All Forum Posts by: Chris Iley

@brian pulaski

@todd rasmussen

maybe this is the best advise yet.  i don't think i necessarily need the sq footage but i thought it would be that something "extra" above the next house to get this one sold faster.  Im going to take this advise and go over comps in the area again and see what i can come up with.  thanks again for all the helpful suggestions!

Great reply’s, thanks! The water damage was from a leak on the water meter, simple fix. And a leaky roof that’s been dripping to the basement for years. Not a simple fix....

I ended up just ripping out all the paneling and wood strips, there was no plastic or insulation behind them. The cinderblock walls looked surprising good. I cleaned up all the extra debris and through out any wood that Could of been effected by the water.I set up a dehumidifier and After cleaning up all the dust and cobwebs we sprayed everything with concrobrum. 

I’m still trying to figure out how to block off the furnace from any potential “living space” with that vent in such a stupid place. 

Just started a new flip and the basement is a mess, it’s currently partiality finished with wood paneling on about 1/2 the perimeter walls that are just attached to wood strips glued to the walls. There has been some water damage to a bunch of the panels so they need to be replace anyways. Is it really worth it to frame out the walls and add drywall or just replace the paneling and paint? The basement does have a fireplace so it could be a great living space for the future owner. It has a low ceiling height so I could never make it a fully finished basement, instead I’ll just spray the ceiling white and add some cheep yet decent looking flooring.

@James Michels

I just bought my first flip in Southfield, I had my heart set on starting out in Detroit but when I saw an opportunity I had to go for it. I would start looking for potential deals in your area but don’t limit yourself to a certain area. What stage of investing are you at? Do you already have your financing figured out? I knew based on my financial situation I was going to have to look outside my own neighborhood to find a flip so I started driving around looking at areas/neighborhoods to get a feel for different parts of the city.

@Eric Friday

What neighborhood was this in? I’m starting a new flip in Southfield on Friday but really want to get into the Detroit market.

@David White

I just bought my first income property with a HELOC loan. My interest rate is 1.75% for the first year and then goes to 3.75% after that. Now I'm planning on flipping this first house, but I'll eventually buy homes for cash with the HELOC and renovate and rent, then get a mortgage once the home is rented, pay back the HELOC and start all over again.

The HELOC didn't cost us a single dollar to apply or for an appraisal of our house. It took a little over a month because corona hit right after we applied. It was actually pretty easy and we only used income from my wife. But we own our current house outright and only asked for 1/2 of the appraised value.

I used a smaller bank, Old National because they had the best rates, but I know the bigger banks (chase and boa) have tightened their requirements for HELOC loans and Wells Fargo have temporary stopped even offering them.

I just got a HELOC and i didn't have any w-2. We own our house outright though and took a HELOC loan for about half its value. Now my wife has a job that made just enough for us to qualify. The bank doesn't really do asset based loans, but since we don't have any debt any money from my wife paycheck could mostly for the HELOC loan payment.