All Forum Posts by: Todd Douglas

 Can't we all lol. I have a few solid people I can connect you with on the contractor side. I have 2 reliable handymen. One is just a lone guy, super knowledgeable, I just hate how slow he moves. He knows how to do almost everything, but due to his pace I use him for mainly handyman work(toilets, fixtures, tuckpoint, wood work, switches/covers, etc) He has done minor HVAC and electrical for me as well, but..

 Doesn't ring a bell right off the top of the head. What does he do? Have a nickname? Is he a facebook?

 Hey Nate, if you have any questions moving forward in the Metro Detroit market or need to connect for any resources regarding the deals or finding any, feel free to reach out

 Yes the house was  $2000 from Wayne county Land Bank. It was a big project in terms of the amount of work it needed, I just ran out of time with my lender going through the garbage with the contractor, finding a new one, and finishing taking the longest. other than that I would've let it sit on the market to get closer to what I actually wanted for the property.

@Jaycee Greene Yeah it is easy for one to get discouraged when buying this type of project but I must say they are decent when trying to start low and build capital, that way you dont have to deal with **** properties or mediocre neighborhoods again. 

@Wendy Patton Yes! Though it wasn't what I planned or expected, just glad its over and was able to move on to different project. Just decided to get back into retail real estate too so, back helping fellow investors and Home Owners acquire property along with my own projects this should be fun lol.

@Drew Sygit Very true, Detroit is definitely block by block market.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $2,000
Cash invested: $60,000
Sale price: $91,000

Bought this one from WCLB with the intention to fix it and sell on market to homeowner. Ran into many problems with contractors along the way, paid for some material twice as well as some projects to be redone. Was thankful that this one was finally over.

What made you interested in investing in this type of deal?

Was hoping to get at least 115k based off what comps were. This was my first flip that was intended to be for homebuyer.

How did you find this deal and how did you negotiate it?

Bought this from County Land Bank

How did you finance this deal?

Cash and Hard money

How did you add value to the deal?

Improved the property from its original state

What was the outcome?

Sold and made profit

Lessons learned? Challenges?

Either myself or project manager wen I don't have time, because most contractors need daily supervision.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the real estate professional and I worked with hard money lender

Starting out I would suggest Detroit(metro area as well), I can help OR Cleveland. These are markets where in the event the first time doesn't go completely as planned, your lesson wouldn't cost you as much as most other markets. On the other hand, these both are markets that are growing steadily so once you improve the property the equity is there.

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $1,000
Cash invested: $15,000
Sale price: $34,500

Bought this property from Detroit Land Bank Authority. Put the work in to get it cleared then sold it to investor who bought property to hold it.

What made you interested in investing in this type of deal?

Because there was barely any cheap product and I had buyers looking for this type of product.

How did you find this deal and how did you negotiate it?

On DLBA site.

How did you finance this deal?

Cash

How did you add value to the deal?

I improved the structure

What was the outcome?

110% profit

Lessons learned? Challenges?

You can start small in some instances especially in a market like Detroit. No challenges

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am the real estate professional

 Not too far from the lodge freeway(m-10) so literally about a 12min drive to downtown. Restaurants in the immediate area would definitely depend on one's taste, however, its about 12 min to ferndale, 15-18min to Royal oak, so between Downtown Detroit and those other two places one would have solid options

 Got it, yeah Fitzgerald/marygrove neighborhoods have some solid pockets for holding as they neighbor the Bagley community

Its been a month now, how what was the solution? How did the deal turn out?