All Forum Posts by: Steve Ehrman

@Bruce Woodruff yes, we spo,spoke, to a structural engineer who wanted $5K to inspect and write plan. The cost goes up from there. I think we will pass.

@Mike Hern. Thanks for the reply. I just told them that we would need to get a structural engineer to evaluate and draw up plans. I asked for an additional 14 days. We had 20 days to start, and we are only at the 7th day now.

We are looking at a 120 year old property to turn into senior housing. All the numbers work as far as rents. When we had the inspection it was found that there is extensive powder beetle damage to the numerous beams. The inspector showed us where the beams are bowed and recommended that we get a structural engineer in before we take another step. We still have 2 weeks to back out of the deal without loosing our EMD.

Should we just run now from this deal?

@Justice Jacobs. That us the interesting part. We won't be able to get the $4800 that a licensed adult foster care house for senors can get, but $3000 seems to be where the market is it right now. Still would need to get food service done, but it looks like due to a lack of availability it can be profitable.

@Justice Jacobs in Michigan we don't need to be licensed if we are only offering housekeeping, meal service, etc. We are not planning on offering any medical care.

The city has no special requirements for this type of assisted living, as long as there are no more than 6 people in the building. Right new we are talking to other assisted living facilities in our area to see if we can get a partner or mentor.

We had an inspection done. The house is over 100 years old, and has structural issues. We will be getting our contractor to look at the report and five us his best estimate. We will go from there.

@Jermell Shavers. You can follow this link to get the HUD fair market value for rents in St, Louis.

https://www.huduser.gov/portal/datasets/fmr/fmrs/FY2022_code/2022summary.odn

We have the opportunity to purchase an estate house in an upscale area. The home is over 100 years old but in pretty good shape. There are 4 full baths and 5 rooms that could be used as bedrooms. We could get 6 to 8 living in the home under Michigan regulations for assisted living.

Right now we manage 21 units across 5 properties. Just wondering if anyone has experience with assisted living and might have some advice.

We have the inside track on any estate house in Troy MI. The house is nit on the market yet bug we have a signed purchase agreement written by a realtor. There is no non-assignable clause in it.

One of our options is to wholesale the property. Can we assign a standard purchase agreement?

@Aaron Claybourn

Try lendinghomes.com. They will do a 30 year in a four plex.