All Forum Posts by: Arthur Rivera

So I miss worded it,  this is a 12-month option to purchase

1) Did you check the zoning to confirm you can build a duplex? I can confirm that duplexes are allowed for zoning

2) Who will pay blight tickets if issued by city? Any blight violations that do pop-up I would deduct off of purchase price

3) Who will pay property taxes and what happens if they do not? They will continue to pay property taxes until I exercise the option to purchase. if they fall behind which they haven't, taxes would be deducted off the total purchase price.

4) Same goes for insurance? I would have my own insurance policy on the property  protecting my interest 

thank you for your input these are some of the  questions that I did bring up as well.

1.) like is there any way they can break the deal? (Record a memorandum? / LOI )
2.) Would they still be responsible for Blight violations if they happen before I exorcise purchase option?
3.) Where do I put my lease option fee / Deposit? at Tittle or escrow? ( I wanna make sure this contract binds )

no money is owed I have a preliminary title report

Hello guys! I'm reaching out because I recently just had a PA signed and I am now switching it to a lease option because that helps get the seller to her price and what I believe is exclusive rights to purchase property for the next 12 months for me if I'm not mistaken. I have never done this before, I live in the state of Michigan I have heard lots of different things, but believe this is an opportunity! It's next to one of the largest national projects as far as infrastructure, it's the new Gordie Howe International Bridge. I'm three blocks away from that project, and it has lot of potential. I have a template for the lease option and I'm supposed to mail it out to the seller because she had agreed to it... can anybody please help shed some light on the subject. 

Below are some other facts about this deal:

3 lots total

badly burnt unit (Probably has to be torn down, but basement is in really good condition)

Michigan Department of Transportation (MDOT) stated that if we happen to be in footprint of project or any future scope change there would be a "good faith Offer" given - (another possible exit strategy) 

Plans are to make it a multi family (Duplex) and test one side for possible short term rental. (also thought about it being boat storage until local development catches up so at least it would cashflow something) 

going to wait for about one year, before we take any major action (Bridge Development should be rapidly moving along by then - Completion date for bridge is 2024)

Looking for a good recommendation for sewer pipe relining (Residential), bonus would be a company that has experience working with the city of Detroit. Any help would be greatly appreciated, thank you in advance!

So I have been working on a cold calling Department and trying to get it off of the ground. We have had some success and have brought in 80 leads so far in the beginning of 4th quarter 2019 but has diminished since then. I have been working on making sure we have quality data supplied for our agents to be able to connect to the right people. But Michigan seems to be extremely tough. I see a lot of great results in other states, I see a lot of gurus out there talking about metrics and how great their numbers are and what you should be monitoring as far as KPIs. They do not seem to align with the metrics and trends I have observed so far for Michigan.

My question is does anybody do any cold calling in Michigan and if so what do your numbers/KPIs look like, any info would be greatly appreciated thank you.

@Wendy Patton thank you, for your help. I have reached out to Farmington hills and they said they would care but the appraisers might say something. I am in the middle of coming up with an offer that would compensate for the cost that would have incurred if any. But I will keep you update or possible reach out if I have any further questions, thank you so much for the input greatly appreciated! 

I might make a purchase on a property that has the garage converted into more space I've never dealt with anything like that before. I don't see it on any records with that modification (permits or anything). How would some of you address this or what are some things I should look out for? Any help would be greatly appreciated thanks. P.S this property is located in Farmington hills, Michigan

Thanks for Reaching out Robert. To answer your question no I do not have it under contract. I wanted to inspect the property before I placed an offer because I am still new ( although I do understand the rehab cost, I have a construction background). The owner is taking one week to accept offers from investors before he tries to put it on the MLS again. It flip-flopped the first time on him and he gave a two-hour window for viewing which I went and did yesterday. I knew I wanted to take action because I saw an opportunity. My B.L.O.Cs are recharging from my last rehab or I would have done it myself. I reached out to 4 other investors I know, I'm just trying to see if I can make something work. The owner sounds like he wants a firm 299k but I have to start off right around 250k after inspection, although the median value in the area is 410k. I have a detailed report of the property.

I'm reaching out to see if your interested in purchasing a light rehab in Bloomfield hills. I have a Report Summary of the Deal, the numbers are aimed more on the higher side mainly rehab cost( My team could probably do rehab at a lower cost) and the median value was lowered to make sure the deal would still work. I'm going out to view the property today at 3pm. This deal will go fast because there is more than easy 70k+ profit , They reached back out to me, but I know I won't be the only one viewing it today...How do we make this work. Hope to hear from you thanks! Please inbox for details, if i'm not posting this properly please excuse me ,I'm still sort of new.

Hello everyone, I wanted to know if someone is interested in possibly working together on some deals. I don't exactly have all of my B.L.O.Cs back in order but I want to stay in the game. I'm fairly new as far as my personal portfolio, but I have 15 years experience in Construction & Property management for 1232 units in Southfield and 2 other buildings in downtown Detroit. I also have 17 years IT experience from Low voltage integration ,Hardware to Software development. I also see a lot of companys that could use some technical critiquing, I'm sure we could learn from each other. I am a extremely hard worker and have never given up against all odds.