All Forum Posts by: Daniel Hornsby

Thanks for everyone's replies. You are all reinforcing what I was thinking.

Zachary Dosch you made a very good point about code requirements for conversions. I would not have thought of that.

Thank you all!

Welcome to BP fellow Michigander! I'm always pumped to see more Michiganders gathering on this site. There are too many Californians and Texans on this site LOL! Just kidding :)

Anyways, I am working on becoming a wholesaler myself except in the Oakland, Macomb, Livingston and parts of Wayne county. I haven't done a deal yet but I can feel it coming! I'll catch up to Cameron Parker soon! :)

You have plenty of info and advice at your fingertips on this site, all you have to do is ask!

I look forward to reading about your success!

Good day BPers!

I just got a call from a potential seller who wants to sell a home he owns that he is converting into a duplex. Specs are as follows:

-1,876 sqft (we'll say split equally between both units)
-4 bed 2bath total (2 bed 1 bath upper and lower unit)
- 3/4 acre lot
-24'x24' pole barn on property (possible 2 car garage)
-Partially rehabbed at this time - incomplete kitchen in one of the units, needs new carpets and such.

He is looking to sell after he is done in a few months but is willing to sell "for the right price" in the middle of his rehab. (Tire kicking...)

The specific area the property is in is a little more country-ish so not too many duplexes around.

According to several online sites like zillow, trulia, realtor.com, homes.com, etc. the average price of the home, in its Single Family state, is between 55k-90k but he's asking for 180k-190k after he's done or 150k-160k with rehab work still to be done. I know most online sites are usually wrong with their estimates/comps but in this case they arent that far off for the area.

My questions are as follows: Does adding a second unit to a SF add that much value? I know it largely depends on the market but in terms of Duplexes is he right to ask that much in difference? How would I comp it out, as a SF or as a Duplex/Multifam? Should I bother calling him back? LOL!

Thanks in advance!

P.S. I dug around a little and found he only paid $40,900 for the property. Not sure if that should matter but I find it to be a flag, not a RED flag but maybe a YELLOW flag lol.

Hello fellow Michigander! I'm getting into wholesaling as well. There are a LOT of people here ready to answer your questions and give guidance when asked. I'm sending you a colleague request. Maybe we can help each other out sometime! :)

What's worse is he's going to spend it on cattle @.@

Quick update:

I quickly discovered handwriting these letters takes A LOT of time. I turned my handwriting into a font and whipped up a "mail merge" letter and I have 7 left to stamp'n'seal before I complete the batch of 100. Hoping to finish tonight and mail 'em out tomorrow morning for them to hit their destined mailboxes on Monday. Ill start a new thread giving the results of this 'labor of love'. Thanks to all for your input! Hopefully I get a deal out of this batch but I know that will (probably) be improbable. I can still hope :)

Congrats! Please give all the details when you can!

Congrats on #2! That was fast! What are the details on this one? Getting a bigger paycheck this time, I hope? :)

Steve and Berta, looks like a winner! Good luck with that letter!

Congrats on that my friend! You are living my dream! lol! I'll get there soon though. You definitely look like you have your hands full with this little 'gem'.

Good Luck!