All Forum Posts by: Bill Bodziak

 I stand corrected haha. Stay away from that drinking town with a football problem!

Michigan is a good choice if you want to be near lakes of all sizes. Real Estate is competitive here but there are many deals to be found. I lived in Pittsburgh, PA for 5 years and found it to be my favorite city in the central/mid west region. Popular east coast destinations- New York, DC, etc- are 5-6 hours away by car and the city is great mix of neighborhoods with solid universities and REI opportunity everywhere! Pittsburgh is definitely worth the consideration if you are looking for 4 seasons, opportunity and an overall fun city.

Hi Brenna!

I am 28 and just started myself... I wanted to start 10 years ago but never jumped it with work, school and what not. Now its all or nothing! Good luck and keep us posted on your progress...

Great post and a some good info here. I personally pondered the turn key question myself when I started investing recently and decided to start doing wholesale first. I felt wholesaling was a good way to start so I became familiar with the process of buying and selling from various types of properties and property owners. It has also helped get real experience when it comes to valuing a property and its repairs. 

When it comes to actually purchasing my first turnkey buy and hold I will wait for the right opportunity- multi-unit or small apartment property- where the seller is willing to finance with no or little money down. I think this strategy would minimize the personal financial risk associated with properties.

Just do your research, there are limitless possibilities to begin your path in real estate investing and your education, if willing to learn, is endless.

Good Luck!

I think there is definitely room to compete. Many people enjoy cleaning their cars themselves. The largest flaw with most of those express tunnels is the fact they are friction washes and when excessively dirty cars go before yours that dirt sticks to the brushes and will damage your paint. Also, the dryer systems make contact with your car at the end almost guarantees scratches. My strategy is coin op (much less investment, good profitable tunnels are hard to find for under $350k) with at least one touchless automated bay The touchless bay boosts sales considerably in the winter and offer an option for those customers who don't want to get out of the car. Laser wash touchless systems give an excellent wash and dry and customers recognize this benefit because it will not damage the paint like many cheaper contact washes may do. 

Because we are in Michigan we have the motor city where people in all socioeconomic classes are passionate about their vehicles and like to take care of them. This is the market to target. Washes in C class neighborhoods provide the best returns because that is where the purchase deals are and the customer perception of coin washes is that they are the best bang for the buck. Although not completely a 'passive' investment coin-op self serve is much less maintenance and overhead to operate than an express wash. 

 I am submitting an offer on a coin wash this week. My offer is an owner finance at asking price for 7 years, the monthly payment will be around $1500 with no money down but I will need to do at least a new roof for $20,000 within the next 2 years. The building is a little neglected but those are the best opportunities :) If you are considering a car wash purchase try to do it with owner finance and as little down as possible....the 3 month+ option is a great idea here and I will put that in my offer.

For valuation use a multiplier of 2.5 to 3.0 of the profits to get a good faith value and consider any repairs and equipment age. Figure replacing pumps at 6 years ($600-1200 ea) and brushes yearly. Chemicals are cheap (100,000k gross location can run on $3500 in supplies) Auto Laundry News carwashmag.com is a tremendous resource for industry news and owner surveys. Having a touchless automatic bay helps big time with sales in the winter and will most likely be the majority producer. Other less expensive improvements would be adding credit card readers and in-bay drying systems. Do everything you can do to keep people in the bays longer, time is money! Also consider your time. You need to have someone clean the place daily, preferably twice a day. As an owner you should plan to be on site at least twice a week to watch your investment. Its a good idea to have extra equipment to such as an extra vacuum, coin acceptor, etc so when one goes down you can replace it immediately while getting the broken repaired. 

Keep us posted and Good Luck!

Bill 

What type of offer do plan on making? I am submitting an offer on a similar sized wash this week. My offer is an owner finance at asking price for 7 years, the monthly payment will be around $1500 with no money down but I will need to do at least a new roof for $20,000 within the next 2 years. The building is a little neglected but those are the best opportunities :)

The $200,000 price seems a little high with the profits he is showing... use a multiplier of 2.5 to 3.0 of the profits to get a good faith value and consider any repairs and equipment age. Figure replacing pumps at 6 years. Auto Laundry News carwashmag.com is a tremendous resource for industry news and owner surveys. You should consider converting a bay to touchless automatic as well.... helps big time with sales in the winter and will most likely be the majority producer. Other less expensive improvements would be adding credit card readers and in-bay drying systems.

Keep us posted and Good Luck!

Bill 

Many estate sales I see are being handled by a company. I am usually pretty direct about my interest in the home walking in. I compliment the home with whoever is running the sale and ask if the home is or going to be on the market. They either give me the sale information (or agent info) or tell me its already sold. 

Here is a fantastic opportunity to own two of the finest properties in the neighborhood. The purchase of 80 and 84 Mark Ave is a rare opportunity to walk into revenue producing buildings that will bring excellent returns with built in equity. Each building is a 1930's designed and built 4 unit structure. These buildings will produce a 22-25%+ CAP rate.

Original craftsman details, many updates, high ceilings throughout. Original fireplace (sealed) in each unit. 

Visit roirealestate.weebly.com/deal-of-the-week for Pictures

80 Mark Ave $50,000 (Creative Financing Available)

-Turn Key

-4 units 2/1 900+ sq ft

-3 units occupied (MtoM $300-425)

-1 vacant (tenant ready, needs stove)

-newer windows

-hardwood floors throughout

-private parking in rear

-updates throughout

-separate utilities (except water)

-coin laundry in basement

-Taxes $1900

84 Mark Ave $35,000 (last sale price 180k)

-4 unit 2/1 900+ sq ft

-1 unit occupied (by property manager/contractor)

-3 units vacant (require light rehab, approx $2500 ea)

-newer roof on house and garage

-newer windows

-4 car detached garage and parking in rear

-needs 2 furnaces and 4 water tanks (installed up to code $10,500 quote from PSI)

-tremendous potential

-taxes $3600 *should be contested

Market Rent $600-650

WILL DISCOUNT FOR QUICK CASH SALE.

CALL Bill Bodziak 248-420-2009

Hello All,

I have 2 mostly occupied brick quads available in Pontiac MI. Many updates throughout including furnaces, water tanks, roof, etc. 2 units still require light rehab. Most units occupied or tenant ready.

Each unit is identical. 2 bed 1 bath 900 sq ft. 

Buildings are side by side with 4 car garage and parking in rear. Great Opportunity! Asking $90k 20%+ CAP

Let me know if you would like more info.

Regards, 

Bill