All Forum Posts by: Scott K.

Scott K. has started 25 posts and replied 663 times.

That's great. What city are you in? I keep looking but have yet to find the next one. I am trying to get into Oakland County. I am done with Wayne County. I can see it is going to go through some pain in the near future.

The prices have gone up in Madison Heights, Clawson, and forget about Ferndale. So It might be back to Roseville. The city was real nice to work with. The inspectors were very helpful.

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Originally posted by @Account Closed:

I know here it is much harder to sell or rent a 2 bedroom versus 3+. Investors usually won't touch a 2 bedroom unless it is near the college or can be converted. I made the mistake of buying one once. Never again.

My 2 bd rented in 4 days at the very top of the market. Almost 800 a month. It was supposed to be a flip but I went over budget so its now a rental.

But this is a unique type of house with a huge yard for it being in a city. I played to the yard and put a nice big deck on it.

I really like this house so I think I will keep it

I do agree I will not be looking for a 2 bd anytime soon.

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Originally posted by @Mark Forest:

Originally posted by @Scott K.:

Wow in Michigan no appliances? I have 3 properties and I supplied them all with a stove and fridge and also a vent hood for the stove.

Hi Scott. We do get used appliances on those two stores on John R. Some people tell us they need a stove, but already have a favorite refrigerator. Some think a used refrigerator is unsanitary even though the store I buy it from cleans it up well.

hahahahaha I hate those people. The kid is just as bad as his dad. In 2 of my properties I just bought new from ABC warehouse. The other had everything in it already.

In this area I think ABC warehouse is by far the best for the prices. I get the standard white Figitaire and they work just fine

Also if you are showing the property it always looks better to have them in place already so people can get a feel of how it will be to live there. That's what they are looking for in the first place.

How can I live here? That's what people ask themselves

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Originally posted by @Mark Forest:

Originally posted by @Jesse T.:

Is not including appliance typical?

We can buy used appliances and have them there immediately, but I have found that some people have some or all of their appliances. Then we have to go in there and haul out what they do not need. I am thinking most people do not have a stove so i will probably drop one in.

Wow in Michigan no appliances? I have 3 properties and I supplied them all with a stove and fridge and also a vent hood for the stove.

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Originally posted by @Andrew D.:

Heres a pick of the Menards stock white on a recent reno. The counters came from Restore just had to cut them down. I'll post pics of the Menards counters at a current house once my painter is done

Did you block off the bottom of that window???????????????? Should have replaced that window with a smaller one. Or just took it out

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I have the nice white cabinets from Lowes. I have these in 3 of my properties. I really like them and they are very durable

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Originally posted by @James De Silva:

There is a lot of information out here on how to become a wholesaler, but I can't see as much for people who want to buy and hold properties at the best price. Would I be correct in saying the following?

A wholesaler will find properties which are undervalued and get them under contract to be sold to an investor or a rehabber. They want to maintain good relationships since buyers often come back to them, so they might "buy" a property thats 70% below market, and "sell" it to the investor at say 85%. Then both parties are better off.

Whilst this is similar to a realtor, a wholesaler isn't as constrained about what they can say about the property.

1) If this is true, why would anyone who is in the property investment business buy from a realtor?

2) Can landlord investors profit from wholesale purchases or is it only those who rehab and resell?

3) I'm sure wholesalers can be found at REIAs, but what's the best way to determine who is worth doing business with? (Note - For anyone who wants to give referrals, I'm in the Metro Detroit area)

HAHAHAHAHA good luck finding a good wholesaler in Michigan. Like others have said they are clueless of what they are doing. No matter the property it only seems to always need 5k in rehab. These people are jokes. They watched a video telling them this is the way to get rich with other people's money.

Just read the craigslist adds. Its always the same garbage. I am convinced that wholesalers in Michigan are idiots. Have never done any rehab or just thinks everyone is as dumb as they are.

Or its in the hood of Detroit. Yeah geez thanks for that deal. LOL only 3 properties will even be on the block.

Like said above you tell them what you are looking for and you are all the sudden off their list.

IDIOTS

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Originally posted by @Payman A.:

Originally posted by @Scott K.:

come to Detroit suburbs. Its a thriving market

Thanks Scott. Is that where you are? I've heard Redford is one of the places to consider but then I'm sure the numbers would have to be adjusted. Do you have any estimates as to what kind of cash, return, & time frame I'd be looking at?

You want to be all in for 10-15k? That's not really going to get you much. I misread it. I thought you wanted to put 10-15k more into a property. If you have no money and want to live in it I would not buy in Detroit.

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come to Detroit suburbs. Its a thriving market

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I just had my new tenant complain about the heat not coming out of all the vents. I had to explain to them how a forced air system works. I pointed out where the cold air returns was and where the heat vents were.

I guess they both grew up with radiators and electric heat.

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All Forum Posts by: Scott K.

Scott K. has started 25 posts and replied 663 times.

Post: #16 rental was purchased today

Post: House not renting

Post: House not renting

Post: House not renting

Post: Cabinets for a Flip - Cedar Rapids

Post: Cabinets for a Flip - Cedar Rapids

Post: Why not always buy wholesale?

Post: what are some recommended markets?

Post: what are some recommended markets?

Post: Rent is current. Tenant wants to renew. I won't. Am I nuts?