All Forum Posts by: Rosa Belerique

@Drew Sygit I don't see an issue with the "keeping it real" mentality - I too play along. 

I'm the someone investing in Detroit and I don't necessarily feel like investing more or bringing friends and family after these interactions, so I'm not sure what the purpose of your response is.

As I've mentioned before, your approach is lacking. The first thing you do is list my address that I intentionally didn't choose to post on this public platform because of privacy. Those who are interested can get this information.

Whether you like the "marketing hype" or not, the home is designated as multi-family and will appraise as such. Nothing I said in my post is inaccurate, but I was accused of having a "lemon" and an "investment" and a multitude of unsubstantiated claims of why my investment doesn't work without much evidence or recognition for why it does work.

As I've mentioned now a few times, I bet you do know more about the costs than me, that's why I'm asking both of you to list them here before reducing now any chance of someone even considering the property - that's the potential impact to me and others when you give responses like the one you gave me. Yet, here we are in a tit for tat that isn't making anyone of us look good quite frankly, which you claim you want to avoid.

I'm new to this platform, which is now apparent, since the MO appears to be detonation upon entry, but if I can figure out how DMing works, I'll take you up on that because sometimes I do think being behind the keyboards changes up the reality of things.

Best,

Rosa

Hi Travis - I don't think finances change my ability to think actually. And I also didn't say Drew was incorrect on any of his points, I just want him to support his claims.

I wasn't sold anything from MartelTurnkey actually, I found this deal and flipped it and they're helping me sell it as a Turnkey. And just to be clear, this property doesn't need to be turned into 2-units. That wasn't really the purpose of the post, I'm saying it as an option if an investor wants to run with it. The property performs well enough as a SFR actually and it was not difficult to find tenants for it contrary to Drew's claim (which I can disprove).

I wasn't sold any points, I'm not sure where you're getting your information. I'm asking as a professional courtesy that you both consider backing up your claims with estimates or averages or actual numbers rather than blanket statements because you said so and know better. 

Seems like quite a bit of insinuating is happening on your part actually. There was no part where I actually said I knew more. I've provided literally so many specifics, including listed price, rents (current SFR and multi-family estimates), estimated cap rates, estimate net cash flow, and detailed financials are offered. They're available on Martel Turnkey's site to download directly or I can pull them for you.

Which part of this is a lemon? The fact that you don't think it works as a multi-family is fine, then it doesn't need to be one, as I said above it works fine as a SFR and is currently collecting rents and is profitable.

And since you both have decided without asking me questions or looking further into this deal that it's "bad" now it must be because you guys apparently know what you're talking about even though the numbers are there.

Glad you're welcoming others so graciously into markets that you know so well.

Ok.

1) Putting in a 2nd entrance will be prohibitively expensive and nuke your ROI. - I would suggest actually calculating this cost before making statements that it would nuke your ROI. The cost of increased rent over time versus some work to change the entrance does work out at some point. The estimated rent of two units was quoted to me as $1,700 and there's a chance this appraises differently than what is listed.

2) Separating the electric & gas would also be prohibitively expensive, so owner will have to include utilities in rents. What is the cost of one versus the others? Again, please use specifics before making blanket statements.

3) Getting the postal service and city to approve 2nd unit will also be a challenge. What is the process?

4) Would have been better long-term to remove upper kitchen and try to turn into 4th bedroom! You're welcome to purchase and do that.

Why isn't more being disclosed about the 9% Cap Rate?
- Property taxes and home insurance can fluctuate a lot in the City of Detroit (and change upon purchase), so should be investigated BEFORE making an offer:)

You can download the financials at the link that I shared. Those are estimates of course.

I just suggest as professional courtesy that you backup your claims because this information impacts others and it seems like people follow you and possibly take what you say seriously.

Hello all,

I'm selling a recently flipped multi-family home in Detroit, Mi. One larger family is in place, but the unit can be used as a multi family as a 2/1 and 1/1 with kitchens in both. The current rent is $1,350, but can get higher rents as a multi-family. Here's a link to where I'm listing it: https://martelturnkey.com/property/21823-2/, and I'll share some financials below. Happy to share detailed financials if you'd like, please reach out. You can also contact anyone in the listing for more information.

Many thanks,

Rosa