All Forum Posts by: Tony Brooks

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $53,500
Cash invested: $53,500
Sale price: $84,500

Held property for 7 months @ $850/month Earned $5,950 in rental income. Tenants were on month to month lease. Gave tenants 6 month notice to vacate when I purchased. Reinvested $5000 of the rental income to do a lite rehab. Sold property for a quick profit same year.

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

The numbers made since

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

MLS ...negotiated based on my inspection of the property and Paying CASH.... which is King when purchasing properties on MLS in my market.

How did you finance this deal?

CASH

How did you add value to the deal?

lite remodel of the kitchen ,refinish floors, new toilet etc...

What was the outcome?

Another Profitable deal...

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $75,000
Cash invested Purchase + Rehab + Holding: $100,000
Sale price: $143,000

Purchased this property estate sale. Fully renovated kitchen,bath, basement, new paint throughout, new roof, landscape.

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

The numbers made since.

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

MLS... negotiated based on my initial inspection found some issues in the house was able to get the seller to come down and also I paid cash which also played a roll in me getting a good purchase price.

How did you finance this deal?

Personal Cash

How did you add value to the deal?

Forced equity through renovation (kitchen, Bath, roof, basement, etc)

What was the outcome?

Profitable deal on to the next one.

Lessons learned? Challenges?

Renovating during winter month in Michigan can be a challenge if you are not use to cold weather. I'm from Atlanta so the cold was a challenge lol

Michigan Investment Title 

there based out of Romeo, MI they will travel to you. I'm out of Ypsilanti/Ann arbor they met me at Panera bread on Michigan Ave to sign when I purchased from another investor as a wholesale property.

If I were you and knowing the market as I do ..I would invest in the neighboring city YPSILANTI. You will have a better overall ROI in that market. I have investments in both AA and Ypsi you would def want to be seasoned investor before touching the Ann arbor market. Run your numbers but from my experience it doesn't make since to invest at the current market value for homes in AA. Do you plan on buying rental or Flipping? Also there is really low inventory in AA so trying to find a deal in AA is another obstacle you will have to deal with. I am sure some people can make it work but for your FIRST deal I would def suggest you finding a really solid investment and that will be tough in AA.

$13k is high if its just cosmetics. Did he breakdown the scope of work so we can understand why he is pricing at this amount. Also you should get 3 to 4 bids on your project...I have seen some contractors overprice people they feel will pay the high price. Take what Gary wrote as the breakdown for your material list from my experience he is almost spot on with the numbers ... and ask the contractor what his labor will be to install. I am investor/contractor Its very easy to spend $13k on a bathroom if everything is high end...but for a $105k arv I would definitely stick to builder grade materials.

 There will be (2) seperate loans from the same lender.  Once you close on the (2) loans they may give your loan to separate companies to service your loan ( where you send monthly mortgage payments) which they did with my loans. 

If you want everything on the same loan a portfolio loan may be an option.

Yes you can I purchased (2) rental properties at the same time about 2 years ago. As long as you qualify you shouldn't have any issues.

Nice to meet ...I invest in Ann arbor/ ypsilanti I have some good connections out here send me a private message and I can share. I also can show you some of our past and current projects if interested. Thanks and good luck!

What part of Michigan if you are close I can stop by and give you some advice...I flip houses and do 95% of the renovation I have small crew and have replaced 100's of windows but to be honest there may be a cheaper solution if you are only concerned about drafty windows.

I am in Michigan sounds like all you need is to replace window pane rather the full window. I get windows panes replaced at IGS there in romolus they will will put it back in the frame for no extra charge. Let me know if this helps