All Forum Posts by: Bill Bodziak

Wells Fargo has a good program we used. Less than 4% on a HELOC with a cash advance, fixed for 3 years.

Check out podcast #77....great one for negotiating price!

 Great strategy haha

Hi Zach,

@Jennifer Streamer has it right with realtor.com It usually posts listings quicker than other sites. The best recommendation I have (biased) is find a good realtor that enjoys working with investors and have them set up a search that will send properties daily or weekly. PM me if you would like some help. 

It all depends on the finishes... PM me with the address and your email if you would like.... I will do a quick market analysis on it for you.

Congrats Jennifer!

Royal Oak is a fantastic area for renting. Here is my opinion on a few of your questions. 

First, I would do the bathroom upgrades. It will add value and will help to attract a more stable tenant. I have been in hundreds of houses the past year and I have yet to see a black ceiling? Leave it...

As for the yard, if the grade is currently affecting the basement then, of course, fix it. If the basement is dry then leave it. I don't think sod is necessary at this point for a rental. Have tru-green or someone come out and plant for you. 

What are the specs on the house? A nicely finished Royal Oak 3 bed might be able to pull more than what you are thinking.... 

It the same as taking my 20 year old Lexus to my mechanic.... 100% parts mark up and $100/hr labor. Ridiculous, but am I going to spend a day fixing it myself? Probably not....

I considered this decision last year.... I chose the to be the salesperson. It is a tough route to go for sure but it can be rewarding. Getting your salesperson license is the easy part. If you choose the Realtor route it will take a lot of patience, hours prospecting, monthly expenses to your broker and Realtor association, marketing, etc. As for your Realtor schedule....It is totally up to you. I have closed 2 sales in 6 months, nothing to write home about but I have built relationships with 3 high net worth individuals who are interested in partnering with me for fix/flip. It is a people business, treat everyone you meet as a potential client or business partner and you can build a solid base for future real estate investing. 

I felt the appraiser route is a little more clear cut. You get your license, become an apprentice, work your scheduled hours and get your weekly paycheck. I have some appraiser friends who work at home, or from the office. As long as their piles of reports get filed on time everyone stays happy :) 

Good luck!

 Detroit is a definitely a beast that need to learn how to work in. I worked for years on the street parking cars in the middle of downtown before Dan Gilbert bought half the buildings on Woodward. It was crazy, I witnessed everything you can imagine over those years. Looking back it was foolish on my part, dodged too many bullets, too many cars stolen, countless fights... young and dumb, but it was fun! Much of what people hear about Detroit is true and there are absolutely safer places to invest in the area. For the experienced risk taker, profits can be made as new money pours into certain areas. I feel sorry for those out of town investors who are just looking at the bs numbers and are paying 10x's or more than what the property is actually worth without working someone they trust here on the ground!!

Joseph,

I would highly doubt everybody in a building that size pays their rent on time.... be careful with whom you do business, especially in Detroit....

Have you seen this property? If not, make a trip up here and look at it yourself, I'll even go with you to check it out. $200 rents sound ridiculous and I think you can use that $30k cash on much better investments in the area. Before you dive into neighborhoods you do not know it would be wise to start out with an safer and easier investment closer to home.... just my .02c