All Forum Posts by: David Roberts
David Roberts has started 35 posts and replied 344 times.
Post: New investor in Willis, MI
- Brownstown, MI
- Posts 344
- Votes 98
nice to see who my competition is around here lol
Post: Downriver Michigan Inventory Terrible!
- Brownstown, MI
- Posts 344
- Votes 98
Yep still there. Wyandotte is jumping downtown alot more now than when i was growing up.
Post: Downriver Michigan Inventory Terrible!
- Brownstown, MI
- Posts 344
- Votes 98
portofinos?
If your dad knew wyandotte very well he might remember my house. Had a big white satellite dish in the backyard in 1982, back before anyone else did. I sometimes run across people that remember it. 2nd street between northline and goddard.
My dad built that dish from scratch. The cable companies were pissed at the time because he was stealing cable and at the time there were no laws for it yet. At least, that's how i remember it.
Post: Downriver Michigan Inventory Terrible!
- Brownstown, MI
- Posts 344
- Votes 98
scott send me your listing before you put it on market please. Give me first Crack at it
Post: Downriver Michigan Inventory Terrible!
- Brownstown, MI
- Posts 344
- Votes 98
I like downriver. I grew up here in wyandotte and I've gotten to know the areas very well. Its not nearly as rental saturated as some of the other areas. And every bit as good of opportunity. Give it a couple months for the market to reload. southgate and allen park homes you can get for 50k and rent for 1.1 to 1.3k. Some areas in wyandotte are the same. People are extremely loyal to these cities as well.
PS. I just bought a 3/2 rental in wyandotte and am closing on it in 2 weeks. It will cash flow 400 with all my cash out. The deals are here. Just be patient.
Post: Downriver Michigan Inventory Terrible!
- Brownstown, MI
- Posts 344
- Votes 98
It's just the calm before the storm, gentlemen. :)
Post: Downriver Michigan Inventory Terrible!
- Brownstown, MI
- Posts 344
- Votes 98
I'm from downriver and also heavily involved in the area. I agree with you. Tough right now. Message me your price points and such, I'll add you to my buyer list if that's ok.
Post: Sell or keep out of state rentals? MI and NC. THanks!
- Brownstown, MI
- Posts 344
- Votes 98
Originally posted by @Terry N.:
@Nathan I think of $130k home as fairly average. I will say that I don't know the average rent in GR. Which I should. I didn't think that values of homes necessarily impact what the market rent is. I honestly cant imagine why someone would pay $1k in rent for a $30 to 50k house. That kind of house, I would think, would be about ready to fall over and not pass any of the new inspections. That said, I need to raise the rent, no doubt... Loving these comments. You guys are awesome.
its not a 50k house renting fir 1k, its an 80k house purchased for 40 or 50k with 10k rehab now valuing at 80k that rents for 1k, and they are all over the place around metro detroit. Your better off selling your grand rapids property and getting 2 wholesale deals at 60k all in (purchase plus rehab) that will cash flow 300 or more each with a property manager. There are several options for you and boots on the ground here. Just my 2 cents. Wish you the best in your endeveaors!
Post: Trading my homes equity for your Hard money
- Brownstown, MI
- Posts 344
- Votes 98
Better off finding a cash partner.
Post: Just received a low appraisal on a cash out refinance
- Brownstown, MI
- Posts 344
- Votes 98
This is a great question and thread because I am wondering the same with doing cash out refinances, although with SFH, where it's more likely to have similar comps.