All Forum Posts by: Ramone Reese

Adrian Orgill I've been buying in the tax auction specifically for a few years now. Some people buy and don't rehab. I've sold some wholesale without rehab, but I usually rehab them. Refinish the floors, update the hvac, plumbing & electrical, add ceramic/mosaic tile in the kitchen and baths. Many of the local investors I know don't do any of that. It depends on the particular investor, their price points and goals as you know, but last summer for example I made about 400% return on 3 properties. It took some blood, sweat, and a few tears but it's definitely doable. If I can be of any help, let me know.

Raina B. You haven't quite missed your window, but it's closing. I was surprised to grab a few with decent to high upside (~15-30k total investment and 30-85k after repair value) in last year's tax auction. I had to comb through a lot and cross my fingers and pass up on some deals, but they are there. Feel free to inbox me if I can be of any help.

The selection of loan products is certainly intriguing. Has anyone done any business with them outside of a fix and flip? What were the terms like?

As an investor here in Detroit I have to disagree re appreciation as well. I bought several properties worth 2-5 times what I paid for them. And there are still deals to be had. Might take some searching or rehabbing to realize it, but prices have gone up substantially since this post was written.

Buy/partner on one, or buy/partner with the package. You can download/view the OM with this Dropbox link.

I have 8 other properties for sale/partnership. Most are rehabbed and rented. A couple need full rehab. All of the properties can be viewed in the Offering Memorandum. You can download/view the OM with this Dropbox link.

I have 8 other properties for sale/partnership. Most are rehabbed and rented. A couple need full rehab. All of the properties can be viewed in the Offering Memorandum. You can download/view the OM with this Dropbox link. 

20201 Archdale Detroit, MI 48235

3 Bedroom bungalow
1.5 bath
1.5 car detached garage
Large fenced-in backyard

Price: $29,500 cash sale as is. NO land contract or owner financing. Will also consider partnership. 

Rent: $700/mo ($8,400/yr). Just rented! Aug 1, 2016 - July 31, 2017. Price assumes property will be conveyed by warranty deed with pro rata taxes and water to be paid at closing. Seller to purchase title insurance at seller's expense. 

New ceramic tile floor currently being installed in the kitchen this week! New carpet being installed in upstairs 8/2/2016! August 3, 2016 move-in with 12 month lease at $700/mo. That's $8,400/year! Lease, application, pay stubs, and other information available for review during due diligence after EMD.

NEW November 2015: GFCI receptacles in kitchen, bath, and laundry. Refinished and ebony-stained hardwood floors throughout first floor. Vinyl tile kitchen floor. Light fixtures throughout. PVC/CPVC plumbing. Vinyl mini blinds. Refinished bathtub. Granite-look laminate countertops in kitchen and bath. New outlets and decorative light switches throughout. Ceramic and glass tile backsplash in kitchen. Brushed nickel kitchen & bath faucets. Brushed nickel cabinet handles. Entry deadbolts & knobs. Roof inspected and repaired. Smoke detectors.

Do not disturb tenant! Before August 1, 2016 owner can schedule walk-through at any time. After August 1, 2016, owner will have to give tenant at least 24 hours notice. Buyer must do due diligence. POF is required with all offers. EMD due within 24 hours of accepted offer. Owner/seller is a Missouri-licensed attorney.

48221 48219 48235 7 Mile 8 Mile West Side Northwest side Detroit investor special handyman special turnkey rental property income property

DISCLAIMER:
The Property is being sold "as is" by the respective Owner, without representation or warranty as to condition or profitability. The only party authorized to represent the Owner of the Property, other than himself, is Broker. Owner shall not be obligated to pay any fees or commissions to any other advisor, broker or representative. Any party entering into a transaction with Owner shall be obligated to pay any fees or commissions due any advisor, brokers or representatives, other than Broker, dealing with such a party. Owner is a Missouri-licensed attorney.

This ad is provided subject to prior sale or lease, change of price or terms and other changes to the materials, statements and information contained herein or relating to the Property, and is subject to withdrawal, all without notice or liability. In no event shall the delivery or receipt of this ad be deemed to create any legal obligation to enter into any transactions with respect to the Property, and only a definitive agreement signed by all parties shall create a binding commitment to enter into a transaction.

Large Brick 2 bedroom with bonus room and office/study. Full basement. 1 car garage. Some updates have been completed but home needs TLC. Wood-burning fireplace. Large backyard. First floor office/study. Upstairs bonus room with balcony. Large backyard. International Preparatory Academy MacDowell Campus is across the street. Tons of upside!! Similar homes in the area are selling for $60-80k. 

$32,000 cash as is. No land contract. Warranty Deed. Will consider partnership with right person. 

Do not disturb tenant! Owner will have to give tenant at least 24 hours notice for walk through. Buyer must do due diligence. POF is required with all offers. EMD due within 24 hours of accepted offer. Owner/seller is a Missouri-licensed attorney.

DISCLAIMER: 

The Property is being sold "as is" by the respective Owner, without representation or warranty as to condition or profitability. The only party authorized to represent the Owner of the Property, other than himself, is Broker. Owner shall not be obligated to pay any fees or commissions to any other advisor, broker or representative. Any party entering into a transaction with Owner shall be obligated to pay any fees or commissions due any advisor, brokers or representatives, other than Broker, dealing with such a party. Owner is a Missouri-licensed attorney.

This ad is provided subject to prior sale or lease, change of price or terms and other changes to the materials, statements and information contained herein or relating to the Property, and is subject to withdrawal, all without notice or liability. In no event shall the delivery or receipt of this ad be deemed to create any legal obligation to enter into any transactions with respect to the Property, and only a definitive agreement signed by all parties shall create a binding commitment to enter into a transaction.

Hey Chad, let me know how it works out with Tom! He sounds like a contact I need to make!