All Forum Posts by: Nick Thompson

@Joe Villeneuve,

That is my question. Thank you for your help.

@Bill Gulley,

I understand what you're saying. However, if you don't have, or don't want to spend, the funds to purchase, then I think this is a great strategy. If you are dealing with investors, then I assume you would be on the up and up anyway, and they would have no issue buying the LLC for rights to the property.

@Muhammad Saleem,

I will have to take the plunge and spend that money on my contracts in the near future. Have any good Michigan specific contracts that you'd like to share?

@Joe Villeneuve,

Thank you for the input. Do you know if conventional lenders will lend on an assigned contract, or am I pretty much limited to cash buyers on the retail side?

@Joe Villeneuve,

This is a genius strategy. I assume that you are selling to other investors, as a cash or commercially financed sale? If I was going to wholesale a non REO property to a retail buyer, what contract would I use for that?

Ashley, did you ever end up purchasing this property? I am looking at doing the same thing in Bay City.

Ron,

He said it sounds like you know your stuff. Thanks for the help!

I am looking for guidance from anyone that knows or invests around Detroit. A friend of mine (who is not a real estate investor) is looking at buying an apartment complex in Detroit. He is an entrepreneur, but this is a big jump for him. The address of the property is 14251 Longview  St. Detroit, MI. It is an 18 unit building for I believe $180,000. I haven't even really looked at numbers yet. I am just curious about the area. From the quick searches I did it looks like this is a BAD area of Detroit. It sounds like the crime rates and police response times are horrible. I told him I wouldn't even think about it, but the person selling it to him says he has no trouble renting it out. I spend a lot of time on BP, so I hear about all of the risks and dislikes with Detroit. I'm just curious what people with knowledge of that specific area and low class apartments have to say.

@Jim Shepard

That's not a bad idea. If they end up pulling siding off, I'll definitely have them throw a layer on the bottom.

@Cindy Meyer

I was potentially thinking french drain as well. I will have to ask the contractors if that would be sufficient with no ground slope. My other thought was to grade way from the house, basically coming to a small trench fifteen get away, and then add a french drain there. Thank you for the creative thinking.

Thank you, @Darrell Shepherd for the detailed response. It is actually vinyl siding, and I don't know that termites are very common around here, but there is obviously still wood behind the siding. The mold doesn't scare me, but I do intend to cut out the drywall to remove insulation and inspect the studs. The cement board is a great idea. It will be somewhat costly to run it all the way around the house, but it has to be graded somehow, and that sounds better than tearing up the whole yard. 

I submitted an offer on my first flip today. The main concern I have, and the reason I assume the house hasn't sold yet, is mold in the first floor walls. It is only in four or five spots, and I'm confident that it won't be that hard to remove. 

The house is on a slab, and the siding goes basically all the way down to the ground, which is not graded at all. I was wondering if it's OK to run the dirt up over the siding a few inches to create a proper slope? There is some siding damage on the bottom row, and I assume this is causing most of the mild issue, but I want to make sure there won't be a problem for the future owner. 

There looks to be adequate gutters and downspouts. I'm located in mid Michigan if that helps.