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All Forum Posts by: Scott Matthew C.

Scott Matthew C. has started 20 posts and replied 558 times.

Post: BUYING TURNKEY RENTAL HOMES!

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183

@Mike Jordan are you restricted to a specific area? I may have what your looking for.

Post: Is the market going to go KABOOM?

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183

@Kevin Parekh If you're currently marketing, I suggest being mindful of leads coming in. An example: If your marketing is geared to non-owner-occupants and it's getting you leads, change nothing. If the leads stop coming in, then it's time to ask why that is. Yes, be mindful of market conditions, but if you have a sound marketing system(s) that provides metrics/analytics, I will base my concerns on what I can analyze from my marketing campaigns. Not on what everyone else is saying.

I hope that makes sense. 

Post: Redford, MI - Flip || Need Contractor

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183

I have a 3,000 sq ft property in Redford, MI. I have a rough pass for electrical, plumbing, HVAC, and gas. I fired the contractor and need to complete the rehab.

If you are a skilled Handyman, I would be interested. If you are licensed in any of the above or if you are a builder and have access to subs that are licensed, I would like to speak with you too. 

You must have at least three referrals and show past jobs. 

Post: Seeking “Biggest Mistake/Lessons Learned” Stories for BP Magazine

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183
John, your awful experince read like a movie! I feel for you! Good luck!

Originally posted by @John Morgan:

@Melanie Stephens

Not screening my tenant with a last minute decision to toss them the keys to my newly renovated 50k rehabbed SFR last year. This husband and wife divorced 6 months later. Husband and two kids move out. Wife decides to date a violent gang member, and some of his posse moves in. After not paying rent in feb, I file for eviction. In March I go to court and win my eviction case. Yay! Wrong. Eviction moratorium happens and these people get to stay three more months until they lifted the moratorium in Texas. Swat team busts in and hauls four of them off for stolen goods in the meantime (just a couple weeks after I won my eviction in court). I'm told they were dealing drugs out of there too. Drive by shootings happened a few times and two of my new windows I installed last year got blown out. Nice. Bullet holes in my new front door. Police tell me they had my house under surveillance for 9 months for all kinds of illegal activity. They said the police records showed them coming to my house 19 times in a short period of time. Somebody built a beautiful huge 6 bedroom custom built house next door to mine and listed it for sale. The real estate agent said every time he showed the house, either cops came swarming into my house or gang members were hanging out and partying in my front yard. Prospective buyers asked if this was a safe neighborhood after seeing all that. Lol. You can't make this stuff up! A week after one of the gang members they hauled off for stolen goods (who had 6 felonies according to the cop) gets out of jail (because prisons kept letting people out due to Covid outbreaks inside) he decides to steal a car and park it out front. That turns into a major high speed chase all around town. Guns drawn and tires spiked. He comes bombing back to my little "crack shack" on blown out tires and they run inside and catch him (bawling like a little baby bc he knew he had to go back to prison..according to the officer). I filed for an emergency writ of possession with the judge and sent her all the police reports. She said no dice. You'll have to wait like everyone else until the eviction moratorium is lifted. The list goes on with much more non sense to tell. $8,400 in lost rent and a completely trashed house. I mean destroyed. They even stole my new stainless steel fridge! When three deputies came to kick them out three weeks ago, 14 of them and a pit bull came out one by one with nowhere to go. They even spent the night outside in my front yard with all their junk after they got evicted. I still couldn't get them to leave! Cops said they could live in my yard for another day or so with their belongings. Huh!? I told the police they were trespassing and I didn't want them shooting up drugs and pooping in my yard until they figured out where they would go. Drug needles everywhere inside while we removed all their stuff. Lovely. Cost me 16k to renovate it last month to get it rent ready. Smelled like weed inside and every wall and door had graffiti. And every room had major holes in the sheet rock. Like 4 or 5 foot holes. Even inside closets. Weird. Front door had big writing in a black marker that said "F... off Feds." Moral of the story...screen your tenants! Not sure if my screening would have made a difference with this couple getting a divorce and her choice of new boyfriend, but I didn't screen and I blame myself 100%...even though they seemed like the all American family when I met and interviewed them. Lol

Post: Seeking “Biggest Mistake/Lessons Learned” Stories for BP Magazine

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183

@Melanie Stephens I still have a flip property that I have owned for three years. It's not complete to this day. My partner and I got involved with the wrong partner. I ignored the obvious signs that the 3rd partner was and is a crook. Worst yet, I didn't do a background check. It dawned on me to do that after the money was spent. It's still a painful experience, but it's real; it's happening, and I still have this 3,000 sq ft property to this day, and it's unfinished. 

Post: Are Memphis wholesalers getting dumber. House for sale on Pobox.

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183

@David Hutson Let the games begin!

Post: Thoughts on Fort Wayne , IN Real Estate Market for Flippers

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183

@Ravi Singh Do you have boots on the ground established in Fort Wayne, IN? 

Post: Seller Carry with 400k down

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183

@John Thao

Seller/Owner Carry is when the owner of the property is financing the loan for the buyer to purchase the property. This means the current owner of the home owes no money on the property and becomes the lender for the home’s buyer.

A good deal? Well, what would be your idea of a good deal? 

Post: Is it worth the struggle? Sfh in town with 4 acres to build up

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183

@Matt Stricklen Don't speculate. I encourage you to reach out to a commercial broker. Let him know you're interested and what your future goals are. Make sure you let him/her know if it is possible to achieve your goal and that he/she would be the one to list it. Let the commercial broker give you eyes to see and guide you. Most large commercial build-outs can take a year just to get approval. 

BTW, don't buy at or near fair market value, ever. Unless you have deep pockets or have some serious experience. Why? It wouldn't be an investment. I want you to make money when you buy it. Have at least 10%- 15% equity when buying it. I would prefer to see you buying it for 25% - 30% off fair market value "equity" because you'll need a commercial contraction loan. From your bio/profile, I'm not telling you something you don't already know. But then again, you don't have a bio/profile. I would encourage you to fill that out. 

Best of luck!

Post: Southwest Michigan Connections

Scott Matthew C.
Posted
  • Real Estate Broker
  • MI
  • Posts 594
  • Votes 183

@Travis Phillips How is it going? Any deals yet? I'm curious to know what you've been up to.