All Forum Posts by: Keyonte Summers
Keyonte Summers has started 7 posts and replied 356 times.
Post: Looking for JV partner for flips in Detroit
- Harper Woods, MI
- Posts 384
- Votes 311
Originally posted by @Bryan Baez:
Residential flips
I'm interested PM details on what you are looking for? Are you actually in detroit to visit and handle this flips or have someone else handling the ground work?
Post: Pro Membership - What's Your Fav??
- Harper Woods, MI
- Posts 384
- Votes 311
Unlimited use of the calculator and many of the other perks like rentredi @Ryan Barone
Post: first total investment purchase (not owner-occupied)
- Harper Woods, MI
- Posts 384
- Votes 311
Can you provide more details like what rents were, repair cost, cash on cash return. Just to give other a deeper look into your deal
Post: Turnkey rental companies? (Portland, OR and Detroit, MI)
- Harper Woods, MI
- Posts 384
- Votes 311
Originally posted by @Shane Short:
Hello everyone, I'm in search of good Turnkey rental companies that sell properties in Portland, OR and Detroit, MI. Preferably referrals for companies you've personally worked with and have a good history with.
Regards,
I wont recommend turnkey properties in Detroit until you actually come visit for a weekend or two and learn the market. Many companies take advantage of Out of town investors. Find a guy/lady that can be your boots on the floor share you expectations be active in the first few and take it from there .
Post: Best RE Investment Courses to take???
- Harper Woods, MI
- Posts 384
- Votes 311
@Shayne Hastings i invest in Detroit and the surrounding areas I'm new but in considering im a year and an half in but almost have 10 doors. I did a ton of webinars on Bigger Pockets, listed to various biggerpockets pod cast and youtube some of the REI greats instead of paying for investing courses. My theory is some of these courses bait you with the secret sauce but want you to pay for it. All of my education have been from BP forum members that offer alot of the same material at no cost you just have to find the Social media pages for their gems.
Post: Lead Certification in Detroit
- Harper Woods, MI
- Posts 384
- Votes 311
Originally posted by @Travis Biziorek:
Hey @Jay Miller, I haven't gone through this process yet, but I'm closing on my first Detroit rental property on Monday. So it will be soon!
Here's the best resource I've found regarding the lead-based paint test. My understanding is there are two parts to this test: 1) a lead inspection/risk assessment, and 2) a lead clearance. So the cost for the whole thing ranges between ~$800-$1,200. This is in line with what @Keyonte Summers cited. Keyonte, I'm curious whether you had to use interim controls or abatement. While the latter is probably quite a bit more expensive, it limits your inspection to once every three years rather than annually. So it may save you money in the long run.
Jay, why such the large budgets? Are you assuming fixes for things beyond lead-based paint inspection that may be required for you to receive your certificate of compliance? If so, that makes sense on a new purchase, but I don't think it'd be that high on an annual basis.
The testing company gave me a list of things to do before the lead test to basically remedy failing the test. He stated that other companies dont inform their consumers with the hope of charging them extra for remedy their findings. I simply told him I was an investor and I knew i would have to get plenty of these and he did it out of faith for future business.
Post: Lead Certification in Detroit
- Harper Woods, MI
- Posts 384
- Votes 311
Originally posted by @Travis Biziorek:
Originally posted by @Keyonte Summers:
Originally posted by @Jay Miller:
Landlord certification and lead testing costs have become a major issues for landlords in Detroit. This is great for buyers as it is beginning to weed out poorly capitalized owners. However, it is also proving to be potential major expense. What are other inventors experiences? How much are you paying to get your home lead compliant??? I'm dealing with this now with one of my homes, and looking for more experiences landlords experiences to gauge the reasonableness of my quotes.
Jay, I agree recently completed mine and passed, I called a few companies and they are very expensive mines was around 800 for both the lead test and risk assessment. The company I used did give me a a ton of tips before coming out and testing the house. It took several hours for the test to be conducted as they test almost every surface in the house, soil and also the garage if you have one. I dont have to take another for another 3 years but it was a pain to get completed. Luckily my tenants we and I had a conversation on the situation and they assisted in making sure if their pets scratched paint off of trim or walls those areas were properly clean. Some companies I spoke with told me if I failed, I could basically pay them to come back out fix all the issues and then pay for another assessment, which I didnt have to do.
I just re-read your post and realized you said you don't need to do it again for 3 years. That would mean you went the abatement route. I'd really appreciate hearing more about what was found during the inspection, how you resolved it, and what it cost to abate.
Thanks!
No, there was no abatement at all, I had very minimum traces of lead i have the report still. The company stated that when I have to re-cert I dont have to have a lead test every year.
Post: Lead Certification in Detroit
- Harper Woods, MI
- Posts 384
- Votes 311
Originally posted by @Jay Miller:
Landlord certification and lead testing costs have become a major issues for landlords in Detroit. This is great for buyers as it is beginning to weed out poorly capitalized owners. However, it is also proving to be potential major expense. What are other inventors experiences? How much are you paying to get your home lead compliant??? I'm dealing with this now with one of my homes, and looking for more experiences landlords experiences to gauge the reasonableness of my quotes.
Jay, I agree recently completed mine and passed, I called a few companies and they are very expensive mines was around 800 for both the lead test and risk assessment. The company I used did give me a a ton of tips before coming out and testing the house. It took several hours for the test to be conducted as they test almost every surface in the house, soil and also the garage if you have one. I dont have to take another for another 3 years but it was a pain to get completed. Luckily my tenants we and I had a conversation on the situation and they assisted in making sure if their pets scratched paint off of trim or walls those areas were properly clean. Some companies I spoke with told me if I failed, I could basically pay them to come back out fix all the issues and then pay for another assessment, which I didnt have to do.
Post: How did you raise your down payment for your first deal?
- Harper Woods, MI
- Posts 384
- Votes 311
I removed alot of bad spending habit I had with my money. Going out to eat, fast-food, retail shopping , and lowered my bills. Create another stream of income, I drove Uber for a few years, sold on Ebay and amazon to build for my 2nd rental. I no longer do these things but its good for a beginner if you are serious.
Post: How Do You Manage Your Money?
- Harper Woods, MI
- Posts 384
- Votes 311
Im using Mint, Albert and still a excel break down