MICHIGAN - Investment Opportunities

Anita

Are you looking for deals to do or just looking for success stories? One of my partners as well as myself are looking to get into wholesaling, so we'd be open to passing deals along if that's what you're looking for.

Hi thanks for the reply. I put this here to post deals to do, move, assign, etc...so have at it and good luck. If we all work together we can accomplish great things on here.

Anita

I just read about the Southern Cal. Duplex. Are you located out there? I'm in MI. Are you looking for deals anywhere in particular?

Yes I am in Southern California (Los Angeles County) and there are some really great deals I am coming across here. Right now I personally am not looking for out of state deals but there are plenty of users in Michigan that are o post your deals here.

Good Luck

I have 3 houses in Saginaw, that will be done with renovations in 30 to 45 days. I have a property manager that has already been paid to rent them out on a year lease upon completion of the rehab. Each home will rent for $400.00 a month. Taxes and Insurance - deduct about $100 per month but would give you $300.00 a month in cash flow. I am willing to sell one or all. Contact me if you want more information. ARV will be around $20,000 on each house. I'll cut a deal to anyone wanting all three.
I also have a nice house in Kansas City, MO, that just needs some minor repairs we could have that one ready in 2 to 3 weeks. It appraised for $70,000 but we can talk.

Let me know. Thanks Donna

Donna,

Are the houses paid for free and clear? The prop mgr has already been paid, but are they already rented/leased? I assume they are pretty small places and/or in a not so great area if the ARV is only $20k? Or is there more repairs that could be done to increase the value? I may be interested or have contacts that would be.

Let me know. Thanks, Jeff

Please forward more info ?

thanks, georgia

Georgia,

Are you in MI? I'm looking for potential buyers that are local.

Jeff

Jeff and Georgia,

They are small 2 and 3 bdrms 900 to 1200 sq ft. Michigan is in the plumpiting real estate values. I do not live in MI, we live in Wy. I bought them as rentals but need to free up my investment to pay for medical problems. I can send you comps, legals, and repairs done thus far when I get home give me a day or so. It will be 30 days or so before they are completely done with rehab but I will call the contractor and get the list of what they are doing. The rehab was included in my sale price. After rehab is done the renters can move in. The property manager already has them lined up, and done all the screenings to insure they are good renters. If you decide you want to purchase them we could close within the 30 day scope and rent and depoists would be collected and sent to you or your buyer (s). I bought them from a teaching professor who has lived in Saginaw all his life and been in the realestate game for over 20 years. They are in the best part of Saginaw. I did call around and everyone said my seller was a very honest guy and provides houses and work for a lot of people who would not have it otherwise.
If you will send me your email addresses I will forward all the info. The closing would be with First American Title I think. I will make you a heck of a deal if you are interested after reviewing the information. Thank you both for your interest.
Donna

Jeff,

They are free and clear, no leins, no back taxes, no encumbrances of any kind. You will get a warranty deed. I will forward the rest of the info and can send photos when I get home if that is okay.
Thank you
Donna

Donna,

Sounds good. I'll send you a PM w/ my email. Please forward any info you can. No problem on waiting a day or two. I won't make any promises, but like I said I may be interested or if not may have someone else who would be.

Thanks,
Jeff

Jeff,
Thanks, I think you may be pleasantly suprised. Do you live close to Saginaw?
Donna

I hope to be pleasantly surprised. I live a couple of hours away - also in SW MI.

Cool after you get the info if you are interested I would be more than happy to fly out and we can go through the houses, if that works for you.
Thanks
Donna

Sounds good, Donna. Although, if the info looks good to me and we can work it out I could just have my realtor walk me through and maybe have you on the phone or something. I hate to have you spend the extra $ to fly out when the whole point of selling is needing the funds for medical purposes.

I said something to my wife last night, and we're both kind of wondering how you can have rehabbed, ~1,000 sq. ft., good neighborhood houses that only are worth $20k. I told her we'd just wait to get the other info from you, and then we should have a better idea. We'll look forward to hearing from you.

