All Forum Posts by: Markos Gerges

@Hunter McCook

I love reading these posts. I bought my first rental property at the age of 22 I graduated my engineering degree a year prior. I'm 23 now and I own 3 and am closing on a fourth soon. I don't know too much about the Georgia market but I've heard there are deals there from just on these forums. You should pick a specific market near where you live research and try finding as many wholesalers as you can for your first deal. Once again I'm not sure of the situation in Georgia but here in the Midwest we can find an off market home in a good city for 25-35k with less than 10k of repairs and rent it for $900 a month. Buying my first home - under market value from a wholesaler and getting my hands dirty was the best experience ever. Paid 35k for it and fixed it up for 7k ~ got it appraised at 77k, it's currently renting at $900. Now if that house you are inheriting is becoming your primary you could leverage the equity using a HELOC to buy a rental property also. You have many options but my biggest recommendation is find a market near you and stick with it for your age and inexperience.

Good luck man!

Hello everyone,

Could anyone recommend a good insurance company in the metro-Detroit area for my SFRs which I rent out? I feel like the current company I have is way overpriced and I want to transfer my properties to a different company. 

Thanks!

Markos Gerges

@Keyonte Summers

Mind sharing what lenders you tried in the metro Detroit area? I’ve also experienced the same thing as this guy.

@Dominick Anderson

As long as you know you’re getting a good deal back up by the data then go for it. If you need help in understanding anything let me know I see you’re based in Michigan and I have a decent amount of knowledge of assessing investment properties in Michigan. Shoot me if a message if ya want :)

@Timothy Lewman 

Not going to lie thats quite amazing, I've never had a boat left at a house but I have salvaged quite a few things left over and have donated a lot to goodwill. I'm also curious on the legalities of that, I'd assume you own it.

@Marisa R.

True... I guess I just meant it from the prospective of home buyers before the recession who were doing the same thing buying properties in neighborhoods that were appreciating, holding them and then getting burned. But then again that all comes down to the risk aspect.

And yes I'd love to hear your progress, thank you for your insights!

I think you should look at other things in terms of your negotiation, a washer/dryer is minuscule in comparison to an inspection report, comps in the area, recent sales data etc. Unless the property is extremely under market value and the inspection hasn't found anything that you didn't know before than the argument of the washer/dryer is more plausible.

Hi Marisa thanks for the response!

If you are holding onto properties with the idea that these neighborhoods will gentrify isn't this the same or similar concept as speculation? I've been wanting to get into Detroit but I have only been able to determine a business model of flipping in the neighborhoods you've mentioned and from tons of research.

I think with the risk involved with rentals entailing quite a ton factors the strategy I have in the suburbs is more appropriate for a younger/less experienced investor like myself as long as the metrics line up i.e 15%-25% ROI. And typically I've been able to secure properties at a similar price point as the ones you've mentioned in your original post but probably at a lesser ARV i'll have to admit especially since with rental properties I try to avoid unnecessary upgrades such as granite counters, major cosmetics, etc

Love to hear your thoughts :)

@Cameron Riley I use TenantCloud for general stuff. I like it because its free up to your first 75 homes.

I have used cozy but pretty much for its listing capabilities.

@Ryan Nodurft I think you may have some room for negotiation as online records show it was first listed in September 2018 and the priced has decreased 6 times. They don't want to lose this sale, I'd say at least 2-5k off the original price. If the inspection finds other problems you could leverage this to your negotiations.