All Forum Posts by: John Dudas

Welcome to the Bigger Pockets community. You will learn a lot here, I know I have. It's great to see another person from Michigan on the site. You're on the right track. A Business Plan, know your investing area, and how to manage tenants are all very important steps. 

Good Luck!

Welcome to BP Chris.

yes,

Same as above for Ann Arbor and Adrian. We have three colleges in Adrian and I am trying to find nice SFR or MF near campus for students to live in.

You will pay more for junky houses that have high rents because they are in high demand. They will always be filled though. We rented a place for our daughter in Ann Arbor and all I could think of was how much cash flow they must be getting... 

They can be hard on the insides so don't expect it to always be clean or not damaged. 

Welcome David,

BP has all kinds of resources for you. I recommend the Podcasts. How far South and west are you planning to go?

If my math is right they are leasing it for 9 months? I just moved it ahead to the first of September to the end of May. What's that per month per unit? Then charge that rate for 12 months but give 11.5 months of access with two weeks for you to prep for the next tenant. If you're in a college town like it sounds you would want a 12 month lease that starts and ends in the fall. Most of the leases in Ann Arbor are structured this way. Works where there is large demand and should increase your annual income if all other expenses remain flat. The deal depends on how you are buying it and if the expenses still give you good cash flow as mentioned above.

Welcome Jeff,

I'm just down the road in Adrian. My full-time job is in Jackson.

Good to see some "local" people on BP.  

:)

Welcome Larry, You'll find many resources here to get what you need. How are the opportunities in your area?

I have no experience yet but my research in my area suggested $20 - $30k the first year of full time sales. The average in my area is $40k but includes all agents. Since most work part time and only make about $20k per year they bring the average down. Average home prices in your area will also reflect your potential earnings as well as the agreement with your broker for your compensation % of commissions. They should scale up the more sales you make. I will be actively working part time in 2016 and have a goal of $20 my first year as part time.

Ill go with B

Are you saying there is a minimum dollar amount banks will loan on for investment properties? If it's too low they won't lend or won't work with you at all?

Just curious because I am working on a similar property under $40k and once I told them my initial offer amount I never heard from the lender again.