All Forum Posts by: Mike Wallace

4 runs total. 2 bed rooms, kitchen/living room.

house is on a crawl space. furnace/ac is already in place and works. just need duct work.

just got a quote for $3300. seems very high....

that quote is including materials.

but this area my flip is located commands more rent. I was talking to the neighbor and he told me he pays $800, and his place is a dump. When complete mine will be worlds better. I dont see why I cant get 900. I hope it doesn't come to that, I want to sell and free up capital for my next flip. We will see.

I have some 2/1 condos that are in a more rougher neighborhood, i get $650 for those. I only paid 15-20k for each of those.

Westland, mi

im getting $625 for 1 bed apts in this neighborhood. tenants pay all utilities.

2250 monthly.

 My market is odd. Buy and rents work great. Buy and flips are tough.

I paid 99k last year for a property that rents for $225 and was 100% turn key.

needed a new roof.

also the electrical was all wrong and needed to be entirely redone.

Bought a 2bed/1bath for 18k cash. This is my first flip and am learning a lot as I go.

I thought rehab would cost me 10-15k. I am now hoping to stay just under 25-26k. 

Had to gut the entire thing for numerous issues, lets just say I am learning a lot and will know how to evaluate the next potential flip 100000% better.

The area is a C neighborhood. No violent crime, but a decent working class area. The problem is all the comps on the area for this type of house are in the 35-45k range. But every single one of them is very outdated. Mine will be all updated with nice finishes.

Think I will be ok? I want to be able to get $60k..

Worst case scenario I can rent for about $900-950.

I own 7 rentals in this very neighborhood so I do have some experience in that field.

I own 3 condos outright worth about $35k each.

I have about $60k in equity in a 4plex.

The house I live in is worth $350k and I owe $230k.

700+ credit score. Ready to put down 25-35% on more multifamily property, but am having difficulty going the conventional route due to my low income of about $15k.

I own various businesses/rentals and take a ton of write offs. 

options?

whats the 1% rule?

It has over 2% of gross rent per month of purchase price...