Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
I closed on this one yesterday, located in Garden City, Michigan. Close to dearborn heights, livonia and westland.. It's a bungalow and i normally do not buy bungalows, but i really liked this one.
It came on the market for 60k. i offered 53 cash, it was a probate+bankruptcy (heir was going through bankrupcy at the time of the dad's death) sale, so they took it.
1 weeks before closing the copper pipe was stolen, so i got a $1,500 credit, which i took. so, the house came out to $51.500. It has hardwood upstairs, which i have never, even seen in a bungalow before. It's ARV in the high 80k's, but i really dont care since it's a rental. It's in very good condition, but we will make it nice and rent it for $1,050 per month.
the roof will need to be replaced soon, but we can live with just fixing a few bad spots. might change it before the end of the year, will see.
i do not have inside pics, so here's just one exterior pic.
Insurance Agent · West Bloomfield, MI · Member since 2016 · 11 posts · 1 vote
10y
I would be more than happy to, Encompass is one of the carriers I represent as well- among many more. I will connect with you and we can touch base tomorrow.
Investor · El Paso/Socorro, TX · Member since 2012 · 365 posts · 75 votes
10y
I was just about say, he probably would have had to replace the copper soon anyway, but PEX will likely cost $2,000 - $2,500. I spent $800 just on PEX and fittings for a one bath mobile.
Investor · Livonia, MI · Member since 2016 · 5 posts · 2 votes
10y
George, I looked at this one too! Nice taste. They were only accepting cash offers, or at least that's what I was told, so that ruled me out. The roof scared me, and the kitchen needed quite a bit of work. Other than that, it seemed to be a solid house! Congrats!
George, I looked at this one too! Nice taste. They were only accepting cash offers, or at least that's what I was told, so that ruled me out. The roof scared me, and the kitchen needed quite a bit of work. Other than that, it seemed to be a solid house! Congrats!
you were told correctly, it was cash only. but I am a no nonsense buyer... he opened the door, I took two steps and said "I'm buying this house". then I looked at the rest of the house
Investor · Pinckney, MI · Member since 2015 · 95 posts · 24 votes
10y
Congrats @George P. I'm currently stuck at 9 rentals, also in the business for 6 years. So it's good to see what's possible if you set your mind to it. I'm currently on the hunt for #10.