All Forum Posts by: Derek Gibbs

Bummer, same thing just happened to me.

I even went $5k over my high number just to try and make the deal happen and got out bid by $10k.

I'm curious why so many are willing to throw piles of cash at anything right now. I hope I can take advantage when they get foreclosed on.

Best of luck with the next one!

I am in the same boat.

Anyone out there in south east Michigan with a good experience to share?

Hello everyone, 

My attorney is in partnership with her husband and share the same office. Her husband has a client with an apartment building they would like to sell.

I'm interested in buying, but should I find another attorney to handle the deal due to the relationship?

Thanks!

I know this is a 2 year old thread but, I am curious about the current cap rates in the Dexter, Chelsea and Pinckney areas.

I'm looking at small MF in the area and I'm trying to get a ballpark value on some of the properties.

Thanks!  

Thanks for the advice guys!

It was really a rhetorical question I guess. I knew it was not very wise to buy the giant project house that I could just barely afford because it would be "cool". I know better than to get emotionally involved and thank you for keeping me on the straight and narrow. I'm not super keen on living with my residents but, it seems like a good way to make my money go further and get off to a good start. I have my eye on a 10 unit property that is in really poor shape but in an B plus neighborhood so has big potential. There is a for rent sign on the lawn so I'm hoping to call and ask for the owner and see if they want to sell. 

My wife and I just sold our house and will use the proceedes to invest in real estate.

We have considered two scenarios. One is to flip some houses to build up capital. The other is to invest in MF right away with what we have. Whichever path we choose, we would have to live there.

We found a high end house in an amazing neighborhood that is in terrible shape. Every house around it is beautiful and sells for much higher than the asking price of this house. We are figuring on 6-9 months for rehab at a cost of close to $100k. Between the buy in and the rehab, we would be maxed out and just be able to get it done. If there was an emrgency, we could probably get a loan from my 401k but only as a last resort.

We have also seen some MF properties in terrible shape but in great areas and we were planning to try to purchase one buy calling the owner and asking if they wanted to sell.

We are leaning toward the house, but... Are we being foolish? We rehabbed and sold the last house but that was our first one and it was about 1/3 of the value of this house. We really want the experience and there is potential to make a good profit giving us a much larger amount to put on a MF property when finished. Or, should we not wait and get started in the MF business sooner?

Thanks for the advice!

I'm wondering the same thing.

I don't know how much help I will be in regards to the market but you can message me anytime.

I might be interested in properties there though.

@Steven Dreyer I spend a lot of time in Cheboygan and have thought about investing in the area. I think it has great potential but just never seems to get going. There are a couple new businesses that are doing well but no real lasting growth. Every time I think its taking off, it fails again. Gaylord is booming. Hopefully some of that prosperity will come to Cheboygan. I guess someone has to start it.

I have the same question. There is little inventory around me and very few of them would cash flow due to the high buy in.

Why not just build a new 4-10 unit property on vacant land?