All Forum Posts by: Marvin Rice

Hello!  Most communities in Michigan have the taxes online.  It might cost you a couple of dollars but I pay for it all the time when I am very interested in a property.  Add the summer and winter taxes together, take that number and divide by 12.  If you use the BP calculator it divides it up for you.

My goal this time around is to get at least $100 a door but I am shooting for $200 or more.

If you inherited the tenant, I would screen with credit and background checks.  If everything checks out, get them on new lease.  If it is really bad, honor the existing lease and give them notice that you won't be renewing (need to make improvements, raising rents, etc.).  If they have been on time with all payments you might be ok letting them continue.

Just my thoughts!

Has anyone purchased and rehabbed a condemned property in Pontiac, Michigan?  I had someone try to sell me 2 house and I found they were recently condemned.  My understanding is that Pontiac is very quick to condemn vacant houses.  The other thing I hear is that they require a $8-$9K cash bond to ensure you fix it up.  I've been told they give you 6 months and use your money to demo if you don't bring it up to code.  Can anyone verify the process and how difficult Pontiac Building Department is to deal with?  Any other thoughts?

Welcome and good luck!

Welcome!  I'm pretty new here too but have done a hand full of deals several years ago.  Tons of info to be found here.  I am fired up to start investing again!

Good luck!

Griswold and Michigan Ave.  It is a Roxbury Group development project.  CM is Walbridge.

I am investing in Michigan.  My questions are as follows:

I have an LLC. Should I purchase properties in my business LLC name or should I purchase each property in it's own LLC name and show my biz LLC as the owner the property LLC?

If I have a partner on a deal, should I use my biz LLC on the partnership agreement or name myself as the partner?

My goal is to build credit for my business to create credit lines and protect my personal assets from lawsuits.

Welcome Josh!

Lot's of people are moving into Detroit right now but mostly downtown.  Developers are building hundreds of residential units in the downtown area.  At my 9-5 we are installing the electrical for a new 80 unit apartment downtown.  I think the overall population is growing again after hitting bottom a handful of years ago.

I am from the Detroit area and discovered BP a couple weeks ago.  I have been browsing the site and binge listening to the podcast.  I have literally listened to over 30 podcast episodes over the last 4-5 days and am listening to them while I type this.

Here's a little about me:

I am a Project Manager for an electrical contractor.

I am a licensed Professional Engineer (Electrical) in the state of Michigan.

I have done some single family home flips in the past. I have also held some rental properties in the past. I currently have no real estate investments. I am ready to make deals again!

I look forward to learning and hopefully finding good partnerships and deals through BP.

Regards

-Marvin