with cement and we removed the cement and installed a brand new high voltage sub pump. When I did this, the sub pump ran for 30 minutes straight because there was so much water backed up.

There is still water seeping up the cracks on the floor but it HAS slowed down....

Anything else I can do besides adding a DIY B-dry system? It's hard to sell a house with water in the basement.

Hydraulic cement for the cracks? I'm really sick of pouring money into the house even though I have a huge gap of amount invested vs. asking price.

Thanks all :)

I'm in eastern MI and I'm curious to know what other ROI investors are seeing across the country.

My three rentals:

Class A neighborhood - all in value 95K - $910 in rent = .95%

Class B neighborhood - all in value $40K $775 rent = 1.9%

Class C neighborhood - all in value $14K $545 rent = 3.9%

I realize this metric is one of many ways to gauge your investment's return but wanted to see what other areas are coming in at.

Thanks all -

Drew Denham

@JD Martin

HI - the washer/dryer are in the basement. So just connect a pipe from the washer to the septic field?

Thanks,

So I'm way over budget on a rental and after installing the washer and dryer come to find out there isn't a drain for the washing machine. What are my options? Is this a big deal?

Could I add a pipe and connect to the sump pump pipe? Connect a pipe to the septic field? or let the washing machine drain into the sump pump?

Thanks all.

The best % I have is a monthly rent of $545 which I have approx. $14K into... 3.9%!!!

Not in a war zone - an average area in the city. It's a 2 bed 1 bath 800 house (not a very good looking house). So achieving over 2% can be done

Found a GREAT deal on a house - purchase price 25K - repairs - 50-60K - ARV - approx. $129,900. Our money is tied up in two rentals right now and we are in the process of trying to get a line a credit but the auction ends in 4 days. What are my options? Hard money?

Thanks all

I just purchased two umbrellas - one for my personal name - 2 properties $200.00 a year @ additional million. One is rented and the other one I live in. I owe $50K on the rental and the FMV is approx. $125K - so I'm basically covering myself from loosing/being sued on that equity.

2nd is in the LLC - 2 more properties - $188.00 a year @ additional million.

I'm a semi new investor (with rentals anyway) - over kill or no with having 2 umbrellas? The LLC is with my sister (who is a Physician) and want to make sure she is covered/protected.

Thanks all