All Forum Posts by: Scott Matthew C.

 Travis, I will be purchasing. However, I met an 80-year investor who lives down the street. His buddy is the same age and also an investor. The buddy may be wanting to cash out on roughly 30 properties. Both investors have been going back and forth on selling. I met one of them today. Nevertheless, I'll be meeting with his buddy next week and will let you know what I find out. If the numbers work I may be buying them all, but first I'll need to see them and do the due diligence.  

@Dominick Anderson the contract is what it is. Once all parties have signed it’s a done deal. However, depending on your Contingencies you may be able to position those items back in via addendum.

I suggest you buy semi new units. Don’t get new.

Good luck!

@Dexter De Mesa @Saravanan Saravanan @Bethany Rogers

I’m looking at an off market property for $30k and NOT anywhere near Detroit proper.

Monthly income $800

Monthly Experience $474

Monthly cash flow $326

Pro forma Cap Rate 9.53%

NOI $6,292

Total Cash needed: $8,800

Cash on Cash Return: 44.48%

Purchase Cap Rate: 21%

Purchase price: $30k

Purchase closing costs: $800

Estimated Repair cost: $5k *not immediate. Property is mint condition except for the roof. Seller wants out. I suspect she is fed up being a property manager.

Total Cost of Project: $35,800

ARV: conservative|| $67k

Down payment:: $3k

Loan Amount:: $27k

Amortization: 30 year *ballon payment in 5 years

Loan Interest: 8% *private money and JV . * JV will also have share in equity if sold or a buy out.

Monthly P&I: $198

DEXTER:: The secret sauce! Off market properties. Buy them as is. Pay for closing costs. Submit large EMD non-refundable. Have your broker do all the paper work. Pay your broker well and in return he/she will put you on their priority list!

Good luck!

Noah, you’re off to a great start. Educating yourself is key! 

Part of your education is networking with those who are ahead of you. 

Attend local REIA's and go often. The more you attend the more you'll be noticed and the more you'll know who the real players are.

Good luck! 

@Alan Howard If you’re in the Brighton area there is an event coming up May 9,2019. @Saravanan Saravanan and I will be there.

Check out MeetUp for other REIA's that are closest to you.

Best of luck!

RSVP at Brighton Real Estate Investors Club - Michigan 

 Hi Gary, thanks for your interest! I'll be on the look-out for you. Nevertheless, don't leave without saying hi. I look forward to meeting you. 

 Happy to give you an introduction. He is out of town this week and will be returning next week I believe. 

@Aaron Nihiser Sent.

@Angela Williams

If you guys need help let me know. Talk soon.

@Cameron Riley how about the shortest distance. Next door.