All Forum Posts by: Pat West

Located in the wonderful neighborhood, in Monroe Michigan - this deal is a win win, can be used as a Buy & Hold or Fix & Flip

2 bedrooms

1.5 Baths

2 car garage

Property need of cosmetic repairs but all the major systems are in great shape .

Likely needs about 5k-8k in renovations but worth about $88,000

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Can send additional pictures and information upon request. 

Scott,

Yes, I do have estimates ready to go. I can send you some more information if you would like. Feel free to give me a call 734-344-2317

Amazing deal on a 3 bedroom 1.25 bath in the city of Monroe, MI. This house features a new roof, new furnace, brand new carpet in the living room and hallway and a completely remodeled bathroom. This property could be a super quick flip or a great rental. 3 bedrooms in the city are currently renting for $1000 a month. This property is in move in condition. Contact Pat to schedule your showing. 734-265-0306. Hurry this one will go quick. 

Needed Repairs

-Kitchen update

-New carpet in bedrooms

-Replace one cracked window

-Paint 

-Trash Clean Out 

Bedrooms - 3

Bathrooms - 1.2

Garage - 1

Square Footage - 1000

Price: $65,000 

Rehab: $5,000-7500

ARV - $100,000

Recent Comps 

$98,000  525 Stone 10/18/16

$110,000 518 Toledo (2 bedroom) 01/16/17

$121,543 611 Toledo 11/07/16

Johnathan, 

That is a good idea! Unfortanitly I do not have any friends that are structural engineers but I will start trying to find somebody tomorrow. 

I would be putting around 11k into the deal. That's with the price of accusation and rehab rolled together. After all of the units are rehabbed it would cash flow around $1200 a month. 

Josh, 

Yes, all the floors are pretty level. There is a small slope in the living room of the unit that happens to be right under the spot where the new support beam was put in. 

Hello,

I am posting in the hope of getting some advice/opinions about an issue that I found with a property that I currently have under contract.

This property is a 3-plex that was built around 1890. The foundation is brick and has a cement overlay. Upon inspecting the house I noticed that there were some bricks coming loose in 2 of the corners of the house. (See pictures)

I also noticed that In one corner wall of the basement it looks like there were some new beams and a support added due to the brick wall breaking away,

but the wall looks like it is overall very stable. All of the doors and windows In the house open and close just fine.

Based on the pictures and my explanation would you guys walk away from the property? It has the potential to cash flow $1200 a month. I hate to walk away from that opportunity but I would also hate to be stuck with a nightmare house.

Any advice or opinions you guys could give would be greatly appreciated.

Hello,

I am looking to refi one of my rental properties. I bought this property a little over a year ago. It is currently rented and cash flowing. 

It is currently valued at $91,000 and I have a conventional mortgage on the property for $44,000.

If you can offer reasonable financing options I would love to talk to you. 

Pat 

I've sent you an email regarding this property. Hope to talk to you soon. 

Can you please send me the details for this deal. I am very interested. 

Please add me to your list as well. I am currently investing in south eastern Michigan and I am looking to branch out into Wayne county.