All Forum Posts by: Scott K.
Scott K. has started 25 posts and replied 663 times.
Post: Curb Appeal Ideas
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Take off that metal security door if its not needed. Paint the door and put some colored mulch around the house.
Maybe even some colored rocks
Post: Assignment friendly title company
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
good luck with that.
Most title companies do not like dealing in double closings.
Did you take a guru class and told that you don't need any money to get started?
Post: Investing in low price homes (30k-60k) Out of state ?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
no matter how many times we keep saying his we get these post 3 times a week it seems. Joe and I are starting to enjoy them as we try to educate people.
If these people only knew what 3 miles can do in the Detroit metro area.
LOL how could I lose? Its only $500. HAHAHAHAHA
Post: Thoughts about properties in Detroit?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
@Account Closed
I bet you wish you would have found me before you bought that garbage. I should charge for all the money I have saved these BP people
Post: Thoughts about properties in Detroit?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @David Roberts:
I'm 36 years old. I don't know or remember a time Detroit wasn't declining. Sure it could turn around, but this is speculation. When you speculate you get yourself in trouble.
i am 46 where these 500 properties are will all be gone in 10 years. LOL but yet we need a out of towner to tell us they have value.
HAHAHHA ok
Post: Thoughts about properties in Detroit?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Jake Hemrick:
There has been a lot of talk about property in Detroit. Some properties in Detroit are going for $500 or even less in some cases. This seems like an opportunity for buy and hold. The city will rebound at some point and I feel like there could be huge returns on these properties. Very tempting. What are your thoughts?
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA
do a search and get back to me.
Come on up I will give you a tour. Bring all the guns you have. We had a light weekend here only 3 got killed. Many more got shot but thank god the hoodrats can't shoot straight
Post: Where to find a house to flip
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
This area is tough to find good flips. I looked at one the others day that had massive foundation issues but yet it was only 10k undervalue. Also was so outdated and need upgrades to every room
good luck
Post: Investing in low price homes (30k-60k) Out of state ?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Brian Huber:
I think I'd like to take you up on that:-) My brother lives in Farmington so win-win! Ok, maybe a 2% houses isn't a "dog" but I guess it's not as profitable as one would think. Case in point, here is one house I found in Lincoln park, MI. Please let me know if I'm off on my numbers or I'm doing something wrong.
Price: $35,500
20% Down Payment: $7100
Closing Cost: $1065
Annual P&I: $1764 (30yr. 4.6ish%)
Annual Gross Rent: $800/month, $9600/yr.
Taxes: $1000
Insurance: $804
Vacancy 15%: $1440
Prop Mgmt 10% + One month's rent for placement: $1616
Repair and maintenance reserve: $1200
TOTAL ANNUAL OPERATING EXPENSES: $6060
GROSS INCOME: $9600
NOI: $3540
COC Return: 22%
Cap rate: 9.97%
50% Rule Cashflow: $253
2% Rule: 2.25%
THANKS!
Well a 3/1 in Lincoln Park will get you 850.
insurance should not be over 60 a month. You can get PM for 8%
Vacancy is about right
do you really need 30yrs to pay off a 35k property?
I am sitting in a Lincoln Park on my couch right now
Post: Investing in low price homes (30k-60k) Out of state ?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Brian Huber:
Hello all. I too have been enamored by the thought of this type of investment. So if $30-60K buy and holds out of state aren't wise, then what IS a good investment?
I live in northern VA where the rents nowhere near cover the mortgage. I've been looking in Michigan, Georgia, and North Carolina. Should I go for something near the median sales price of that city/zip code or a percentage of the median sale price?
Everyone talks about the 1 and 2% rule so if a buy and hold getting the 2% rule is a dog, what would be the definition of a good buy and hold? Would paying all cash or putting 50% down make a $30-60K buy and hold out of state worthwhile?
Thanks!
Come on out to Michigan and I will give you a tour of the Metro Detroit area. Don't be the type of investor to think you are going to just look at pictures and try to figure out of its a deal. Numbers can be made to fit anything.
Not sure why you would say 2% is a dog. How can you say that?
Post: ~$25,000 Profit on a $72k Fix and Flip
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Account Closed:
Scott, yes they decided to go with the old style look. I dunno maybe they should have swapped them out, given they put in the nice granite and back splash?
they didn't even put hardware on the doors. That would have been a big turnoff to me. Not that they are not there but that a person rehabbed a house and didn't put them on. I would be concerned of "what else" they didn't feel the need to upgrade that you might not be able to see.
Again always cover the fridge. Its a terrible look to not have it hidden as much as possible