All Forum Posts by: Eliott Elias

I am not familiar with Detroit real estate regulations, but I don't see why you wouldn't be able to raise rents up to market value. As long as it is a similar product and you are not operating under any sort of government aided housing 

If the property is considered a duplex there should be two meters. It is expensive but that is the legal way of operating 

Build-to-rent properties seem to be getting more and more popular. Considering the housing shortage and home-buying prices that are out of reach for many moving to or already living in the area.

I see how it would make sense for a developer building a subdivision to hold on to their property, not sure what pros one new build would have as compared to a remodeled home. 

Amen

Most anything could be an issue for a property that old. I would especially watch out for asbestos and lead based paint. 

The only risk I can think of is if it actually gets accepted. If you don't intend on closing on it you will lose out on the option money. Maybe have a 10 day low $ option period?

I usually have my tenants pay utilities

Show them how you plan to make money on the deal, and any past projects that have been a success. They are not going to fund a project that does not make financial sense, so they will check comps, ask you how much work is needed, and ask you what you plan to sell it at. They will make sure your numbers are reasonable and fund that way. 

Biggerpockets is a great place for networking. Reach out to people who are active in the forums in your city and pick their brain. 

I got my license for the same reason and it's been incredible the sort of insight I've been able to get. There is a misconception that you getting your license inhibits you from still using REALTORS. They can still send you deals! I always recommend a RE license. 

I'm not a contractor or familiar with the St Louis market but that sounds like a pretty conservative budget considering a 969 sqft property. It also depends on what you actually want to do with the rehab. Are you looking to have a full luxury remodel with top finishes or make it just rentable?