All Forum Posts by: Geof Greeneisen

I'd like to help where I can.

Jake Kucheck

I've converted 2 properties to section 8 status. One based on a section 8 tenant wanting a house I had which just required an additional level of property inspections to get qualified. The other was an existing tenant that finally received section 8 status, had been on the waiting list for a year, then had to get the house qualified.

Neither process was too traumatic. Both qualified for 100% of rent plus utilities to be covered.

In Michigan there is no redemption period if you purchase a property at tax sale. The day you bid is the day you own. However we have a 6 month redemption period when purchasing at sheriff sale and yes get it insured! I have been insuring with Foremost who will insure my equity interest through the redemption period.

I'm not sure you can file an affidavit of insurance expense like you can when paying taxes. If you pay taxes during the redemption period and file an affidavit for the payment it adds the payment to the redemption expense. I don't think you can do that for insurance.

Kate S. I agree with both Steve & Daniel, you must assume the worst. Just make that part of your business model. I'm a buy and hold investor. In the past two years the houses I've picked up at Sheriff Sale have been 50% of the house values I've purchased on the open market, i.e. MLS.

However, I haven't been able to buy at Sheriff Sale for the past 6 mos. because the banks haven't been discounting so I've been forced to buy elsewhere, and our market has jumped in values. So I don't know that the percentage discounted is too helpful as it relates to formulating a business model.

A book I found helpful is "Foreclosure Investing for Dummies". I kept running into the same people at the Sheriff Sale so I did some research on all of them. Turns out one of them wrote this book. So I bought it to get a better understanding about who I was competing against. Actually it is a pretty good overview of the process. Michigan has a 6 mo redemption period that Ohio doesn't have so compared to us that should reduce your risk somewhat, at least as it relates to owner redemption.

Good luck and welcome

Welcome to the site. We're buy and hold investors typically. Let me know if there is anything I can help with. Good luck with your investing.

Just shopped checks, cheapest I found were at Costco. I think I paid $35 for 500.

Steve Might yes our market expects carpet. If I find hardwoods underneath carpet I'll try to refinish. I think hardwoods, even with obvious patches or filler strips is better than putting down carpet as a long-term, efficient wearing surface.

Outside of hardwoods our tenants really do expect carpet, tile and linoleum just don't get the same response. PM me and I'll forward my carpet guy contact info, cheapest prices I've found.

Joel Owens Michigan has some very nice areas, just not the area you're looking into. Outside of a new Walgreens and a Tim Hortons most of the buildings on Dequindre from 8 Mile to 9 Mile are old, 4,000-50,000 sf. machine shops, which in our area are a dime a dozen. Probably could be picked up for $10/sf.

Triple Net? Tell your client to Just buy it.

Hi Erik Snyder try to do a search when you have a specific question. I've been buying in Royal Oak, Ferndale & Hazel Park for the past couple of years nothing in Madison Heights yet. This is a good forum for networking, best of luck and again welcome.

George P. I'd go the sanding route, you're floors are in really good shape compared to others I've done recently and those turned out great. That, plus around here I get a much better renter response to hardwood floors over carpet.

If you need a carpet guy PM me and I'll give you the contact of our guys located in Novi, cheapest prices I've found.