All Forum Posts by: Michael Lerch

Hi @Auspria Wade 

I know the RPOA in GR has this class coming up

https://rpoaonline.org/events/building-wealth-with-self-directed-iras-and-real-estate/

they also have a local IRA group called Quest IRA inc. Haven't used them, only heard of them. Someone to check out :)

I didn't know a whole lot about websites either, but I found a pretty good place that does them and I've slowly been working my way up to 1st place on google for my market. I've got pretty good leads coming in too. Check out my website to see what it looks like. These guys know what they're doing and make these buyer/seller sites to convert and SEO ready. 

sounds good! I'll definitely use that. I called about 4 banks so far an no go, but 2 I wasn't sure I was really talking to the right person. This should help. 

More info:

Income: Will rent for $950/month + utilities = $11,400/year

Expenses:

• 2014 taxes: $1385
• Insurance: $500/year
• Repair budget: $0-$1000

12.85% cap rate

1645 Paris SE Grand Rapids, MI 49507 - $73,900 

Contact Jamison Worst for more info 616-805-9709 or e-mail at [email protected] - Please let him know you saw this on Bigger Pockets.

Great location at end of quiet cul-de-sac with lots of open space. Across the street from a city park, close to shopping, schools, and minutes to downtown. So many recent improvements, it's almost like a new home. Recent improvements include: vinyl replacement windows throughout, vinyl siding, new roof, new plumbing system, new electrical system, new ventilation system, new furnace, new water heater, new bathroom, structural improvements, landscaping, much more! 4 Bedrooms. 1 beautiful bath. Almost 1400 sq. ft. living. Dedicated laundry space. Big pantry area. Move in condition with appliances included. Architectural details include: wood floors, original wood trim, vaulted entryway. Full basement. Freshly painted. A beautiful home in excellent condition for a great price. Appliances included.

what do you say when you call? Who should I ask for?

Ah yes I remember that from one of the podcasts a while back. I'll look into those. 

That would give me half of what I need if I were to get 80% LTV

I came across a decent house that would make a great rental property well within the 2% rule after repairs... but it needs about 20k in repairs. 

Purchase price is around $14,000 (possibly cheaper if I renegotiate) but I wanted to know what my options were? 

Would a bank lend around $40,000 for purchase and repairs on a non-owner occupied property? If not, what's the next best thing? Do hard money lenders work with rental rehab deals and how would something like that work? 

My end goal would be to either keep it or flip it as a turn-key property.

@Matt Gehrls  depending on which area of Chicago you're coming from the west side can feel like home lol. 

You have more GVSU students and college rentals west side which can be good or bad depending on your approach. You can pretty much just look at the crime map on trulia and get a good idea of what areas are like. Cap rates might be higher but the trade off can be bad tenants at times. Since you're doing the duplex and live in one side route you'll be able to weed out a lot of the bad ones just by letting them know you're living there too.