All Forum Posts by: Anthony T.

This is a FSBO. I also dont have a agent either.

How will this process play out?

I plan on asking my lending tomorrow. It would be nice to have some idea what im talking about before I speak with him.

You're just saying this isn't your cup of tea... Fair enough. 

I understand not all of 48186 is shack town. That is why i figured id mention it.

Why would you never buy there? I understand its a D class neighborhood but if the numbers make sense, they make sense, right? 

Really looking to make the right move here so any advice is appreciated. 

Hello everyone!

Finally, I believe I have found a deal that the numbers make sense.

This is a off the market single family home that was inherited to a family member.

Its in the City of Westland MI. 48186 (Shack town)

Single family

2bath 1 bath Sq. Feet: 1,218

2 car garage

Cost - $45,000

Rent should be $700-800

Needs - Paint and carpet.

The home is much nicer than 95% of the homes in the area.

This really looks like a good spot for me to get my feet wet.

I dont think im over looking anything. 

I ran the numbers and im coming up with an ROI of 42%?

That seems way too high but, I dont know what number im plugging in wrong.

Taxes have been $800 annually for the past 8+ years.

and I have 1300 in for the insurance.

Down payment of 20%

One thing that she did mention to me is that they have a quit claim deed on the house.

What exactly does this mean for me and what extra steps should I been taking?

So I contacted the broker I used to purchase my first and primary home. I thought that I may have had enough money saved up to starting looking at properties in the 65k range but this is the response I got.

"Hi Anthony,

We are borderline on available funds for the deal.

With 20% down and a 2% seller concession the total to close came to about $18052.

Six months payments in reserve funds are required ($3,071).

The total we need to document is $21,122.87.

This was all based on the purchase price of $65,000."

 I hear so often on podcast that people are getting into rentals with 5-10% down. My broker is saying I would need more than 30%. Does this seem right?