All Forum Posts by: Mike Wallace

yes. Owners are responsible for lawn/snow though

Im not in CA. my profile is wrong, I need to figure out how to change it lol

The bad aras of westland you are thinking off is probably Shacktown? I stay away from Shacktown. These are the condos over on Stieber st.

Located in Westland, but not in Shacktown for those of you who know the area.

In this complex they pop up from time to time, mostly bank owned for 14-20k but go very quickly. I look at the MLS daily for deals like this.

Westland

It is about 20 miles from Detroit in a working class area.

I would never buy anything in the city of Detroit.

700 sqft 2 bed 1 bath, full unfinished basement.

Needs new water heater, furnace, central out unit, new carpet.

Everything else seems to be in great condition.

Under 4k in updates to get it rent ready.

Monthly expenses will be

$30 association fee

$60 property taxes (700 per year)

$insurance..waiting on a quote from my broker.

the comps in the area rent for around $650-700

seems like a no brainer to me. What do you guys think?

This property is in the Metro Detroit area.

700 sqft 2 bed 1 bath, full unfinished basement.

Needs new water heater, furnace, central out unit, new carpet.

Everything else seems to be in great condition.

Under 4k in updates to get it rent ready.

Monthly expenses will be

$30 association fee

$60 property taxes (700 per year)

$insurance..waiting on a quote from my broker.

the comps in the area rent for around $650-700

seems like a no brainer to me. What do you guys think?

This property is in the Metro Detroit area.

Yeah you are right Patrick, its a bad deal.

The seller even told me he would love to mail the keys into the bank and let them have it but he signed a personal guarantee for the loan. He originally paid 600k 10 years a go.

I am young and have some money that is just sitting around, I self manage all my property and I want more. Just hard to find people willing to sell in my area for a reasonable price.

this deal is in the metro detroit area.

Bill that is a hirrible cap for this area.

Just so you can get an idea I am used to paying 25k a unit where literally zero improvements need to be made and is rent ready.