All Forum Posts by: Michael Lerch

3/1 1000+ sqft currently gets $500/mo in rent. Currently rented.

Woodlawn st se. Grand Rapids MI. 49507

Asking $21,000 but will consider all offers!

$500 / 21,000 = 2.3% (if you use 2% rule)

***UPDATE***

Wasn't sure how to delete or edit the other one so here's the update!

We currently have a buyer at 60k. Not sure if they will close. We have an extension to about mid November. Looking for another cash buyer at 60k or better. I have pictures and video tours.

Confirmed details of property

6511 S Rhodes Ave. Chicago IL. 60637

3/1 up ($1,100 rent)

3/1 down ($1,100 rent)

potential 2/1 in basement ($800 to $900 rent)

Total operational income potential of $3,000

Needs about 10k repair for top units and around 7k to finish basement if desired.

Contact me for pictures and video tour. 616-466-4943 or [email protected]

Hi there!

I have a South Chicago Duplex 4/2 up and down. I have to sell this ASAP and I'm looking for solid cash buyers that can close on this by end of the month.

Address: Contact for details. 60637 zip

Rent estimate = Up unit $1,000+ Down unit $1,000+

Total operational income estimate = $2,000+

Asking: Well below market value and within 2% rule! (contact for details)

This isn't just a fake deal that wholesalers throw out there to build a buyers list for future deals. I really do have this property and I need serious buyers for this deal!

616-466-4943

Thanks for the advice Carl. I'm not upset at getting more money up front :)

The website is a template. I'll PM you who I got it from because it's really good and simple to use for a guy like me.

Have a seller for a lease option deal. This is my first one so I want to run past the details with you guys to see if this would work before I make a mistake.
Here's the details. Seller wants to move closer to work because it's close to an hour commute and would be happy with just getting out of it.

House is worth $130,000 as-is (range for houses on street for 4/2 house is 130,000 to 140,000)
Owes $129,000
Payments $900
HOA $30/mo
built within the last 5 years so it's in decent shape. Needs carpet cleaning.

My Terms:
Lease option for $130,000 with $1,000 down for option
$930 a month for 2-5 years (is a longer duration better? Guess it depends on what tenant buyer I get for it)
with selling/assigning to tenant buyer as an exit strategy.

Tenant buyer terms:
Purchase price of $138,000 in 2-5 years
$4000 non-refundable option
$1200 rent (average-high on rentometer)
offer seller concession for closing costs instead of rent credit (heard mortgage underwriters like it better that way)
and tenant buyer is responsible for all maintenance under $500 (or all?)

Am I missing anything? I was wondering if I looked at an amortization schedule for 2-5 years down the road and say I'd buy it for that much lol, could I do something like that if the guy doesn't care as long as he gets out from under his house? Any tips or words of wisdom? Thanks

next meetup is wed (2 days from this post) july 24th at 6pm! Go to meetup page for details. We're doing a prize drawing so you should come :)

http://www.meetup.com/WestMichiganREIClub/

We also have a new MeetUp page! You can find all the most current and up to date info about the West Michigan REI Club at http://www.meetup.com/WestMichiganREIClub/

Thanks!

I don't think it's a good idea to do a quit claim anymore. It makes much more sense to just buy it and do the option/first right of refusal. This way I close at a title company and get all the title stuff figured out and insurance. Good to go

Roy N. I guess you just figure holding costs for a couple years?

That makes a lot of sense. Much cleaner and I think it would be easier for a private lender to understand.

Thanks :)