#15 rental was purchased today

55 Replies

We have worked on this since the beginning of april. but it's worth the wait. i first talked about the condition of the house here. the court documents took a long time, then the purchase price was discussed again. 

at the beginning, i had offered $50k. My estimated repair would be around 60k, the ARV would be around 130k. Help with @Michael Quarles  i realized that i would not be a "home run". I went back to the estate executor and negotiated 20k off the originally agreed upon price. 

the house is located in Livonia. 

We are restructuring the loans of 7-9 of our current homes to get a credit line that's around 200k to give us more purchasing power for future purchases and repairs.. Since the line is not up and running yet, I had to borrow some money from a family member that doesn't even want a dime in interest. 

I have found a GC that will be doing the work. I am tired of running to home depot at night (and before my full time day job) and dropping supplies before the contractors come in. I will do this one the right way - sign a contract, visit the site at night and let someone else worry about the HVAC guy being a day late. I will just write the check.

this makes it 6 houses this year. I will be talking to Michael about my yellow letter campaign very soon. 

Will post picture when i find my high speed CF card!

Originally posted by @Mark Ferguson:

nice work @George P.   Your killing me!

 lol.  it's your fault.  I am pushing cause u are right behind me! 

Congrats man, keep hustling! 

got a new CF card and took pictures today... 

typical horders "path"

kitchen floor

Congrats on the purchase!  I just completed a 65k Reno. This one looks like a lot more work. Let us know what you end up spending when it's all said and done.

That looks like some fun stuff. Any way we can get it on the 0% loan?

Geoge- is Livonia a good place to get 'buy and hold' income generating properties?

How is the rental market over there? Are companies back in biz? Thanks

Originally posted by @Susan Velasquez :

Geoge- is Livonia a good place to get 'buy and hold' income generating properties?

How is the rental market over there? Are companies back in biz? Thanks

yes and no...  great community and you can get 1100 and up in rent.  but hard to find anything under 90k that does not need 13k worth of updates to bring it in the 21st century 

Thanks George! So you are saying that the 2% rule is kinda hard to attain for rental properties in Livonia?

not possible.  despite what Joe v.  tells u

Congrats @George P.  6 properties in one year is no small feat!

Anyone else have trouble seeing the photos? This is all I'm getting -

Thanks, @George P. the link works fine. I even tried to right click on the photos and "copy image location" then paste to a new tab. I got this: 

https://lh3.googleusercontent.com/-x-fSOgRvjak/VHZ...

Strange.

By the way, that's got to be the nastiest bath I've ever seen!

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