All Forum Posts by: Logan Laperriere
Logan Laperriere has started 0 posts and replied 325 times.
Post: Bigger vision thanks to Bigger Pockets
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Hi Timothy,
Welcome to the BP Forum!
Post: Introduction to biggerpockets
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Hey Mike,
Welcome to BP!
Post: I sourced this deal from the water department!
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Thats awesome! how did the water department know that you were an active buyer? Have you sourced multiple deals this way? I may have to talk to my local water departments lol
Post: Hello from Michigan!
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Hi Gary,
Welcome to the Forum!
I grew up in Berkley, and own a few investment properties in Metro Detroit.
Post: looking for professionals in Indianapolis
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Quote from @Oren Dadon:
Quote from @Logan Laperriere:
HI Oren,
Have you reached out to your real estate agent about lenders or inspectors?
As an agent and investor I am more than happy to connect my clients with inspectors, agents, and contractors that I have personal experience with.
Hi Logan,
Are you working in Indianapolis metro?
Post: Sould I charge tenant for clogging sink with a tooth paste cap?
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
What does it state in your lease? my leases state that the tenant is responsible after the first 30 days. If they have been in the property for 3 years and are good tenants I would just cover the repair.
Post: Which state or city is good for investing in multi-family and apartment properties?
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Quote from @Alice Yang:
Could you please provide recommendations for states or cities that offer favorable opportunities for investing in multi-family and apartment properties?
Thank you!!!
Hi Alice,
The midwest has several great areas to invest. I personally invest in Michigan. Detroit, Metro Detroit, Grand Rapids, Kalamazoo, Muskegon are all great areas to consider.
Post: Are failing windows and potential water damage a deal breaker?
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
I agree with Bill. The new windows will add additional value to the property, so consider it a $17K concession. Almost all properties will have issues, repair them as needed. The period after inspection is when everyone starts to second guess themselves, it is completely natural that you are feeling this way. If you have ran your numbers and are confident that you like the property, move forward with the deal.
Post: Losing money on turnkey property. Should I sell?
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
Quote from @Jonathan C.:
Thank you to everyone who replied!
Logan: Yes, the rent covered my PITI as well as 5% for vacancy, 5% for maintenance and 5% for cap ex. After all of my expenses, I had about $100 left over. Even if I increase my rent, I figure it will probably take 4 to 5 years to recover the 8K as well as a couple of years to cover the lost rent.
I will look into the lease option. Unfortunately this is a low income working class area. I am not sure how many of the locals are looking to purchase, but you never know.
The good thing with a lease option is you may be providing a option for someone to become a homeowner who otherwise would not qualify. That may be perfect for your area. 4-5 years to pay back the improvements is rough. Could you take your capital and invest it into another property with better returns? If you do sell this property and lose around $40K would you be able to continue purchasing rentals?
Post: Need some creative ideas in order to continue progressing. Securities Based Loan?
- Real Estate Agent
- Grand Rapids, MI
- Posts 333
- Votes 124
HI Brandon,
Have you tried looking into a DSCR (Debt Service Coverage Ratio) loan? That would go based on the income of the property and your down payment/cash reserves rather than your current income. It may be a good solution for you.