All Forum Posts by: Michael Smythe

@Ty Martell unfortunately no.

Check out NARPM.com though.

Also, plan on screening PMCs better than you would a tenant!

Run the numbers backwards!

If you buy a property, what will the payment be after property taxes adjusted (also including insurance)?

What rents will you get from the other unit(s)?

What rent will you get from your unit when you move out?

Taking into account vacancy & maintenance factors, how much of a loan amount will your NOI support?

This will all tell you how much down to put.

If you have anything left over, you can use for next purchase.

@Tyson Scheutze congrats for sticking it out!

Disagree on ceramic tile though. Tenants crack them and then it's difficult to match the colors as they are changed so rapidly these days. We also tried leaving a box of extra tile at each rental, but tenants broke them or through them out. 

Patience and perseverance!

20 years ago, before the real estate crash, many investors made 100 offers (at prices that matched their target ROI), to maybe get 10 accepted, to end up with 1 after it passed their inspection criteria.

You can try any shortcut you want, but most will negatively affect your ROI.

@Alejandro Martinez we've got several clients from Toronto!

Check out some of the great things happening in Detroit in 2024

https://michiganchronicle.com/2024/01/03/major-developments-that-will-define-detroit-in-2024/

Check out @James Wise here on BP

@Alex Clark in the Metro Detroit area, many of these homes are fix & flips. 

They are priced for owner-occupant purchases, so the prices can make it difficult to cashflow for the first 12 months or so. There's also the challenge of verifying the flipper didn't cut any corners that will become future headaches.

If you have the cash, it's often better to find your own beatup property to BRRR.

We've got offmarket sources if you're interested.

@Demetrius Stinson are you doing a renovation loan?

What source of funds will the lender allow?

@Syed Khalid Jamal 

Check out some of the great things happening in Detroit in 2024

https://michiganchronicle.com/2024/01/03/major-developments-that-will-define-detroit-in-2024/

PM us if any further questions:)

Check out Doorloop software. Will do accounting plus more.