All Forum Posts by: Richard Dunlop

Hi BP Community,

My wife and I became accidental real-estate investors due to us moving to different cities for work and we ended up buying and turning into rental when we move.  We were fortunate enough to be in the location that return us (on paper) with good appreciation but not so good cash flow.

I am considering selling couple of our rental that would should us about 450K in equity and re-investing that into multi-family units. I am hoping to find unit that would attract to more quality tenants & give us 10%+ CAP rate and hopefully 3K-5K in cash flow per month. Is that possible? I am still doing research through forums in BP and turnkey properties offering.

We both currently have good paying W2 job, so I think financing our deal should be okay.

Thanks in advance!

Myo

You'll receive a property transfer affidavit in the mail or you can print one out from:

https://www.michigan.gov/documents/l4260f_2688_7.p...

 Fill it out and mail it back. Highly doubt they will refund the difference from homestead status once paid. Doesn't hurt to ask the title company though!

Glad to be here! Attended my first webinar and purchased a pro membership immediately. I purchased my first home when I was 17 and have been hooked ever since. I manage assets for a major firm during the day. I started at my first brokerage firm when I was 16 working in their IRA department. Investing has always been my passion. For my personal investing, I stick to real estate. I have always had the bug. I had no idea that a place like bigger pockets existed. I feel like I am home. My goal in real estate is to build the largest portfolio I can. Currently I own 14 doors across 4 properties. Looking to scale that up to 100 within the next 3 yrs. I grew up in Michigan and lived in Scottsdale for 5 years. My current plan is to purchase more properties in Arizona. That may change as I am exposed more to the knowledge of this amazing network. I have been researching the site and would appreciate any guidance on to how to make the best use of my time here. Thank you in advance for your help!

@Ned Carey What my ARV was based on. I'm wondering if there are two different ARV's, one for being rentable and one for retail sale. I was asked what my ARV was based on, just wanted to be sure.

@Richard Dunlop Thnaks Richard. For future reference, how'd you get to 45k?

...O = Original loan amount

P = Principal paid per month - 58,900/360 = 163.60

N = number of years owned - 12 years. Sept. 2003 - Sept. 2015

X = Estimate of loan owed still

O-(P*N*12)=X

X = $35,340 amount estimated still owed on the loan.

• 50k (at least) to get it in shape.
• ARV around 120k-170k (wide range because of area). 130k is what the city appraised....

144 payments made on a 360 month loan of $58,900 would leave about $45,000 unpaid and it could be much higher with late payments etc.

.... 50/50 partners is our acceptance." 

What does that last sentence mean?  I'm not sure if that's contracting lingo or not.  Thanks!

Ashley Wolfe

I'm a novice Real Estate investor. I've gone to seminars, taken courses, and now I'm actually ready to actually acquire Real Estate.

@Richard Dunlop did you get that house?

....  Any overage goes to the owners of record at time of sale...

Overages are NOT returned in all jurisdictions! Because Michigan goes through Judicial Foreclosure, The county owns the property out right or Fee Simple at the time of the sale and does not pay overages to a previous owner. 

The state has decided that residents are particularly at risk of predatory activities when buying and selling real estate, which is why the licensing statutes exist.....