All Forum Posts by: Kyle Shankin

@Ned J. Yup, there a few other details that I inadvertently left out as well. My house also has more square footage, a newer roof, relatively newer windows and has a brick exterior (the other house's exterior is vinyl). Also, the realtor had offers for 95-99 for that other house, but those fell through a few times.

Thanks @Robb Werner!!

@Will Gaston I think that's what I'm leaning towards because I believe that the capital gains tax would take a good chunk out of my profit. If I BRRRR, then I'll still be taking a good amount of cash out for a future deal, would be cashflow positive (albeit by a small amount), and could then 1031 next year into something more lucrative if the time is right.

@Clifford Paul I think so too and thanks!

@Will Gaston I'm thinking 1100-1200 for rent or $135,000-140,000 for a flip.

Investment Info:

Single-family residence other investment in Eastpointe.

Purchase price: $58,000
Cash invested: $20,000

We bought this house from an individual whose father owned it and passed away. The seller didn't want to deal with the actual sales process (mostly people coming in and out of the house, haggling and waiting on financing), but hired a real estate agent anyway. I have been working with this agent in all of my houses (personal and investment) and she called me regarding the situation. I thought it would be pretty good for a fix 'n flip, so we made a cash offer of $58,000 and he accepted. It's worth noting that the agent had just sold a house one street up for $90,000; this house had similar specs, but no basement and just one bath. So now I own a 3bd, 1.5bath single family brick ranch in a nice little neighborhood.

We pulled back carpet to expose and refinish the hardwood that was underneath, completely updated the kitchen, added a new vanity and light fixture and resurfaced the main bathroom. A little bit of cast iron plumbing needed to be replaced and the electrical box had to be updated from fuse to circuit breaker. We also repainted and generally cleaned the house.

This house is currently on the market for sale, my intention was to flip this and then find a rental project, but I'm not realizing that this house could be a pretty good BRRRR candidate. So I'm tracking down loans to see what's available. I'll post an update when a decisions been made.

@Montrell Brown thanks for the post, I've sent you an email with some more detailed info!

Thanks for the reply @Alex Hamilton I'll reach out :D

Thanks @Arsen Atanasovski, I've sent you an email. Be on the lookout and message me on BP if you didn't receive anything.

@Alex Hamilton thanks for responding! I checked out your link. Why do you need a user name and password to my credit karma account? I understand asking for a copy of the report or for the ability to see the dashboard, but I'm not comfortable giving actual account credentials.

Hi there!

I'm an investor in Oakland and Macomb counties in Michigan and I'm looking to build relationships with lenders whilst I engage in some BRRRR activity this year. I'm also looking to get at least one of my properties refinanced as soon as possible. Right now, just one of the properties is rented out and has positive cash flow; the other property is listed for sale, but I may prefer to rent it out if I can get a good rate.

Please reply or message me if you're interested and let me know what kind of loans you work with and what your current rates are. If you're not a lender, please feel free to reach out anyway, I'm looking to expand my network!