All Forum Posts by: J.R. King

Package of 3 Homes in Warren, MI $50,000

1. 11028 Paige Warren MI
1250 Sq ft
Estimated Range: $66,443 - $90,163 After repair.

Average Rent: $900-1100

9 Mile and E of Van Dyke

2. 23824 Columbus Warren MI
876 Sq ft.
Estimated ARV Range: $50,883 - $74,753 After Repair.

Average Rent: $750-900
Stephens and Hayes

3. 8645 Ford Warren MI
S of 9 Mile, E of Van Dyke

Average Rent: 650-800

11028 Paige

Warren, MI 48089

• 1250 sq ft, 3 bedrooms
• 1 full bath
• no garage or basement
• 1.5 stories
• Van Dyke Public Schools.

23824 Columbus

Warren, MI 48089

• 800 sq ft, 2 bedrooms
• 1 full bath
• no garage or basement
• 1 story
• Eastpointe Community Schools.

8645 Ford

Warren, MI 48089

• 650 sq ft
• 2 bedrooms
• 1 full bath
• no garage or basement
• 1 story
• Van Dyke Public Schools

https://drive.google.com/open?id=1Fzi89qP7TbUjXsly...

@Rowell Rodriguez

Message sent. 

Package of 3 Homes in Warren, MI $60,000 

1. 11028 Paige Warren MI
1250 Sq ft
Estimated Range: $66,443 - $90,163 After repair.
9 Mile and E of Van Dyke

2. 23824 Columbus Warren MI
876 Sq ft.
Estimated ARV Range: $50,883 - $74,753 After Repair.
Stephens and Hayes

3. 8645 Ford Warren MI
S of 9 Mile, E of Van Dyke

11028 Paige

Warren, MI 48089

• 1250 sq ft, 3 bedrooms
• 1 full bath
• no garage or basement
• 1.5 stories
• Van Dyke Public Schools.

23824 Columbus

Warren, MI 48089

• 800 sq ft, 2 bedrooms
• 1 full bath
• no garage or basement
• 1 story
• Eastpointe Community Schools.

8645 Ford

Warren, MI 48089

• 650 sq ft
• 2 bedrooms
• 1 full bath
• no garage or basement
• 1 story
• Van Dyke Public Schools

https://drive.google.com/open?id=1Fzi89qP7TbUjXslyc6GXt1c1PvG3bdlA

Is this still available?

Is this still available?

Do you still have this property available?  

I have a house about to go under contact right now.  It was forclosed on by the bank, and is now in the redemption period, until the end of April.  The owner is willing to sell the house to us, but wants to stay in the house until April, so that they aren't moving in the winter.  What do you think the best way to handle this offer would be?  Pay the bank now directly, and give the seller free occupancy until April? Or have the house under contract for the next few months, and then pay the bank directly in April when the seller is about to move out?  I don't want to pay the bank off, and then have the seller break the contract. But I also don't know how long it takes for the banks to process the payment to clear the foreclosure.  

Hi Kevin.  If you still haven't got your comps yet, let me know.  I'm a full time agent here in Michigan and I work in Oakland County.

I am a Real Estate Agent in the metro Detroit area, working primarily in Macomb County, MI. I currently have access to an off market duplex in the city of Center Line, MI for around $52,000. Each unit is 1 bedroom 1 bathroom. The current rent for 1 bedrooms in the area is $550-600. The 1st unit is currently leased out for the next 10 months at $450, and the tenant has been in the unit for 4 years. The 2nd unit is vacant. There is no work that needs to be done to move a tenant in at the current rate. Units in the area rent very quickly. I have pictures, reports, and answers to just about any question you might have on the property.

I am looking for someone to JV with me as the money man. I have 5% to put down for the property to also have some skin in the game. I am willing to equity partner with someone 50/50. I am also willing to do a typical interest loan partnership. I will put the 5% down even with the 50/50, will do any work needed, and will manage the property. The monthly cash flow after expenses and allowances for vacancy and repairs is $6-700. If needed, I can also refi in a year.

In addition to being a good cash flow opportunity, I'm also an agent and get access to these kinds of deals all the time. So its an all around good partnership opportunity. I also currently have access to an off market triplex in Mt Clemens. I'm still running the numbers, but at first glance its a solid investment as well. 

In Florida you need a broker's license to be a property manager and collect rent and commissions. Same as in Michigan.  I think there's an exception in Florida if a person that owns a property and pays you a salary instead of a commission.  You will have to verify that for yourself however.  In Michigan, if you are an agent you can work directly for someone with a broker's license.  There is a conflict of interest if you use the Real Estate company that you work for as that broker.  Not only is their license on the line, they expect to get paid.  So they would expect to take a transaction fee or marketing fee or whatever they take out for every rental transaction.  Just as if you were to rent someones house out now without a management company.  So the answer to your questions is, without a broker's license of your own, or a partner with a license, it is illegal and a conflict of interest with the Real Estate firm who's name you use as an agent.