Updated over 9 years ago on . Most recent reply
#23 was purchased today
It was purchased last thursday, but i have not had a chance to post it.
we have been waiting for this for about a year. it was listed at 75k, i gave them a 67 or a 68k offer, they accepted, but then we found out that it was a short sale between 2 banks. so, the deal went into a cave and we didn't hear back much. then in november, they came back and said, "our bottom is 80k, do you still want it?" i would have been jumping up and down at 68k, but it's ok, the numbers still work. as i have said it before, everything happens for a reason and my short RE history has proven that statement many times.
the house is 1400+ sq ft, located in westland, close to garden city, dearborn heights, livonia, canton (tagging lol). it has 3 beds upstairs, and an additional add-on family room with a fireplace. that family room is worth the 10k they asked for. if it didn't have it, i would not have gotten it.
rent will be around $1,250 per month. that area of westland might not be able to get me much more than that, regardless of the condition/sq. footage.
taxes - around 3k
insurance - around 500 per year
purchase price - 80k, 20 yr , 5 yr baloon at 4.95%
repairs will be around 15k, i hope. i updated one IDENTICAL, 1 street away and it was 22k, but that had roof, exterior, and a lot of bad contractors to deal with.
i am still wrapping up #21 and working on #22, so we wont start on this for at least another month. but i am happy that i am just 1 month away. just 3 weeks ago, i was 4-5 months behind in the work i had.
what else? oh, yeah, here are some bad pictures, but wanted to post them. they came from the listing ticket, so they are terrible. i will have MY before and after pics later on.
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Since the "winners" in this game we play tend to be those who are continually taking the next step, YOU appear to be a winner. Congrats, and best of luck.