All Forum Posts by: Keith Jourdan

Thanks for the mention

The Eton house is South of Michigan Ave on the Romulus/Inkster border area . I don't like this area, but for the price you got it for you can make it work.

Biddle st house is in a good neighborhood. That house would ARV for $80k and rent for $1000 if you made it nice.

My first "flip" I did was 3 years ago. Bought it for $18k and thought I could rehab it in 2 months for $20k and sell it for $70k. Ended up taking 6 months and putting $35k into it. Actual comps were only in the $50s. I was looking at only breaking even at best. I kept it as a rental and still own it. I a ton on that house!

Be happy you didn't lose money and chalk it up as a lesson learned.

I steer clear of Detroit. Just don't know enough about it. If you ever get anything in westside suburbs or downriver let me know!

Westside suburbs? Or westside detroit?

Buying about 2 a month right now. I haven't done much in Detroit. 

Here's how it works in Michigan (dont know if it varies in other states )

For FHA financing the title has to be seasoned for 90 days in order to enter into a purchase agreement . If purchase agreement price is over double the price you paid for the property less then 180 days a go you need 2 appraisals . They take the lower of the 2. I have seen huge differences in the 2 appraisals, one even a $55k difference. FHA seems like they don't want to loan on flips, hence the strict rules and seemingly low appraisals.

Conventional financing has no flip rules . Same as any other house .

Bottom line - wait for conventional offer .

1) I have a guy who glazes tile, no idea what products he uses. I have used him for a ton of houses. Usually a 2 day process. I found him on craigslist, in most all markets there should be several glazing companies around.

2) the basement was carpeted. The furnace room was painted with a grey concrete paint from home depot, a BEHR product. Comes pre mixed in a nice grey color.

now some before