All Forum Posts by: William Ware

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.

As an investor in the metro-Detroit area I would also agree with avoiding the 10k deals in the city. If you are going to take a gamble and invest there at least spend a few hundred and fly in and check out the neighborhood. As mentioned throughout this topic there are better opportunities in the metro area...I personally invest in Romulus, Taylor and Ypsilanti (Washtenaw County)and have great renters paying $900 plus rents in houses that I have less than 35k invested. There are plenty of these deals in the area.
Todd and Kelly are doing business right in the city of Pontiac..I would definitely recommend them if you are looking for a turn key property.

I'm currently insured with State Farm and have had this discussion on how many units are considered commercial. My agent has told me that 5 or above is commercial. Also they will not insure a commercial property.

David
I have a local PM company (near your property) that has an in house attorney that I've used to set up both of my LLC's. email me and I will send you the names.
Bill

Looking for wholesalers, bird dogs in the Washtenaw county area of SE Michigan to add me to their list. Non MLS listings only. PM or email me for details.

I agree with Kevin...plenty of great opportunities in Wayne county as well as SE Michigan. Be very careful of the $10,000 Detroit deals as several people have been burned....seems they were all out of state investors. Definitely get your due diligence in place and contact several RE companies as well as turn key companies. I can tell you from my own experience that for a $35-$40K all in investment you will have no problem finding renters at $800-900 month.
Good luck.

Great information just at the right time as I have an appraisal scheduled for Friday. Here is my plan:
Before and after photos emailed prior to meeting
Rehab list of items completed emailed prior to meeting
Be there to meet him and walk him through the property (property has a tenant)
Engage and be social
I will follow up with my results.

Would you buy and hold as a rental or flip?
4/2/2
1700'
1960's brick construction
New roof 2001
Current mortgage $122K @6%
possible able to assume
Appraised April 2010 $155k
Recent sold Comps $135k from non MLS
Next door 3/2/2 all updated listed at $165k
Rents $1100-$1200
Taxes $1800
Good bones no major damage
If I decide to rent 8-10K in rehab (carpet/paint)
Flip rough est..15-20k

Seller is very motivated and is selling FSBO.
Right now willing to sell at $110k
Excellent neighborhood with top schools plus near a major university.

I'm a Metro Detroit investor and may be able to give you an opinion on your subject property. This would only be an "opinion" ..you would be best suited to get on a plane or take a short drive to see for yourself. Let me know if I can help.

I'm working with Huntington bank in Dayton Ohio. They are a somewhat smaller bank that seem to be small business friendly. They have locations in Michigan and besides the Dayton branch I also use the Canton, Mi branch that's located on Michigan Ave.