All Forum Posts by: Denis Ponder

As a real estate agent, you have access to the information you need to make this decision.  Look at 3/1 and 3/2 comps to find the different in sales price.  Look at days on the market information as well.  Then, find out the cost of adding a bathroom.  Check the math and variance in time on the market to determine if that makes sense for you.

Additionally, consider if you are adding sq ft to bring on the additional bathroom or cannibalizing existing square footage.  Those can change the comps as well.

This is solid! You will need to BRRRR in order to make some decent headway and recycle the cash you have available.

I say max leverage.  You can always keep the cash in the bank and have it at the ready if needed.  If you use more of your own cash for the project, you become less versatile and flexible if a problem arises.  Max leverage and keep the cash liquid and ready in a pinch.  If you don't need it, no problem.  If you do, all good as well.

I purchased a property in Warren and had to switch PMC's about 6 months in.  Best decision I made.  I spent more money for the original PMC to manage an empty rental than my current PMC (Logical Property Management) costs to manage an occupied rental.  Plus a really nice upgrade in communication as well!  I highly recommend considering Logical Property Management!  Happy to share more in PM if you like.

If that's the case, it makes sense. Just be certain you have the cash flow to cover the HELOC payment as well.

Just make sure the cash flow can cover the HELOC payment as well. Typically a HELOC is a better fit for a flip/BRRRR type of scenario so you can pay the HELOC off/down much more quickly.

I have used our HELOC in both scenarios.

On Zillow, if you hover over the "More" heading, you will get a drop down.  From there, you can type triplex or quadplex, or other variations, to narrow down the search.  This will help if they use this term in the listing description.  It has helped me narrow down my search some depending on what I'm looking for.  Happy hunting!

I would house hack if those are the 2 options.  I'm not a glamping expect, but it seems like that might be a harder niche in which to compete the further COVID gets in the rearview mirror.  Again, just my opinion, not based in much fact.  With a house hack, you are actually owning an asset that other people might want.  If you HAD to sell the glamping arrangement for some reason, the list of potential buyers would be smaller and likely only to attract investors.  So,  getting top dollar could be more challenging.

There are opportunities in and around Detroit.  I would give that a look first before heading out to another state.  There are some good folks on here to connect with regarding Detroit that can help guide you.

@Travis Biziorek
@Michael Smythe

In some cases, the juice isn't worth the squeeze; this sounds like it might fall in that category.  If the seller has already told you they don't want to sell and they are asking you for grocery money, this isn't going to go do a very logical path.  Negotiating with people who only live through their emotions is difficult.