All Forum Posts by: Keyonte Summers

@Darius Kellar I feel you are wrong. We all have a starting point and even though I havent myself bought any properties that low its still a consideration. Detroit is such a unique market if you dont get it you just dont get it. I think its wrong to bash someone investment stategy just because it doesn't work for YOU. It's just different strokes for different folks. I think what she is doing is admirable and Detroit need more landlords that are managing these properties properly. If there were more owners maintaining there properties instead of abandoning them the properties wouldnt be valued so low and tenants would respect them more and neighborhoods would be better. What she doesnt have in equity she has in cash-flow, she doesnt have loan paydown and she doesnt have to worry about anyone calling her note. Think she doesn't have as money barriers as many people that fiance might have and she could still obtain a loan that shows minimum liablility because these are free and clear.

@Ashley Hamilton

 No its plenty on that block and a few others that 179k for bigger home renovated in and out, my realtor has confirmed the comps also we did the initial walkthrough and might be able to get it for cheaper for the condition. It was an owner occupied that the wasnt taking care of and has alot of shady electrical plumbing and hvac work. 

HELOC are essentially lines of credit from one of your property from the equity you have in it. If you are saying you dont have much equity that solution would work. I would suggest bringing in a partner or hard money lender to help finance this MFH

@Taylor Chiu it’s across the street from that property same block literally kitty corner and that house hasn’t been updated.

Just found this deal which I think is great called the listing agent and got some info from her. This property is in the Grosse Pointe area . I might get a PML/HML for the acquisition cost because im in the process of purchasing four doors now .

Acquisition Cost 45k might be able to get it for 40k owner is desperate the city has started fining her so non compliance. Sits on almost an acre of land

Roof: 15k

Garage Door Repair/replacement :2.5k

Drywall 5k

Flooring: 5500

HVAC: 8k

Bathroom reno 7.5k

Paint 1k

Kitchen 7.5k

Cleaning out /Mis 2.5k

Curb appeal- 1k

5k contingency 

Comps from recently sold 155k 2 months ago not renovated smaller square footage

I padded the renovation cost just to be safe and conservative rent in this area 1,200- 1400. I would cash flow 2-300 if I use the BRRRR method even with a HML and holding cost of 3 months

@Michael O. yes I have one and let him know you would be reaching out. I've used him personally in my home and a rental doesnt excellent work.

Rob or Roberto 3137042629

super tough question as a specific area code wouldnt do it since each house varies block by block. I try and stay in the East english village area, harperwoods, grossepointe. There are good neighborhoods in each but really block by block, I you have the ability come a weekend a take a look.

@David McCracken its alot of unanswered questions and it seem like you are doing a favor for them. Maybe they dont want additional debt on their credit report for their new acquisition.

Find out who would be responsible to taxes and insurance during this term, maybe structure it like LC where they pay rent at a interest rate you are comfortable with.

If your obligated to sell it back make sure that price is a good profit margin for you because it might prevent future deals that you come across during these 18 months.

Just wondering if the property is just a SFH/MFH ?

Account Closed you might want to look at different markets or zip codes. You can find great deals but Royal Oak might not be the market for your price point and you might find other opportunities elsewhere that cashflow better for you.

David, 

I know we spoke on this prior last week, and we both showed interest in this. Once I'm back for vacation we can meet up I'm open Thursday afternoon or Friday morning.