All Forum Posts by: Alex K.
Alex K. has started 6 posts and replied 253 times.
Post: Home Loan Refinancing in Michigan
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
6 months for traditional which gives you adequate time to add value and season a lease.
Post: Can I negotiate post-inspection the house sold as-is?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Alla Minchenkov:
We are considering buying a house, which was listed as-is. The house has a lot of issues and requires a lot of work. Our offer has inspection contingency with void only, given the house was sold as-is. Can we go back with an addendum to include the inspection contingency with the right to negotiate or void? Or shall we give head ups to the seller that we will need to negotiate based on inspection findings to make the deal happen? Please advise. Thank you.
We buy as is all the time with an inspection clause.
Once we agree on the price and put in a deposit(refundable) to ensure the seller we are serious buyers then we have our inspection done.
Once inspection comes back we send it to the seller and point out everything and how it’s going to cost us a lot of money to do the rehab.
With the inspection report In hand and deposit in place we go back and renegotiate a better price or simply say we are backing out due to extensive repairs needed which we didn’t know about or account for prior to inspection.
This works pretty good for us. If there’s a motivated seller they should come down a bit. It’s a worth a shot. What’s the worst that can happen they say NO and the price stays the same ?
Post: Anyone Buying in Detroit?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Timoteo T Prietto:
Hi BP-Nation! My wife and I have drank the Kool-Aide and are diving in to the RE game. I am looking at some properties to buy/hold in Detroit. Has anyone been recently or invested out there? Any feedback is greatly appreciated!
Hello Tim, Detroit is a great market to invest in. I’ve had plenty of success in Detroit and blessed to say that I still do on a consistent basis!
I’m local and know the market and the city of Detroit like the back of my hand!
For a buy and hold your main objective is finding something in a desirable neighborhood and an area that is up and coming.
Many people are hyped up On Selling Selling Selling! Although I’d like to sell too but my recommendation would be for you to come down for a weekend or a few days to check out the city.
We provide monthly tours to our investors that are interested in the Detroit Market, this gives everyone a chance to see what Detroit has to Offer, some of our Rehab properties, turnkey Properties in Detroit as well as properties that need rehab and what areas to stay away from.
You can also meet with A variety of contractors and Property managers and then make your ultimate decision based on your comfort level.
Happy investing!
Post: What's the Best Cash Flow Market in the Country?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Scott Trench:
Which city/region offers the best chance at rental property cash flow in this country? Anybody have any guesses?
Detroit Michigan
Post: How important is a bachelors degree as a real estate investor?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Nicholas Brady:
I was pursing a degree in entrepreneurship. If I were to go back I would most likely be accounting/finance.
In my opinion, Entrepreneurship is a trait or value that is or isn't embedded within Entrepreneurs.
Having a degree is beneficial (Or is supposed to be at least) but it isn’t necessary in order to succeed as a real estate investor or entrepreneur.
If you feel as if the degree is relevant and beneficial to the path you want to go down then I’d go for it.
The only thing you don’t want to do is rack up student loans and keep Changing directions.
Commercial RE loan > Student Loan
Post: Investor Friendly Real Estate Attorney in Ann Arbor
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Danny Ho:
Can anyone recommend an investor friendly attorney in the South East Michigan area to look over contracts and other stuff. Preferably an attorney who does deals?
Much appreciated.
Dan
Joe Kadaf also names Number 1 remade broker in the United States in 2015 and is now an attourney as well.
Tell him the Khans referred you.
Post: Challenging all deniers..Detroit Economy & Market are ON FIRE!!!
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Brian Garrett:
Certainly not meaning to hijack the thread here - but I own a property in Detroit and am in need of a good property management company. The home is doing well, just the property management company is doing terrible at communicating and keeping things moving. PM me if anyone has good references.
Post: take my property management to small claim court or get a lawyer
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Charles D.:
Thanks for all the replies, you all got a vote from me. Never contact a lawyer before. How do I know which lawyer I should choose? Thanks
Find an attourney which is excellent In their specialty which is not real estate and ask him for a referral to someone that is Excellent in real estate.
Post: Just put a deposit on a sports car. Am I a complete dummy here?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Scott V.:
I'm totally prepared to get my *** grilled based on the title of this thread but that's fine. Please share your honest opinions. Here is the situation:
- I'm a complete car nut. I spend a lot of my free time researching cars, shopping for cars, watching videos, etc. and I've had my eye on a few models for some time now.
- I'm 30 years old, I'm a dentist, I do not have student loan debt, I live in an area of the country with one of the lowest costs of living, I have a monthly mortgage on my home of $2100. I make approximately $140,000/year and save 40% of my income. The remainder is budgeted for my expenses including mortgage, food, entertainment, etc.
- My current car is paid for by the company I work for and I have no car payment. I'm going to be keeping this car as my daily driver.
- I put down a refundable deposit on a second "fun" car and the car costs $45,000.I think I negotiated well, the average estimated "value" of the car currently is about $50k. I've done a ton of homework and this particular car is projected to depreciate very minimally and even has the potential to appreciate in value as it may become collectible (I won't be counting on this as most all cars depreciate). The car is a few years old and has already done most of its depreciating but it still has 3 years of factory warranty remaining which minimizes risk to me in terms of repair costs.
- I have about 100k in cash savings but I will not be looking to buy the car in cash (I'll put a chunk of cash on a down payment and finance the rest at approx. 3% interest).
- I'm torn between the idea of total fiscal responsibility and buying something I've always wanted to own at a relatively young age. I'm not dead set on buying it and my deposit is refundable but I'd like to make my final decision in the next few days.
- I'm currently single with no wife or kids (gonna do all that someday)
- Since this is a real estate investing forum and the topic is bound to come up, no, I do not have real estate investments at this time because I'm waiting to invest in my own business next year. I'll be looking to go about real estate investing in my field of expertise which is dentistry.
Have any of you with more life experience gone through something similar and would you have done the same thing over again?
You know I go back and forth with myself all the time on this very subject. I have yet to go buy myself the Hellcat Challenger. Instead I always tell myself next deal I do I’ll put 10k down then I end up buying a house with it.
So the plan is now the next house I put on rent or lease option I will go pull it out. As of right now my Cashflow covers the cost of my living expenses and I’d be covering the payment out of pocket and I want to keep it where cash flow covers the sports car payment.
If I were you I would buy 1 Or 2 rental properties with the cash, put 10-15k down on the car and cover the payment with your Cashflow.
You will feel much better About your purchase at the end of the day with your Cashflow covering your monthly payment on the car.
This is how I was able to justify a getting a sports car to my wife and myself too but mainly her lol
Post: Wholesaling: Starting Out
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @John Thedford:
Originally posted by @Alex K.:
Wholesaler meets hard money guy charging 28% interest 😂.
All you need is John backing you and you can close on all the deals, do a prehab or clean out and list it on MLS.
this is what I’ve been doing now for a lot of them minus the hard money of course.
I would love 28% any day LOL
You and I both. The best I’ve been able to do so far was 11% on a land contract.
What is the Norm you see in your market for owner financing/ land contracts ?