All Forum Posts by: Joshua B.
Joshua B. has started 28 posts and replied 288 times.
Post: Buy-and-Hold Success in South Lyon (Metro Detroit) MI
- Professional
- Canton, MI
- Posts 296
- Votes 230
Just updating this one since I sold a few months back. On to the next!
Post: Submitting an offer, use the purchase agreement?
- Professional
- Canton, MI
- Posts 296
- Votes 230
Originally posted by @Patrick Ford:
@Joshua B. greater Ann Arbor area , yes. Not Ann Arbor proper.
Also, I know of a good builder in the area if you need recommendations.
Post: Submitting an offer, use the purchase agreement?
- Professional
- Canton, MI
- Posts 296
- Votes 230
Originally posted by @Patrick Ford:
@Joshua B. greater Ann Arbor area , yes. Not Ann Arbor proper.
I'm generally anti-broker (even though I have my license), but it's helpful to have one to put emotional distance. That's been my experience. Easier to negotiate for both sides when they're working through someone else.
Feel free to direct message me if you have any specific questions. I'm a broker and an attorney.
Post: Submitting an offer, use the purchase agreement?
- Professional
- Canton, MI
- Posts 296
- Votes 230
@Patrick Ford - is this in Ann Arbor?
Post: Park Street Apartments, Pinckney, MI
- Professional
- Canton, MI
- Posts 296
- Votes 230
Nice deal. I saw another 8 unit that went up for sale in Pinckney a number of months back. Probably right around the corner from yours. Ended up going for like 500-550k I think, so a bit too rich for my blood. Good luck with the new buildings!
Post: Land contract foreclosure
- Professional
- Canton, MI
- Posts 296
- Votes 230
Originally posted by @Joshua B.:
Originally posted by @Matt Ridenour:
1 block walk to Sidetrack Joshua. Great spot. My wife and I built it in 97. I'm meeting with my realtor and an attorney Thursday. I'll keep you in the loop. Are you investing in Ypsi, or all over?
I've bought a few in Ann Arbor, a few in Plymouth, and one in South Lyon. None in Ypsi so far, even though I'm from Ypsi. Your last name is familiar. I think my parents may know some of your relatives that go to Knox Presbyterian.
Btw, I used Fink & Fink in Ann Arbor when I needed eviction help in Ann Arbor. They do a lot of that and were very reasonably priced.
Post: Land contract foreclosure
- Professional
- Canton, MI
- Posts 296
- Votes 230
Originally posted by @Matt Ridenour:
1 block walk to Sidetrack Joshua. Great spot. My wife and I built it in 97. I'm meeting with my realtor and an attorney Thursday. I'll keep you in the loop. Are you investing in Ypsi, or all over?
I've bought a few in Ann Arbor, a few in Plymouth, and one in South Lyon. None in Ypsi so far, even though I'm from Ypsi. Your last name is familiar. I think my parents may know some of your relatives that go to Knox Presbyterian.
Post: Land contract foreclosure
- Professional
- Canton, MI
- Posts 296
- Votes 230
Originally posted by @Matt Ridenour:
Thanks Jay. I am waiting to hear from an attorney recommended by a fellow investor. I'm fairly sure he is in default. My best estimate is that I could wholesale the property for 130k right now. I'd have to put roughly 20k in to make it market ready. I think I could sell it for 200k, but there's no guarantee based on how our market is softening.
If you used the standard Washtenaw County land contract form, he'll be in default if you made him pay for taxes. Downside for you is that getting a land contract vendee out is more akin to a foreclosure than an eviction. Definitely a pain in the hind end for you and will cost you some money.
If it's in a cool part of Depot Town I may be interested.
Post: Ann Arbor Buy and Hold
- Professional
- Canton, MI
- Posts 296
- Votes 230
Originally posted by @Bill Guglielmo:
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $90,000
Cash invested: $330,000
Buy and Hold investment in Ann Arbor near University of Michigan - East Medical Campus.
You buy that drug house on 7th St with a bad foundation and fix it up?
Post: New Duplex in Ann Arbor should I build on or just rehab?
- Professional
- Canton, MI
- Posts 296
- Votes 230
Originally posted by @Kit Klekamp:
Hi @Joshua B. thanks for replying. The property address is 417 Montgomery Ave, Ann Arbor Mi 48103.
The city did say it was zoned multi-family and allowable building expansions are allowed to be 5 ft from each side from the property line and 30 ft from the front and 40 ft from the back so there is definitely room to put more/expand.
The duplex is currently a top and bottom unit so I'm also not sure if its better to make them side by side instead.
Kit - looks like it's only 60 feet wide, so you won't be able to build two houses on it. I wouldn't tear it down. Not worth it. I'd just fix it up really nice. Could probably get $1350-1500 per unit if you do it up well. Are you going to live in one of the units?