All Forum Posts by: Jeff Helm

•Selling assignable PA for $45,000 •Bed: 4
•Bath: 1
•SqFt: 1,416
•Market Rent: $1,000
•Market Value: $80,000
•YrBlt: 1971
•No Garage
•Basement

Completed updated in 2015, new roof, new furnace and water heater, new windows, siding, kitchen, bathroom, paint, etc.
Rent ready after minor paint and deck repair.

Call today, 248-875-3010, to start getting 33% ROI on your money!

33% ROI is based on obtaining financing with 25% down-payment ($11,250) with 30 year fixed rate at 5.5%, $5,000 for rent ready repairs, vacancy at maintenance at 8% of gross rents.

More Pics click here: http://detroit.craigslist.org/okl/reo/5977489579.html

@Dan Fulghum Pics can be found here..https://www.michiganrealestateinvestors.com/PropertyDetails.aspx?ListingID=11690

Market Rent: $1,100

YrBlt: 1920

Market Value (ARV): $115,000

Complete fix and flip. . .. Hard work already done!

Work Completed: New furnace, New plumbing, New water heater, New countertops/granite, New bathtub/surround, New light fixtures, new drywall and mud, new vinyl siding.

Work Remaining: Paint interior, install laminate flooring (material on-site), install siding on garage (material on-site), install carpet in bedrooms, install 2 exterior doors

• 40% Below Market Value
• Bed: 3,  Bath: 1
• SqFt: 864
• Market Rent: $1,100
• Complete fix and flip…. Hard work already done!
  • Already Completed: New furnace, New plumbing, New water heater, New countertops/granite, New bathtub/surround, New light fixtures, new drywall and mud, new vinyl siding.
  • Work Remaining: Paint interior, install laminate flooring (material on-site), install siding on garage (material on-site), install carpet in bedrooms, install 2 exterior doors
• Market Value (ARV): $130,000
• YrBlt: 1920

I'm negotiating a land contract for a 10 unit apartment building. The seller is concerned about taxes so we may structure multiple balloon payments over a 5 year period. However, if he went an obtained a commercial loan on the property, which he owns free and clear, would he reduce his tax liability when he sells, or in this case gets the full balloon payoff? Keep in mind he's aware of 1031, but has no plans on investing further, he's getting out of the game. Appreciate your help. Jeff

Hey Brad, seems we are neighbors! Right now, I manage the 3 single family homes and 4 unit apartment building I own myself. I think for a larger apartment, e.g. 10 units or above, I'd use a property management company. Where is your 50 unit located? I'm trying to leverage my cash more strategically by looking to multi family to get the biggest cash flow for the buck.

I have successfully purchased a 4 unit apartment building via land contract with 15% down. I'd prefer a land contract agreement if I can't get a seller to agree. Out of curiosity have most of your apartment purchase been commercial financing or land contracts?

Thanks for the information Joe. I'm looking for around 10-15 unit apartment buildings in the metro Detroit area, such cities as Waterford, Milford, South Lyon, Plymouth, Northville. Nicer suburb areas.

Hey all, well like most of us I started investing in single-family homes, and now would like to move into multi family apartment buildings. I have a few questions below to help me prepare for entry into this market. I hope you all can help answer my questions, and happy investing! 1. When applying for commercial financing will the banks review my personal credit score? 2. What is the expected down payment, cash I need to have, when financing commercial property? 3. Can anyone recommend a financial institution for commercial financing in the metro Detroit area? Thanks Jeff

the property is south of 7 mile, west of beach daly. What do you think of this location?