All Forum Posts by: Eric Foster

Ok Detroit Michigan members... I have a few questions...

I have heard about Detroit on the news a lot lately… i.e. foreclosures etc.

I was just playing around on Realtor.com and saw there are 11,754 homes for sale that are 3+br that are under $50k. Out of those, 5500 of them are under 20k.and 1600 of them are under 5k... What? Are you serious?

Also in some of the listings they say things like…

- SEV
- Buyer must obtain city inspection and sign ACR with the city of Detroit
- Buyer responsible for any municipal requirements

What does all this mean?

Thanks,

What ya got?

What does it appraise at? Do you deliver? Or is it "as is where is"?

As long as it is not the London Bridge or the Golden gate bridge... I heard those were scams.

Hey welcome to the group!

That sounds like an awesome program...

"100% financing, no debt service, no interest, and no money down?"

Kind of leaning on the side of too good to be true... isn’t it? Yes please tell us more about yourself.

50 million dollar deals are not that hard to find and to make the numbers work... especially with no debt service and no interest!

If you would, please share the info via private message...

West Coast,

I think the group you mentined is just fine. As I said in my earlier post, I was a member for quite some time, and I really enjoyed it.

I will PM you my answer as I dont want any of my comments to be mistaken by other readers as negitive towards that group.

Thanks,

It is actually not that hard... Especially since you have so much help.

A rented sander and supplies will cost you about $300... all the rest is labor. Once you do it, the floors will be good for years.

In a rental you are not looking for perfection anyways... Probably a light sanding, a coat of stain, and about 3 coats of clear will make them shine!

When they move out and the next tenant moves in, another clear coat for $20 will make them shine once again.

It would costs you a couple thousand to have a professional do it for you... It is not that bad of a do it yourself project.

Go to one of the big home centers and ask a bunch of questions... It is not that hard. They also rent the big professional sanding machines for about $75 for the day, and about $25 for an edge sander.

It took me about 3 hours of sanding, a couple hours of detail sanding around the edges, 1 hour of clean up, 1 hour to stain, and about another 3 hours to put on 3 clear coats.

They charge so much since they have to come out to the house 3 or 4 times since there is drying time in between steps.

Also check You Tube... bet you can find a video showing you how to do it!

Beats buying carpet all the time!

Go for it!

Boy those are good questions... Lending has changed a bunch in the last year… to say the least!

There are things the "Investor" can still do... simply adapting to the times is what needs to happen!

Explore other options... here are just a few:

- Build relationships with banks - Having a relationship can help you get financing that is not normally available.
- Get credit lines - Can be used for down payments etc.
- Use private investors - people wanting a rate of return on their money
- Buy Creatively - Do more creative deals... Subject-to etc.
- Find Partners - Find partners who can bring credit and cash to help finance the deals.

There are still plenty of ways to do deals... you just have to get more creative than in the past.

The 100% financing, Non Owner occupied, investor loans, with the seller paying the closing costs, stated income loans are gone!

Those days are over and will be for the next???... 5 Years or more... maybe never again!

"Hands on"... Yea, me too... You word it very nicely though... "Hands on"... Ahhh, that sounds so nice, I call it "controlling"… so I have been told.

I have to force myself to let others take care of it... I always want to try and jump in... Something I have been working on...

And easy there little "Plumber” Boy... Tis’ the season and all, but I can’t say I have re-plumbed a house because I was installing a water heater?

I am sure it is a great story!

Take care...

You are welcome...

I always try to get my Realtors to do as much of my work as I can... (sorry realtors out there)

Im a mean Investor... I really make them work to earn my repeat, regular, monthly business.

Thanks for your input... that sounds like what i need to do...

Anyone know of where to get a list of popular search terms one could use to do this?

Thanks!