All Forum Posts by: Bryan Barnette

Hello,

I am looking to start building up my contacts prior to starting to purchase properties. I am looking for the following contacts. If any of you all could give me some recommendations, I would greatly appreciate it. I will also be using google to find some of these, of course. I am focusing on the Metro Detroit area (Westland, Southfield, Livonia, Oak Park, Warren etc.):

- Plumbers

- Electricians

- Carpenters

- CPA

- Real Estate Attorney

- Handyman

- Appliance repair person

- Property Managers

- Home cleaning companies (To clean property when tenants leave)

Hello,

I am looking to start building up my contacts prior to starting to purchase properties. I am looking for the following contacts. If any of you all could give me some recommendations, I would greatly appreciate it. I will also be using google to find some of these, of course. I am focusing on the Metro Detroit area (Westland, Southfield, Livonia, Oak Park, Warren etc.):

- Plumbers

- Electricians

- Carpenters

- CPA

- Real Estate Attorney

- Handyman

- Appliance repair person

- Property Managers

- Home cleaning companies (To clean property when tenants leave)

@Mike T. We ended up backing out and then putting in an offer for lower. They didn't select our bid for our second offer. The house went on and off the market about 7 times before I stopped counting. I think it eventually sold. I ended up buying a house in livonia. I was buying during the hottest time to buy a house. It was very competitive. The wife and I are on a plan to buy another property next year. That will be solely a rental

Nice.  I actually walked through this house.  Not a bad job

Update:

HUD took about 3 days to get the signed sales contract back to my broker. i had to get the utilities put into my name, which was a simple phone call to the utility companies. Fortunately, for me, the gas and electricity were already on. i have to get the water turned on this Tuesday, which is going to cost me $150. The same day, i will be de-winterizing the house. Then i will be doing the inspection the next day.

More updates will come later this week!

@Greg H.  Thanks for the advice man.  I have looked at a lot of forum posts as well.  I am trying to make this thing as smooth as possible by covering everything ahead of time.

@George P. It has no basement. Just a crawl space. They have already rejected a $91K offer (That is what I was told) and my offer really equates to me paying $1000 over asking. However, my only concern is how the cashflow works out. I see rents in the $1300-$1500 range for 3 br 1.5 bath homes in the area. With those numbers, I could potentially cash flow 200-400 a month. That is with Capex and PM at 10%.

@Matthew Olszak I will keep you updated.

@Jerome Wright  Thanks for the offer. I will keep you in mind!

Hello All,

I have been planning to purchase my first property for about a year now. So I have finally decided to pull the trigger. I have been checking Redfin, Realtor.com, hudhomestore.com, Zillow, trulia, Homepath and FSBOs for a property. Well I found a foreclosed property through HUD and decided to do a walk through. The house seemed SOLID, to me at least. Of course I will have to see what the inspectors find. But it still had all of the appliances in it, which was surprising for a foreclosure. Anyway, the purpose of this post is to guide you all through this process as I go through it. Here are a few details on the property:

3 br, 2 bath ranch, 1300 sq ft, hardwood floors everywhere accept for the bedrooms and bathrooms and an attached 2 car garage.  

I will house hack this property, and then I should be able to rent it for at least $1400/mo, based on my research through zillow, craigslist and rentometer (I will be getting MLS data pretty soon). The list price was $89,000 and I offered $93,500 with HUD paying 3% of the closing costs. I wasn't expecting the offer to be accepted, but I got the email from my broker saying that it was. I will not get excited until the inspections are over. So with HUD, when your offer is accepted, you have, literally, 2 business days to sign all of the sales contract documents and send them to the asset manager, which is Sage Acquisitions in my case.

I just sent those documents in yesterday and I will contact my broker in the morning to see if the documents reached their destination. As soon as my offer was accepted (The sales agreement is not executed until Sage signs it and sends it back), I contacted all of the utility companies to see how much it would cost to activate things and how much lead time would be needed.  I am trying to coordinate this process so that all utilities are on at once for the inspector. It costs $150 to activate water and the gas and electric companies send you a bill for the time that you have their utilities active. I also called a few contractors for dewinterization costs (Foreclosed properties are often winterized).  This costs $100.  

So as of right now, I am waiting for Sage to sign the sales agreement, which can take up to 2 weeks. Then I will begin my "Due Diligence" phase, which is 15 days.

Feel free to ask any questions. I will update this post as I go through this process. I just want to let everyone learn from me, as I know people are discouraged by the "complicated" HUD home buying process. Wish me luck!!

if anyone in this thread doesn't mind sending me the sage contacts, i would greatly appreciate it. i just had an offer accepted and i am sure that i will go througg the same stuff. 

Congrats @George P.