All Forum Posts by: Tianyun Zhang

The seller took another offer. :)

@Dennis M. Not spending 180K because I use mortgage. And that 100 bucks is after paying off everything

@Jason D. The taxes are high. It's 5000 a year. HOA is 300 a year. It needs rehab. The furnace and hot water heater is original.

I used the 50% rule too. If the rent is 1750 and my mortgage is 750. It is about 100 dollars in profit. Maybe it's an okay deal.

BTW the address is 7367 SPY GLASS Lane Ypsilanti Twp, Michigan 48197. If anyone knows more about that area, please let me know. Thank you so much!

Hi BP Community,

    I just made an offer on a single family house today and just wanted to share the numbers to see if they make sense. 

    The house was built in 1999 and has 3 beds and 2.1 bathrooms. It has a walk out basement and an attached garage. It's been on the market for 18 days and seller already reduced the price by 10k. The initial asking price was 195K.

    The house does need some work but nothing major. It's in a very nice neighborhood. Very safe and close to a big grocery store. I let the agent run the comp and it came back as 198K. The monthly rental in that area of the same kind houses are mostly 1750. The agent suggested we can make an offer of 180K or even 175K. According to the 1% rule, I made one of 175K. 

    I am still waiting to hear back from the seller. I will update whenever I hear something back.

    Thanks!

@Courtney M. yea that’s good advice. I am not working with a property manager yet. I looked at other rentals in the area on Zillow. Having a basement doesn’t seem to increase the rent by that much but I will dig deeper 

@Courtney M. yes I’m working with a local agent. She didn’t mention anything wrong with no basement or garage. I don’t know if they are essential in Michigan. Is basement going to cause a lot of maintenance issues? Thanks

@Christopher M. it’s very close to parkridge Park. I heard there was a gun shootout there couple years ago. Not sure if the situation improved or not. Thanks

@Christopher M. Yes the tax is around 4000 per duplex per year. It’s rediculously high

@Antoine Martel the SFH is in a safer area. The duplexes are in a kinda rough neighborhood. And Ypsilanti is a small town. The downtown area actually doesn't have much to enjoy IMO. :)

Hi BP community,

I recently came across two deals on the MLS and would really appreciate your opinions on the deals. They are both in Ypsilanti.

One is a SFH in Ypsilanti Township. It has 3 bds and 1 bath of about 870 sqft. No garage or basement. The foundation is crawl space. The house was built in 1970 and is fully remodeled and ready to move in. The asking price is 90k and the rent in that area of similar houses is around 1100.

 The other deal is two duplexes close to downtown Ypsilanti south of Michigan Ave. The seller only sells both duplexes together. They are identical and each unit has 2 bds and 1 bath. They were built in 2003. All units are currently rented for 700 apiece. The asking price for each duplex is 145k. So the total purchase price will be 290k.

I only have the capital to do one deal. The number of the SFH looks better but I would like to scale fast by purchasing more multi families.

Thank you so much for your help!