All Forum Posts by: Michael Tadros

Hi Ryan,  I came across these guys as well and was wondering if you ended up working with them?

@Dannielle O'Buckley being just across the border in CT, I definitely feel your pain. I am also looking to get my 1st deal done and in doing my research over the past year, there are deals to be had. From what I can tell, you can find deals on heavily distressed properties. The problem is that they tend to be all cash and you will need to have free time available to rehab or manage the rehab. So, if you can buy at the right price, there are opportunities in our neck of the woods, especially considering the higher rental prices in the area.

Thanks Frank, those are certainly motivating words. I have a few local friends that have experience flipping and doing buy and hold that have been holding my hands in terms of strategy and concept but they tend to stay local for returns that just don't make sense to me at least as compared to some of the out of state possibilities. I'm still looking to do my first deal and my market research has been limited to HomePath, HUD Homestrore, etc... Eventually I will need to source off market deals in the areas I feel might work best for me. Im Open for anything at this point...

@Frank Patalano what a great question. 2 things, analysis paralysis as well as the continued disappointment of running the numbers for deals in CT as compared to out of state markets. I’m convinced that I’ll find that diamond in the rough if I look hard enough but the numbers, especially property taxes, as well as the fact that CT doesn’t seem to be landlord friendly, continue to disappoint. The fact that I’m an engineer doesn’t help the matter either ;-)

Thank god for the BP community and the investor friendly investors (pun intended) who help each other.  As a virgin RE investor looking for his 1st deal I came awfully close to pulling the trigger on a MI deal.  I can’t express how thankful I am to all of you for helping to NOT make my 1st deal my last deal!

@Philip L hewitson ask for an itemized bid, then you can compare. You can get an idea of material costs by going to Home Depot with approximate sizes and quantities. It should take the contractor less then an hour per window (and that is generous). Add to that the reassurance factor of what it’s worth to you knowing that if something unexpected comes up post installation, the contractor will be on the hook and decide from there.

Hi @Mathew John,

Thanks for the feedback.  I guess I don’t quite qualify as a RE investor just yet but I’m working on it ;)

I keep getting drawn to the Warren area because some of the numbers look very interesting.

I will take you up on your offer when the time nears.

Thanks again and nice to meet you!

Motivational words, thank you sir!  I see a lot of them come back on the market as well, after being "under contract" or "pending".  I guess it's time to keep a close eye on it and be ready to move quick.

Thanks Marvin! I'm leaning towards a value add and rent play and I've been drawn towards distressed properties for less than $50k needing $5k to $10k worth of work that would ARV for between $80k and $100k. Most of the ones I am looking at are north of the 10 mile/i696 area. I'm not sure if you would consider that 8 mile territory. Ideally, I'd like to find someone on the ground that could help in providing "local" knowledge and feedback on individual properties/neighborhoods and possibly even sourcing deals. Of course, finding a good PM company is a prerequisite. Recommendations on any of these points is very welcome :-)

@Heshel Mangel very informative, thanks for sharing. I was also considering using them but the math didn’t seem to make sense for me. I’m new to this and am doing my research to buy my 1st property in the next couple of months so posts like this one are invaluable for me :-)