All Forum Posts by: Jeff Helm

Hey Kevin, I may be. Can you send Message me the details. Thanks 

A nicely remodeled duplex with 3 bedrooms and 1.5 bathrooms located near downtown Ann Arbor.

Each unit offers 3 spacious bedrooms and 1.5 bathrooms. The duplex boasts a recently renovated kitchen that features new granite counter tops and cherry cabinets. The kitchen also offers new stainless steel appliances as well. Re-done hardwood floors run all throughout the space. Additionally, this duplex offers an in-unit washer and dyer, an outdoor patio with a backyard, and parking spaces in the driveway out front.

The duplex is located in a cul-de-sac in the desirable Old West Side neighborhood just a short distance from downtown Ann Arbor. You're just a short drive from the YMCA, downtown Ann Arbor, Kerrytown, and the University of Michigan's Central Campus.

Based on $555,000 price;
Down payment = $110K
Condo conversion = $2.5K (BTW, I was talking to some folks, we can get this for less)
Unit Upgrades = $6K
Monthly Payments (6 mths) = $9K

Sale price $658K ($329K each), net $605.36
Profit = $605.36 - $550 -$2.5 - $6K = $46.86 in 6 months (that's a return of 35% in 6 mths, $46.86/$132.5K cash-outlay)

Email or call right away!

Ok. Good luck. Reach out if you have any questions. 

I would recommend hiring a local coach versus paying $30K for their program. I can put you in touch with the local coaching program that I did to get started. It was really worth the investment. It’s about10% the cost of Than’s program.

Hey Nathan. Not sure about Lansing, but the best REI club I know of meets in Troy once a month. There website is michiganrealestateinvestors.com. Usually about 170 people there, so it's great for networking and they have national speakers come in each month for the meetings.

1. Selling my assignable purchase agreement 
2. Cash Buyers ONLY (or private lended)
3. Must Close by April 13th 
4. Email me if you want more pictures, I'll send you a link to google album
5. ARV is ~$150,000 (needs only cleaning, paint and new carpet), asking $105,000
6. All loose material (bed furniture, clothing,. etc.) will be removed before closing
7. All appliances will remain and work properly (includes softener and washer/dryer, dishwasher shown in picture has been replaced with new one)
8. Roof and Vinyl siding completed in 2013.
9. Clarkston Schools

Recently Sold Homes / COMPs

1. 9302 VILLA CREST Drive $127,500 2/1.0 1,077 sq-ft
2. 9284 ROBERTDALE $135,000 3/1.0 1,200 sq-ft
3. 11395 BIG LAKE Road $154,900 3/2.0 1,456 sq-ft
4. 6260 N BAY $160,500 3/1.0 1,272 sq-ft

More Pics Here: https://photos.app.goo.gl/DA1r9XCvamTgRtH53

Yes it is. I’ll IM you with my # if you want to talk. 

10 & 12 PERRIN STREET-RIVER ROUGE-MICHIGAN-48218

Single Family Home

∙ 10 Perrin Street: Two Story Single Family Home totaling 1270 sf approx.

3-Bedrooms, two full bathrooms (one on each level), full kitchen, dining room, living room, study/office, full basement w/laundry facilities and lots of storage space. Has detached two car garage, and wood front porch across front of house. Boiler with radiator steam heat. Hot water tank for domestic hot water.

Monthly rent: $795 Two car garage leased: $60 monthly

Total Monthly Income: $855

Duplex Income Property

∙ 12 Perrin Street: 2 story Building totaling 1700sf approx.

Two apartment flats each with two bedrooms, and one full bathroom. Each has private entry. Each flat has its own gas furnace and gas hot water tank. Full basement with laundry facilities and lots of storage space. No garage

Electric and gas utilities are metered separate per flat, water is one meter for house.

Apartment A monthly rent: $630 Tenant pays utilities.

Apartment B monthly rent: $650, tenant pays gas and electric utilities. Water is included in rents. Total Monthly Income: $1280

Yearly Income

Rents $25,620

Total$25,620 100%

Expenses

Insurance $ 1435

Building Repairs $ 408

Capital Reserves $ 75

Grounds Maintenance $ 315

Property Taxes $ 2906

Water and Sewer Fees $ 1940

Vacancy Allowance $ 325

Total $ 7399 29%

Net Operating Income $ 18,221 71%

CAP RATE: 25% on asking price of $72,500 Per sq ft. price: $21

Other Information

Situated right near Memorial Park along Jefferson Street in Wayne County

Standard lot sizes (3200 sf)

City water and sewers, and city refuse collection (included in taxes)

Improvements

2017: Major renovations to 10 Perrin include: two new bedroom closets with 6-panel bi-fold doors in bedrooms, new front porch, new kitchen, all new paint, some new electrical, new doors, nickel locksets, carpet and other floor coverings. Range and refrigerator included.

Renovations to 12 Perrin include: floor coverings, paint, counter tops, door locksets, and some new lighting fixtures. Range and new vented hood with lights included.

This duplex is on 4 lots, 2 lots are used for the current structure, another lot is buildable. You have access to Whitmore Lake. Last rents were $900 /mth for the 3 BR, and $800 for the 1 BR. The home is currently vacant. It is very clean.

Photo’s https://photos.app.goo.gl/mxfnP9xp39sViehD2
Proforma https://docs.google.com/spreadsheets/d/1rq5RoMeGoUFoVKvvA9EaTPw0PH6ng6tARZ4StfTSWnE/edit?usp=sharing

I would also find out if Lincoln Park requires certification of occupancy as a rental. If they do, get the inspection done before you repair anything else, they’ll tell you what needs to be fixed. Good luck I highly suggest you come to the next REI meeting in Troy to network and ask questions with more investors in the area. Go to Michiganrealestateinvestors.com for more information.