#27 rental purchased today

#27 rental purchased today

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.

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Windermere, FL · Member since 2015 · 43 posts · 24 votes
10y

Great job George! Congratulations!!

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  • Investor · Cincinnati, OH · Member since 2015 · 374 posts · 120 votes
    10y
    Originally posted by @George P.:
    Originally posted by @Stone Teran:

    I don't know how serious the copper pipe theft was, but I would have asked for WAY more of a credit for that than $1,500.

     the pex repair will cost AT MOST $200. i can literally do this house in under 1 hr.

    I guess it was a minor theft.  It's not just about the pipe parts but the time to fix the drywall, etc.

    Also, a theft like this puts the buyer in control.  It just makes good business sense to push for a steep concession, not $1,500.  Just my opinion.

  • Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y
    Originally posted by @Stone Teran:
    Originally posted by @George P.:
    Originally posted by @Stone Teran:

    I don't know how serious the copper pipe theft was, but I would have asked for WAY more of a credit for that than $1,500.

     the pex repair will cost AT MOST $200. i can literally do this house in under 1 hr.

    I guess it was a minor theft.  It's not just about the pipe parts but the time to fix the drywall, etc.

    Also, a theft like this puts the buyer in control.  It just makes good business sense to push for a steep concession, not $1,500.  Just my opinion.

     they actually just took the straight pipes in the basement. no walls were ripped out, no sinks. they literally took maybe 40 ft of copper.

    if it was drywall,flooring damage, i'd have gotten more for it.

  • Los Angeles, CA · Member since 2015 · 10 posts · 3 votes
    10y

    Congratulations! It is crazy to see properties like this available at that price. How do you typically find properties like this?

  • Insurance Agent · West Bloomfield, MI · Member since 2016 · 11 posts · 1 vote
    10y

    @George P. Congrats! We're you able to find affordable insurance for your new purchase?

  • Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y
    Originally posted by @Christina Coffman:

    @George P. Congrats! We're you able to find affordable insurance for your new purchase?

    affinity from Missouri.  then with great Lakes.  u are more than welcome to quote my home and auto which is with encompass.  

  • 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.

    Let's see what we can do for you! @George P.

  • 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 · El Paso/Socorro, TX · Member since 2012 · 365 posts · 75 votes
    10y

    Replied before I saw the post about only 40ft. missing, wow, great looking place!

  • 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!
  • Property Manager · Livonia, MI · Member since 2011 · 4k+ posts · 1k+ votes
    10y
    Originally posted by @Shaw McCavit:

    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 

  • Rental Property Investor · Dearborn, MI · Member since 2015 · 177 posts · 48 votes
    10y

    @George P. Nicely done! Can't wait to see #50.

  • 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.

  • Investor · Houston, TX · Member since 2016 · 1 post · 0 votes
    10y

    Congrats dude.

  • Investor · San Jose, CA · Member since 2015 · 64 posts · 26 votes
    10y

    Love the pictures, great addition to your portfolio.

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