All Forum Posts by: Ahmad Nassar

Im looking at the possibility of purchasing a home in a well known historic district in Detroit. The market is very hot right now with homes in that neighborhood bringing in multiple offers on the first day of the listing. I found a great house on the last block of that neighborhood. Prices on the last blocks tend to be priced lower than the rest of the neighborhood. The house I'm looking to purchase is completely renovated historic house. The purchase price is well in excess of the rest of the homes on the block, however not in excess of the remaining historic neighborhood. Could I reasonably expect that the value of the most expensive house on the block would also rise given the values rising rapidly in the remaining neighborhood? I would also expect that other homes on that block will be renovated and resold, bringing the comps up on that block? Does anyone have any insight or recommendations? Heres more details about the home: Asking price: 549K: 3500 square feet; 3 bedrooms; 3.5 baths; with comps on the block in the 300-400K range Remaining comps in historic neighborhood: between 400K-1 million The home is stucco. Any help would be appre

Im looking at the possibility of purchasing a home in a well known historic district in Detroit. The market is very hot right now with homes in that neighborhood bringing in multiple offers on the first day of the listing. I found a great house on the last block of that neighborhood. Prices on the last blocks tend to be priced lower than the rest of the neighborhood. The house I'm looking to purchase is completely renovated historic house. The purchase price is well in excess of the rest of the homes on the block, however not in excess of the remaining historic neighborhood. Could I reasonably expect that the value of the most expensive house on the block would also rise given the values rising rapidly in the remaining neighborhood? I would also expect that other homes on that block will be renovated and resold, bringing the comps up on that block? Does anyone have any insight or recommendations? Heres more details about the home: Asking price: 549K: 3500 square feet; 3 bedrooms; 3.5 baths; with comps on the block in the 300-400K range Remaining comps in historic neighborhood: between 400K-1 million The home is stucco. Any help would be appreciated

Elijah Moore yes i am interested. Let me know some more details please

Hello!

I am getting into the wholesale real estate sphere.  Although I reside in Detroit, Michigan, I am eager to investigate the parameters/factors that will allow me to identify a wholesale market.

What types of things should investors look for in determining whether a market is a good fit for wholesaling? 

Does anyone know any good sources to find comprehensive information on this topic?

Thanks!

Hi everyone!

In a nutshell, I have been listening to the podcasts , have read Rich Dad Poor Dad and have been participating on the forums here on BP all within the last few weeks.  At this point I'm eager to engage myself with the practice of real estate and actually learn by hands on experience as opposed to passively hearing about the practice.

I ran into a gentleman that was speaking about how stressed he is about his rental property in Redford, MI. He mentioned that he is tired of evicting tenants and it is starting to be more of a hassle than convenience to him.  With the knowledge I have gained from the BP podcasts, I am now naturally thinking wholesale immediately. I asked him if he was interested in selling the home and he said yes.   He is looking for 20-25K.  I'm very excited and looking forward to having more serious discussions with him about the purchase, however, I have these questions listed below.  If anyone could assist, I would greatly appreciate it.

1. What types of contracts do I need in place in order to purchase this home from the seller and turn around and sell it to a new potential buyer?

2. What do I need to do to avoid the seller knowing how much profit I made on the assignment?  I see this seller all the time and I would rather not have him know how much I have profited on his home.  He is a motivated seller - but is not willing to put the work into finding a buyer.

3. Title companies.  Does anyone have any idea which title companies in Michigan are comfortable handling wholesale real estate.  I have heard that some companies don't like getting involved.

4. Where is the best place to find a buyer immediately? And also what type of clauses can I include in the contract that will protect me from purchasing the home if for example; I do not find a buyer.

5. Is anyone interested in splitting this assignment? 

I hope this is not too much! If anyone has any information on the above please share if willing!

I'm looking into getting into the Wholesale business. What type of investments do you prefer for our area?

Hi Mike! Thanks for your reply. I like the idea of investing the the greater Detroit Area however I am not fixed on a certain location. I am more interested in investing in areas that make the most sense. I have heard that Westland is an area worth investing in as the home values are still low. What are your thoughts on this? Do you have a specific area you like to invest in?

Hello everyone!

I'm new to real estate and I'm interested in wholesale real estate. I'm very passionate about the benefits real estate can offer if you put the hard work in. I'm trying to familiarize myself with real estate and the wholesale strategy as much as possible. However, I have some questions like:

When searching for properties what types of things should I look for using this strategy? Are there certain things that are better than other? What is the ideal property look like in terms of value, area and other parameters?

Hello!  

I am new to the real estate sphere and am very excited to be on the bigger pockets forum.  I have been listening to the podcasts for a few weeks now and am moved by low-to-no money investments. I have vast business experiences including the non-profit sector, technology (IT), and management.  

Is there anyone in the metro Detroit area that does wholesale real estate and would like to touch base? 

Looking forward to hearing back!

Ahmad