All Forum Posts by: Keith Jourdan

Picked up this house in Redford Mi on a bankruptcy deal for $58k. Redford is 15 min west of Detroit. Decent area where homes sell for ARV of around 80-150k depending on size/location. Redford is in the Livonia/Westland/Garden City/Dearborn Heights/Plymouth area.

3 bed 1 bath 1000 sqft bungalow (we added a full bath in basement.)

New roof , all new plumbing, new paint, new garage siding, new countertops, refinished hardwood flooring, new plugs/switches, updated bathroom and put new full bath in basement. New carpet/vinyl etc.

In total  $21,000 remodel.

Put it up for rent for $1,200 yesterday and have already a ton of calls. Will rent at this price no problem. Here is the zillow link https://www.zillow.com/homes/for_rent/Redford-MI/h...

As soon as I have a signed lease I will do a cash out refi at 70% LTV. Appraisal should come in around 105-110k.

Before and After pics:

There is money to be made in the auction if you really know the areas, but it is tough. I have bid on property for the past 3 years in the auction and lost to people who have wayyy over paid. Often times there are better deals on the MLS.

3% down conventional loan options are available . Loan officers seem to have an easier time approving buyers on fha . When you receive an fha offer call the loan officer and see if they can switch . Usually just a matter of credit score .

tough areas . With a great PM it could work . 

once a year Wayne county has an online auction . Costs $2500 to register I believe , this money is refunded if you don't bid or win any bids . If you do win it is credited toward the amount of the property . 

Registration starts every September and the bidding starts in ocotober. The good thing about the auction is you are given free and clear title . Obviously a lot of junk in the auction. Mostly D class property . 

Visit the wayne county treasurer website for more info 

How much are you paying your Pm to send notices /file evictions etc .

Call or text me Josh. South Lyon is close for me.

Do 20% down fixed rate conventional loans on 80-100k Midwest turn key homes in good areas that rent for $1200-1300. With 100k you should be able to generate over $2k per month cash flow after management . On paper you could buy a bunch of 30k homes in class D Midwest hoods and rent for $850 per month . But the problems and turnover will bring your cash flow way down .

Moth grey , BEHR . Available at Home Depot It's a very light grey