All Forum Posts by: Joe Doman

Thanks for the response @Jerry W. And @Steve Vaughan (and sorry for the delayed response).

Regarding the price, the way I look at it, I can get 4.5% in the market place today (30 yr mtg). Using the 4.5% as a bench mark, it would be the same as paying 122K (simple interest), when factoring the principal only terms. (some figures listed below)

Rent is around 2,200 a month. I agree this would be a buy and hold type of deal.. doing a cash out refi at the end of the period would be a good strategy. The more I am looking at it, the more I talk myself into keeping it myself. 

I negotiated seller financing with a motivated seller. The terms are good but I am worried I am taking on too much as I already have a deal in the pipeline. 

Here is a hypothetical: arv is 200k, needs 30k of repairs, terms:150k purchase price with $500 monthly principal only payments for 5 years then balloon.

There is obviously value in the terms... One idea is to assign the contract. (I assume I  can sell this contact to an investor).  How would I determine the value of the contract? How much would you pay for this contract?

Another idea is to get an equity partner to spread the risk but again, I am not sure how I would structure it

Any thoughts are appreciated!!

Congrats George! Seems like every other day you are posting about a new purchase!

Just curious, how do you fund your deals?

Shoot, you're probably doing a lot better with an adjusable rate vs fixed mortgage if you bought in 2008... just curious, what was the rare then and now? 

Hi @Brandon Boase,

I live in Canton MI too. What area are you looking to invest? I agree with @Cory Mccarthy, this area has seen appreciating quite a bit. We might not be back to the height of the market (depending on the property and location) but with equity paydown, you might be close. I would dump the property if it is not cash flowing, even if it means dishing a little bit of cash... just not worth the time and effort managing. Of course, it depends on your exact situation.

Can anyone share how much some of these services cost??

@Jeff Rabinowitz 

I agree, with listing on Craigslist, I have to sift through a bunch of duds (in some cases i would get straight up scammers) before I get a decent candidate. I learned quickly to set up a phone screening system. I used to let anyone see the property... what a time suck!!!

Wow, thanks for the feedback everyone!

I will take a look at a few of the services mentioned. The syndication aspect seems very beneficial!

Hi All,

I have been marketing my rental properties solely on Craigslist with decent results. I did however, want to see if investors had better luck using other marketing services (specifically, in the SE MI market). Are some of the paid services worth it?

I am in the Westland, Canton, Garden City, Livonia, Plymouth areas in Michigan. 

I am in for any of those areas.