All Forum Posts by: Jamal Adams

@Abul Miah I agree with @Drew Sygit. People can sue for anything, but the reason to have the lead based paint and seller disclosure forms are to protect you. With the buyer signing off on both forms, it makes it very hard for them to explain to a court of law they weren't aware of the possible risk when purchasing this property. 

 Hey Joe,

I have properties in Michigan and I was able to secure a $30,000 loan from Huntington Bank. I don't know if they cover Ohio, but they maybe with looking into. 

@Ken Taylor Sure thing! I'm going to send yo a message. 

BS in EE and MS in Alternative Energy. I work in the utility field. I have 2 rentals working on the 3rd. 

Hi. I can ask around and get back to you. 

@Deboragh Hardy, Congrats! That area is going to be revitalized with the new Motown museum. It sounds like that house has alot of work needed. What work is being performed? 

@Ingrid G., 

My first rehab is finally finishing up. I ended getting a property manager because I was shuffling my feet. That house should have a tenant in it in January. I purchased my 3rd occupied property that was performing until 2 months ago. The same property manager has completed that eviction. Once I get someone in my first property I'll start renovating the second. So everything is going slowly, but we're moving in the positive direction!

I recommend Art Crosby from Pillar to Post. Very professional and quick turn around. 
#586#630#6298
#art.crosby#@#pillartopost.com#

@Yasha Babaei,

You should be able to get the same level of anonymity by having a lawyer submit the LLC as a registered agent. As a real estate investor, I look up title and owner information and I have not found out to locate owners of LLCs that are created by a registered agent.

My 3rd property, first tenant occupied property. It's located on the Westside of Detroit. Purchased for $30,000 and financed for $24,000. I partnered with Dar Mayweather. We put up $9,276.52 at closing (including closing costs). And rent is $750/mo. Thanks to Kiara Goins, realtor representing the buyer, for orchestrating the process and leading us to the finish line. She found an unpaid water bill at the end, was forthright and laid out everything to me. Thanks to Diane Ross and her team at Chemical Bank for answering all my questions and guiding me through the loan process. Thanks to Jason Cole for sending me to chemical bank. Loan payments with tax and insurance escrow included is $280/mo. Property is cashflowing $470/mo. Which is a Net Return on Investment (ROI) of 62% - ($470*12/$9,276.52). That doesn't include maintenance costs or vacancy costs which I estimate at 10% and 5% respectively which will bring the ROI down to 46% - (($470-($750*.15))*12/$9,276.52) .

About  a week or 2 after obtaining the property I fixed the water leak in the basement, found upon inspection. The tenant told the plumber that I’m the first out the 3 landlords she had to actually get the problem fixed. That made me feel good. One of the reasons I’m doing this is to help families have a functioning and safe home.

If you or someone you know is selling single or multifamily properties please let me know. Also let me know what you think about the deal?