All Forum Posts by: William Ware

$20K for a 3 year old condo that was a repo. Threw out the offer to the bank thinking no way...well they did accept. New flooring and paint..it now rents for $850

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Welcome to BP from a fellow Michigander

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Brandon - I will be attending my 1st REIA meetings this month. Having recently moved back to Michigan...I'm planning to start investing again after taking several years off.

Paul - I'm looking at 20-25% of my own funds.

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Welcome to BP from a fellow Michigander. Good luck in your rehab.

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I'm looking for funding for several projects in Oakland and Washtenaw counties. If you are interested in being a private investor, I would like to find an interest rate of around 9%, 2 to 5 year loan and the amortization could be set accordingly depending on the loan amount and profit. I'm open to other options. I'm currently working with an agent on a duplex that I feel could meet the 50% / 2% rule with minimum rehab. I would like to secure funding prior to making an offer. I would be more than happy to share this opportunity with the right partner.

My brief REI history - All rehab and property management done in house (family).

House 1 - 2009 - 1500 sq ft townhouse built in 2006, purchase price 50k cash. Rent - $1050 - Sold in 2013 for $57k

House 2 - 2009 - 1200 sq ft condo built in 2006, purchase price $20k cash- currently rents to the same tenant $850 month

House 3 2010 - 900 sq ft SFH - 10k in rehab- Built in 60's- 3/1- 25k cash- rents for $850 - 2nd tenant (1st tenant was there for 3 years/purchased a house)

House 4 - 2010 - 900 sq ft SFH - 15k in rehab- Built in 60's- 3/1- 20k cash- rents for $850- Same tenant - Mortgage in 2010 $32k

House 5 - 2010 - 1100 sq ft SFH - 5k in rehab- Built in 60's- 3/1- $44k cash- rents for $900- Same tenant

House 6 - 1100 sq ft SFH - Est value $80k - $90K House was inherited through family. Non rental

Goals - Generate income through Buy and Hold investing allowing me to leave my job and become a full time investor. Currently educating myself on flips and looking for opportunities. Thank you BiggerPockets.

Please contact me with any questions.

Bill

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I do have to admit that I did get a kick out of his A&E flipping show.

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Originally posted by Phillip Gainey:

Only someone from Ypsi would know Ypsi-tucky. I was born in Beyer hospital in Ypsilanti. Lived off of Ecorse and went to George Elementary. I ended up purchasing my childhood home that was a REO. I have 3 properties all in ypsi twp. E. Cross, Glenwood, and Fall River..all great rentals..paid 20-25k plus 8-10k rehab rented them within days. In Romulus I'm south of the airport close to middlebelt and pennsylvania..great area for middle class rentals.

I'm currently looking for multi's in washtenaw county with little luck

I too was born in Beyer. My mother grew up down the street on Mildred. My grandpa owned Meyer's diner on Mich ave in the 60's and was president of the ypsi lion's club.

My mom said that area down ecorse rd has been in decline since Willow Run closed down. Too bad.

Is that water tower shaped like a you-know-what on cross near EMU still standing? :-)

:lol: yes that famous tower is still standing "stiff". The Ecorse area is still a strong rental area. Great place to pick up a 3/1 for less than 30k and rent it for $850-900. I know of three houses on Glenwood including mine that this has been done in the last 6 months.

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All Forum Posts by: William Ware

William Ware has started 17 posts and replied 85 times.

Post: New user, current investor from Metroit Detroit, looking to grow

Post: Newbie from Michigan

Post: Hello from Grand Rapids, MI

Post: What is the Cheapest Real Estate You've Ever Purchased?

Post: Michigan newbie

Post: Funding needed in SE Michigan

Post: Newbie from Plymouth, MI Metro Detroit area

Post: Funding needed in SE Michigan

Post: Armado Montalongo "3 day bustour"

Post: Ultra-Cheap rented in Detroit?