All Forum Posts by: Brandon Jurczyszyn

Hey BP 

I'm currently in the process of looking for a property management company in my area. Recently purchased a single family house that I am fixing up with the intent of renting out. I am not quite ready to rent yet, as I have some work left to finish - but I'd like to start building that relationship with a company.

So, if anyone has any good recommendations in the Metro Detroit area (Royal Oak, Birmingham, Ferndale area) let me know! If not, let me know what I should be on the lookout for to spot a good property manager.

Thanks!

@Eric Nurmi thanks for the response. I hadn't thought about talking to the neighbors - great recommendation. The phrase "it's a matter of time" has been lingering in my head as well unfortunately. Hopefully the neighbors can provide some positive reports. Thanks again!

Hello BP!

I am in the process of buying my first property in the Metro Detroit area. I made an offer on a 3 bed/1 bath Bungelow that looked great on the listing and during the open house.  Upon receiving the sellers disclosure, I learned that the basement flooded (3 in of water) thanks to city pipes backing up from root blockage about a year ago. The pipes have since been cleared by the city, the basement fully redone, complete with new drywall, furnace, hot water tank, and epoxy flooring. I made an offer and it was accepted, so we moved to inspection. Upon inspection, a handful of repairs were identified that I did not expect in my budgeting, and therefore I removed my offer. No major red flags outside of the basement, I am just working on a slim renovation budget, so the little things piled up.

Today, I received a text from my agent that the sellers are willing to negotiate lowering the price/handling the work that is needed in order to keep the deal alive. My question for BP is: how do you feel about the level of risk with a house that had water in the basement due to city pipe blockage? Pipes are clear. But the chance of flooding will be there still. This house has amazing potential and rent-ability in the location it is in, and the other repairs needed are do-able.

I'd love any advice you may have as I am a first time buyer, looking to rent this property out within a year of (potentially) closing.

Thanks!

Brandon

Hello BP! I am currently in the market for my first property and live in the Metro Detroit area.

I have found a few SFH's in Royal Oak that have caught my attention, as I feel they are being sold under market value based on comps I have received. They are also in higher rent areas, and very close to downtown - long story short, I feel confident about these properties renting easily and cash flowing well.

My question is: how do you feel about the Royal Oak market in general? Clearly it has become known as a growing city that is attracting a young, college-grad crowd - but do you think it has peaked? Looking at historical sales data, the average home sale price has risen dramatically since 2010, which leaves me thinking it may soon plateau and decline. But, if you drive around the city, especially downtown, new construction is happening all over, indicating that the city may just be in the beginning of a rise.

What are you thoughts? Let me know!

Thanks for the response @Nathan Platter!

I think it sounds like my next step will be getting touch with a mortgage broker (probably should of been my first). I am leaning towards getting an FHA loan for this, as I want to house-hack.

Thanks again!

Hey BP!

I am in the process of searching for my first property, specifically a residential MFR that I am looking to buy and hold. I have reached out to a real estate agent and she has provided me with a list of active MF properties on the MLS in my target market. I found a quadplex that I am particularly interested in. I am now analyzing this deal using, 1 of my 5 free, BP Rental Calculator. Upon my first attempt, even if I purchased at asking, the numbers are in a good spot.

My question for the group is a theoretical one: what's next? Let's say I get the numbers to a point I like, and I am ready to make an offer. Should I go to the bank and get pre-approved first? Should I contact a general contractor to help me walk to property if I schedule a house viewing? I know I need to be able to react fast, so I want to optimize my next steps.

I've read an extensive amount on "how to get that first property" but they all had different input, so I'd love to hear some from you guys on how you'd go about it as a first timer.

Thanks in advance!

Brandon

Hey BP! I feel like most of the posts in this forum from beginners (like myself) are one-sided: us newbies introducing ourselves and asking the experienced investors for all of the answers - for essentially nothing in return. I want to switch things up a bit. So, is there anything I can help YOU with? Obviously answers will vary, but I’d like to make this a two-way street from the get go. My experience is limited currently, but I’m extremely excited about starting to learn - I’d be glad to take some work that can be outsourced off your plate! Let me know and we can work something out! Thanks, Brandon

Hello BP!

I am in the market for my first property, specifically a residential MFR. I have a good grasp on the process for searching and analyzing deals (I will use the BP calculators) - but, I'm having a tough time establishing what my price range should be. Should I go and get pre-approved for a loan from a bank? Heard that can negatively affect a credit score if nothing is done with it right away.

I know this will be a "depends-on-your-situation" type answer, but any advice on how you've established a price range would be great! Just looking for a point in the right direction.

Thanks,

Brandon

Casity Kao thanks for the response Casity! It sounds like the general response from this post is to just continue paying them off over time. I see you’re from Grand Rapids, do you have property in the area? I’ve heard positive things about investing there - would love to hear your story!

@Keyonte Summers Factoring for a PM regardless sounds like the smartest way to do it. How much do you set aside just in case you decide to hire? Depends on the property/deal I would assume?

As for house hacking, yep that is exactly what I am looking to do. Everything I've read on it makes it pretty clear it's perfect for starting out. I'm just working on establishing a budget and a target market right now.