All Forum Posts by: Kim Frantum

@Ned Carey, this is very helpful information - thank you!

@John Underwood, one more question. When you obtain these properties, how long do you wait until you put money into it? Apologies if this is a dumb question, but if you sink money into the place and they come back within the year redemption period, I'm assuming you'd get the money back that you paid for it, but not what you've spent on rehab. Maybe I'm wrong?

 Heck Yeah! lol

Thanks, John.

@Jennifer Ostwald, great point! I will be sure to look into that. 

@John Underwood, thanks for your input! Does your county or state have a redemption period? If so, have you ever had any issues within that time?

I'm looking for some advice on purchasing properties at tax auction in Michigan. What issues should I be aware of? I've never participated in an on line property auction and I'm very curious. Any advice is appreciated!

@Julien Jeannot, I appreciate your feedback. In my opinion, the area is more of a vacation spot, so STR would probably be my best bet. I plan on doing some LTR's closer to metro Detroit where the rental market is a bit more stable.

Thanks for the loan suggestions! I did consider a Hard Money loan, but I figured the personal loan will cover everything I need with a lower rate. I was just wondering if anyone has experience going this route.

@Kevin Sobilo, thanks so much for the advise. I will definitely look into these possible road blocks.

I'm thinking about bidding on a property at a state tax auction. It's a solid investment, Northern Michigan cottage with lake frontage. It will be a great STR for all four seasons or a quick flip depending on how high the bidding goes.

Here’s my question – This is the first time I’ve ever done anything like this and since you need cash on hand, I’m thinking about taking a low interest personal loan for the purchase and repairs. The plan is to pull cash out or sell and repay the loan within a few months.

I would love some insight on this. Thanks!

I’m a wholesaler in the metro Detroit area, mostly around the Pontiac / Waterford (+/- 10-mile radius) and I’m building my buyers list. Let me know if you’d like me to include you and I’d be happy to share my deals. Feel free to message me.

I'm primarily scouting SFH and Duplexes. If there are any specific styles or condition you're looking for, let me know and I'll keep an eye out.