All Forum Posts by: Alex K.
Alex K. has started 6 posts and replied 253 times.
Post: New to BP, $150K to invest, which market to hit??
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Detroit is the way to go forsure. Likeminded Boots on the ground and professionals that are experienced in the market you’re leaning towards is key to finding great deals that fit your goals.
Post: Do you carry a gun when visiting your C-F class properties?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
@Wy Kay I’ve been turning properties over for a while now in the city of Detroit. I may not have seen it all but I’ve seen and experienced enough to know that
It’s not about carrying the gun.
It’s about how you carry yourself and deal with the people which will determine your ability to succeed in those areas and conditions.
Post: Detroit the Come Back Kid
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Marta Navales:
Hi all,
Ive been following this thread with interest for a few months. Thank you for sharing your knowledge and experiences.
I am an investor from California and I purchased a property in East English Village a few months ago.
As many of you have pointed out, maintenance issues and proper property management are crucial. I have experienced a fair bit of this, and it hasnt been pretty. I am flying to Detroit next week to try to fix a few issues that dont seem to be able to move forward..
if some of you are free and able to, I would love to catch up.
I am after a team I can work with in the near future. I have scheduled appointments with some professionals I have contacted remotely but I feel quite week regarding contractors and property managers. Any advice from you guys will be highly apreciated.
Looking forward to receiving your comments.
Cheers,
Marta
Hello Marta, Glad to see your interest in Detroit. East English Village is a great area!
Also just picked one up in That neighborhood last week which is starting the rehab this upcoming week.
Dealing with contractors and subcontractors can be a real pain but I believe BP has enough great people with properties and resources in the same general area to point you in the right direction.
@Travis Biziorek @Keyonte Summers
I also have a partner you may be able to work with and discuss local to you.
Feel free to reach out anytime.
Post: New Investor from Detroit, MI
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Lennon Turner:
Hi All,
My name is Lennon, and I'm a new investor in the Detroit Area in Michigan. I'm very interested in Multifamily Properties, and am looking at houses that are being sold on the Wayne County Treasurer's Auction.
I'm looking forward to gaining financial freedom and wealth through Real Estate Investing. Nice to meet everyone!
Although it has been saturated compared to a few years ago the Tax auction can be great! Just be prepared to possibly do a quiet title action if it’s a flip. (25% chance) If you’re buying and holding you will be alright.
Be open to other localities in Wayne county as well if you’re local you should know or get to know where and what to buy.
Post: Need help setting up your utilities in Detroit ?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
How or better yet why would you do that ?
Post: Investing in Detroit? Best Zip Codes?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
1/2 of 48224 ( south of I-94 )
2/3 of 48219
2/3 of 48221
2/3 of 48227
2/3 of 48236
2/3 of 48215
2/3 of 48201
2/3 of 48214
And much more upcoming new developments and oppertunity zones
Many surrounding suburbs are great as well
Post: Wholesale Contract - Is this legal?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Thomas Moran:
@Alex K. Hey Alex - that's super insightful. I know you can't speak as an attorney, but in your experience if the assignment fee wasn't disclosed upfront (the contract just had the total amount as if he was selling the property for that much) it's not legal?
It was a really good deal and there was a lot of competition (or so he said) so I felt compelled to be flexible on the terms to get my offer accepted. Growing pains.
I can’t speak about the exact legality but if you’re an assignee the assignor has to provide you the contract he’s assigning to you. How else would you be able to perform on the contract if you don’t have a copy of it or know what the conditions are?
The fee for assignment and payment for the purchase of the property are 2 different things and it's all on the HUD statements for closing anyways.
Post: Wholesale Contract - Is this legal?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Thomas Moran:
Hi BP -
May or may not be in a debacle here so I wanted to consult the community. I am under contract via an assigned contract through a wholesaler. I just figured out the obscene margin that he is making (which doesn't necessarily bother me), and it begs the question why is the seller taking such a hit on equity? Is there something about the house I don't know?
I am going to sleep on it, but I am thinking about exiting the deal. He made me sign a contract that effictively states, "forfiting of earnest money does not release you from the contract, and you can still be forced to close". Now is this legal? I've never heard of anything like this before, and I've never done wholesaling. I had no intention on bailing on the deal, but it's very anxiety provoking to be trapped.
Thanks in advance. -Tom
The guy can not force a deal. That’s just absurd. I mean wholesaling yes cool and profitable if done right with complete transparency.
He was supposed to give you original copy of PA before he sent you assignment for signature.
That’s like signing an agreement and taking someone else’s place in a contract or whatever the case may be without seeing the contract that you’re taking over. It doesn’t make sense only a moron would do that. ( no offense if that’s what you did )
But at the end of the day you don’t want to be forced to buy it. If it’s such a great deal he will be Able to move it.
What I usually do is give a due diligence period and inspection period then the buyer/ Assignee has option to back out if they are not comfortable with the deal. Emd gets refunded less title search fees.
So I mean 2000 emd and if buyer backs out they get 1900 back. 100 payable to title for title search.
Legally assigning anything to someone or an entity they must be provided with full disclosure because you are taking the role of the buyer pretty much for a fee.
Post: Metro Detroit meet-up, who’s in?
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Travis Biziorek:
Detroit Renegades is a great meetup I got to monthly. It's held on the first Tuesday of the month at Shield's Pizza in Southfield.
Beyond that, I'd be interested in a small, 3-5 person "mastermind" of folks that are only investing in Detroit.
What do you say @Keyonte Summers, @Ashley Hamilton, and @Alex K.?
I’m game for that. I’ve been a part of that group for a while now and Unfortunately I haven’t been to a single meetup Yet and missed this week too.
I am down for the Detroit one for sure though and we can combine resources and strategies and put some deals together.
Post: Challenging all deniers..Detroit Economy & Market are ON FIRE!!!
- Specialist
- Southeast Michigan
- Posts 294
- Votes 243
Originally posted by @Mark Whittaker:
So how do I get into investing in Detroit? I'm a noob!
First establish what your goals are as an investor and then take action and stick to the plan of achieving those goals. Send me a message if you are interested in the Detroit market and looking to get started.