All Forum Posts by: Donald Guraj

@Ken Bresser Ken I really appreciate your help. I will definitely do that. Should I ask a contractor or an inspector?

@Anthony H. Yes I did and looks fine. Obviously I’m going to have an inspector take a look and tell me what repairs the house needs and I will go from there with the offer. And I will get a realtor thanks for your advice.

@Donald Guraj I know the listing says 55k but the listing realtor told me that he is willing to go down to 50k for sure

@Anthony H. Hello Anthony Here is a link from the listing https://www.zillow.com/homedetails/2348-Andrus-St-HAMTRAMCK-MI-48212/88565176_zpid/ The bank would not lend money because of the house needs rehab

@Matt Gibson Thanks for replying Matt. I have spoken with 2 banks and they said they would not give me a mortgage for the property because the one unit needs 6 windows and some siding work outside. I have about 15k in cash which is not enough to buy the house but it’s enough to do the repairs and then refinance it. The bottom unit is renting for 600$ up unit it can be rented for 500$ and the back unit can be rented for 400$. So 1500$ total in rent. There are 3 duplex’s for sale near by with range from 109k-120k

Hello everyone I am reading and watching about real estate for the past 10 months and I think I am ready to make my first step and purchase a rental property. This 3 unit house that I found in Hamtramck, Michigan for 50,000$. The estimated repairs are around 10k. And the value of the house after the repairs it comes to little over 100k as of the market right now, and there is a tenant In the lower unit paying 600$ a month Numbers looking good the only problem is that i can’t get a loan on it because of the repairs. Any thoughts and ideas about the property and to how can I get a partner for this project. Thank you in advance