All Forum Posts by: Alton Williams

For all of my gainfully employed flippers out there. How do you manage your projects? Do you hire a GC, set it and forget it? Or are you swinging hammers after work and all weekend? What has proven to work best in your experiences?

Is there anyone out there that partners on single family rentals? If so how do you make that work between the partners? I understand small apt. bldg. partnerships but sf seems like a potential headache.

Anyone out there that can help with creative financing for a home purchase for my client? Business owner from Germany and doesn't have 2 years tax returns yet (came to US last year). Hard money loan is an option but curious as to if there are any less expensive alternatives.

Leverage is the key here, you want your money to work for you regardless of what you're doing. Also you have to adjust your mind from thinking "I need to make x amount" to "how do I earn x amount". We do not make money (if you do you're breaking the law) we earn money.

For all of the experienced real estate professionals 9investors, agents, lenders etc), where do you rate this particular cycle? Is it just another one or is there any hint of something different than ones past? When was your greatest time in the industry if this is not it?

In November I purchased a house free and clear that my aunt was renting because the owner was planning on selling it to a random person that was considering kicking my aunt out of the home. So I figured I would buy the house to help her and make a few dollars to help myself. I took it over and dropped the rent from $675 to $600 to "help her out". Fast forward to now and she owes me $300 for the water bill I paid off when I purchased it and $300 for half of the rent from a few months ago ($600 total) and to top it off she presented me with a list of repairs that she wants me to take care of namely painting the house and replacing the kitchen floor and carpet, although she never gave a list to the previous owner that was charging her more rent. Obviously I am not making any cosmetic repairs until she is current, but I'm in the position where if I do all of the repairs I am going to want to raise the rent to at least the market price point because that just makes sense to me.

Is it customary to paint and replace carpet while you have a tenant in the property or is that more of a process you take during tenant turnover times? I love my aunt and I want to help her but there has to be some limit to said help.

You're not going to find the 5k homes in the suburbs. The prices will be higher but the peace of mind you will have is priceless. Depending on how far you go from Detroit you can find homes for 20k and up although the 20k homes are in better areas than Detroit they still may not be the most favorable. The individual investors tolerance for risk has a lot to do with investing around the area as well as any other location. I personally do have a rental property located right off of 8 mile which is the border and it has served me well thus far.

Like any other place you have to know the market but especially here. Detroit has drastic changes from block to block and although there is an abundance of opportunity in certain situations it's not worth it. When you purchase 5k homes you attract 3k tenants. The suburbs of Detroit are a bit more expensive but are a great opportunity because they are still undervalued. Happy investing.

That's a good question, I would start here http://www.ccim.com/cire-magazine/articles/land-valuation-raw and see where it takes you. I see you're in Royal Oak, I'm right in that area too. Do you have any other properties you're looking to move?

Welcome back to the site. I am fairly new here but I have to say I have been telling everyone that is willing to listen about this site because it is truly the best thing going for content and networking. I work at the KW in Troy and The Radisson Hotel in Bloomfield Hills and I am a novice investor (only done 2 deals) but I am always looking for more deals/financing for said deals. I am going to attend the next meet up in May and some of the local REIA meetings as well so I look forward to seeing you in the field. If you need anything feel free to reach out to me or any of the people on here, Make it a prosperous day on purpose!