3 unite house in Hamtramck, Michigan for 50,000$.

[Donald Guraj]

Hello everyone I am reading and watching about real estate for the past 10 months and I think I am ready to make my first step and purchase a rental property. This 3 unit house that I found in Hamtramck, Michigan for 50,000$. The estimated repairs are around 10k. And the value of the house after the repairs it comes to little over 100k as of the market right now, and there is a tenant In the lower unit paying 600$ a month Numbers looking good the only problem is that i can’t get a loan on it because of the repairs. Any thoughts and ideas about the property and to how can I get a partner for this project. Thank you in advance

[Ken Bresser]

Donald, did you look over that house with someone who understands buildings well? I have been in that house. It has foundation problems. The back building has very serious foundation problems, too. Also, the city has the lot zoned as a two unit. As far as I can tell there is are no documents for the back house. The city is getting more strict about permits. Probably that back bukding just just needs to be torn down. Having looked at it with a builder I concluded I wouldn’t pay more that 30k for it. Be sure you look at it with someone who understands foundations and hamtramck permits before you buy!