HI Everyone

My name is Andrea and I live in Rochester Hills, Michigan. I am currently still reading the Book. Im on Chapter Building a Foundation for Success.
This is what happened today, on my way home from work I saw this sign For Sale By Owner and this Lady was outside on the Phone. Don't know what got into me, little scared, but immediately turned my car around and pulled up in her driveway. She had already gone inside, but I took that leap and said what the heck, let me use what I have learned so far and put it to use. I took a pen and paper wrote down the address and phone number on sign and then knocked on the door. She opened the door and I introduced myself and told her that I saw her sign as I was driving by. I was very honest with her and told her that I was just getting started in the Real Estate Market and that I locate properties for potential Investors and Buyers and if I could possibly get some information on the house from her. She assumed that I was a builder and that she actually is looking for someone to invest in the house. I told her that I of course was not a builder and that this was only how Im starting out and would in the future do my own investing and buying, anyway she invited me into the house and gave me a lot of info. And I probley forgot to ask a few too, trial and error, but this is what I have so far. The house was bought from her Husbands Grand Parents, Single Family Home, 3 Bedroom, 11/2 Bath, with 1 1/2 acres of land behind the home, Wooden Floors in Bedrooms and Dining Room, Huge Family Room, Master Bedroom you step down into it, Ceramic Bath with no tub but a step in glass shower, Cinder Block Home over Siding, remodeled over the last 10 years, new roof, Central Air, Circular Driveway. Wants to sell for 300,000 owes 170,000. Is basically stuck on that price due to the 1 ½ acres of land attached to home, and is willing to wait as long as it takes for someone to take it off of her hands at that price. She also told me that her neighbor to the right who’s wife just passed away is also selling his house and the neighbor to her left is selling part of his acre of land. She almost had the house sold but the investor buying it went bankrupt. I took down her name gave her my information and told her that I would do some checking for her in how I can best help her to sell her house either to me or someone else but that it may take me a bit as I’m still learning how to do all of this and that when I call her and the house was still available if she would consider my services, as I stated I was just very honest with her and she was very excepting of my honesty and said that that was fine with her and that she had waited this long to sell the house and wasn’t going anywhere. Yahooooo. Sorry am a bit excited. Ok now I just need to call the city and get some other information and also do my homework as far as what the market is like on a national and local level and all that other stuff since I haven’t done that yet. Now I have befriended a Foreclosure Attorney who would also love to give me some of his clients, have a friend of a friend who can possible help as she is a Real Estate Agent and a possible Handyman who may be able to give me a better estimate on what the property is worth, I don’t as of yet have Buyers or Investors, a good Mortgage Locator, a Broker, Title Company, Mortgage Company. And to tell the truth other than what I have read so far in the book and saw on the site haven’t a clue on what to do as far as Real Estate goes, live on a very limited budget, Subsidized Housing, and don’t mind telling you that I receive Food Stamps, and that my credit may or may not be up to par haven’t done my free credit report for the year, but am willing and able to make this work in the quickest simplest and easiest way possible to change my families life for the better. So whatever advice or suggestions you may have to give to me would be so greatly appreciated. Thanks in advance for all you people do , and sorry for this awfully long post, hope to hear from you soon, off to bed its 2 in the morning.

Clap, clap, clap!! Great job on getting started! You have done more already than I would guess a good majority of members have done! You haven't even finished the book yet, and yet you've leaped right in! Let me encourage you to keep that enthusiasm, and fill us in as your "deal" transpires.
Thank you for sharing!

Rina

Keep reading through the forums for helpful tips from fellow "Graziosians".

Ok thinking outside of my box,
Hi, everyone and thanks Rina for that nice compliment.
I have had about 5 hours of sleep,went to bed at 4am, but these are the thoughts I woke up with.
I need to find find out what the real value of the house is to see if I can make a profit when it last sold and what it would be worth when market goes up plus what other homes are going for in the area,find a Title Company to see if there are any other loans that are owed against the house, then find a good Morgage Broker to get me the best loan if I can get one, without seasoning, give the lady her 300,000 with stipulations as she was pretty adement on the price and I never gave her an offer that if there is anything that needs to be fixed up that she does it in a timely manner out of the money from the sale, get the house refinanced with a fixed rate morgage, or a assumable rate morgage depending on what the stipulations are on her existing contract, find out what equity is in the house and pull out as much as I can from that to pay of some bills and have capital for my next deal, hold on to property, move in myself if I can afford to ( not sure on that as I only work 4 hours a day as a Special Ed Parapro but School is out in a few weeks here for the summer andthen I also work 3 hours in the evening Im a Companion for a 19yr old Autistic Male) until market goes up, I know national level is down I believe haven't checked that out yet but need to find out what my local level is with all the problems that are going on in the car industry lots of people are moving away from Michigan, or rent it out have to find out what rent is going for around here
pretty rich area where I live and if I rent that could take care of the morgage payments and possibly leave me with a little cash flow need to find out about intersts and taxes too, and then sell when market goes up for a profit, I can also subdivide from what I've been reading here and in the book as the property has 1 1/2 acres of land attached to it, keep 1/2 or maybe less not sure yet as a back yard and sell the other half and then I would have profit from that also. Once I have some of that under controll, in the mean time I could talk to the other neighbor and find out what his needs are as his wife has passed away for another possible deal, go from there and then talk to the other neighbor who is selling part of his acrage, but one thing at a time. Someone give me some suggestions on wether or not I have forgotten anything or missed or if I got what Im supposed to do covered so far. Now I just need to find out where to find a Title Company and good Morgage Broker and can i utilize the the friend I have made in the Forclosure Attorney or do I need to find another typy of lawyer also I know there are probley fees for every professional that I need in this endeavor, how likley is it for me to be able to pay them when I have no money as of right now and should I downpay the loan with some of the equity that may be in the home and can someone please tell me what to and what not to say to these professionals who's services I will be engaging. Sorry long post again.
I can use all the help I can get on this cause Im going for it starting on Tuesday, one day at a time get the right info the right people so I can pursue my dream, and thanks again Rina that was so nice of you to write. So what do you guys think. Have a wonderful Memorial Day Weekend.