All Forum Posts by: Michael Terry

Thanks, appreciate the feedback! 

It looks like my siblings and I are about to be gifted a duplex. Both units are currently rented (total rent $825) on a month to month basis. The property has been for sale for over six years, price has been dropped from $139,000 to $98,000. It looks like its in good shape (online) and priced fairly, but it hasn't sold, so something is up.

It seems to me we need to potentially do the following:

First, get title to the property - should an LLC be setup to accept the property? What are some the costs we should look into (back taxes, assessments, repairs, gift tax, rehab costs)?

Once we have the property we'll need to decide what to do with it - liquidate (property is currently listed through June 2016, if property is transferred, is agreement with realtor still valid?) or keep renting (hire a property manager...siblings not interested in managing and I live in another state). Personally, if it makes sense financially I'd like to keep the property for cash flow, may have to buy out my siblings (2).

We are working with a lawyer, but would appreciate any insight as I imagine there's much we need to consider.

Thanks!

Hi Brady,

Welcome to the site, a newbie here too looking to connect with others and how I might add value. I'm just west of Mt. Pleasant (Canadian Lakes).

How do you determine market trends for a particular area? I'd like to flip houses in the retirement/vacation community I live in 50 miles north of Grand Rapids. Lots of properties for sale, many that need rehab. Any thoughts on how to estimate demand going forward? 

Have booked and managed live theaters for a number of years, looking to change careers and become an active real estate investor and property manager. Currently located in a beautiful retirement/resort/vacation development called Canadian Lakes in mid-michigan (50 miles north of Grand Rapids). Have been lurking on Bigger Pockets for a couple of years and would like to start taking steps to build ongoing income. Looking to understand the real estate market in Canadian Lakes and if there are opportunities to create value for sellers and buyers alike.