All Forum Posts by: Scott K.
Scott K. has started 25 posts and replied 663 times.
Post: what to do with 100K after cash out refinance??????
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Bayo Badejo:
Greatly appreciate your advice. Could you please suggest some zip codes to research?
Thank you!
go to google maps and find 696 it runs east and west north of Detroit. All the cities that that highway runs through you can find good cash flowing properties for 30k 3/1 to rent out for 800. Just make them a little better than the competition and you will beat down the doors.
we have so many landlords that think a coat of paint is a rehab. I just listed my 2 bd for 775 and people are loving it.
Post: what to do with 100K after cash out refinance??????
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Bayo Badejo:
@Joe Villeneuve I have been following the "spill and clean up" that is Detroit, MI and trying to figure out where and when is the best time to strike. Do you have any advice?
Right now, I have roughly 20-30k cash for deals.
No need to be in Detroit. The inner ring suburbs are great for cash flowing properties. If that is all you have you don't want to mess with Detroit
Post: How to recover square footabe from the living room
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Dan Nad:
How about moving the kitchen to the front door? Then the front door/stairs dump right into the kitchen, and then "in the back" there's a family room that's functionally separate from the front door/kitchen/stairs. Also, because there's a door/driveway in the back, plus a utility room/potential bathroom area in the back, a suite could be made out of the back area with it's own door. Anybody tried this? How much would it cost to move a kitchen to the front of a 1000 ft townhouse? thanks
I would avoid this if possible. The expense is going to be huge. You are talking about moving all the plumbing. Running 3 20amp electrical and also the window heights will be different.
Also I don't think they will let you do this
Post: How to recover square footabe from the living room
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Ron Averill:
I recently bought a duplex in which the stairs to the basement are accessed from the kitchen, which is already a bit small. This layout is very inefficient and inconvenient. I plan to reverse the stairs so that the basement is accessed from a door in the living room / hall way. This will allow me to increase the useable space in the kitchen and improve the access to the basement.
My situation and house layout may be very different than yours, but in general I would not sacrifice kitchen space or functionality by setting stairs there.
I moved my stairs in my Madison Heights property. I added about 36 sq ft to the kitchen. Its awesome now. It was a lot of work. I was planning on living in it but now I don't
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Joe Villeneuve:
Originally posted by @Jim Meloche:
Originally posted by @Joe Villeneuve:
Originally posted by @Ndy Onyido:
Thanks. Michigan is not doing bad; and the rates are good..
Michigan is great for investing. That's why I'm working with so many out of state partners.
I tend to agree. I am focusing on Ann Arbor and surrounding decent school districts. Joe, what are some of your areas you feel offer better than average upside potential?
jim
I like Redford and Livonia, but North of Michigan Ave in Ypsi works too. There are other areas in Western Wayne
County that work well, depending on your entrance and exit strategy preferences.
I have two in Lincoln Park. One I rent for 825 and live in the other.
When we move to Farmington hills we will rent it out for 850. Can't wait to get back to Oakland county
Post: Issue repainting existing cabinets on flip. Is contractor right?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
fire his arse
Post: Revisiting Detroit: What is the TRUE situation?-Opinion Needed
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Jim Meloche:
Originally posted by @Joe Villeneuve:
Originally posted by @Ndy Onyido:
Thanks. Michigan is not doing bad; and the rates are good..
Michigan is great for investing. That's why I'm working with so many out of state partners.
I tend to agree. I am focusing on Ann Arbor and surrounding decent school districts. Joe, what are some of your areas you feel offer better than average upside potential?
jim
AA is great but how do you find deals out there?
Joe likes Livonia, Redford Plymouth
Deals are all over the inner ring burbs of Detroit. I prefer Macomb and Oakland counties but I have 2 properties in Wayne county (yuck).
Post: How much rehab do you do on your own vs. contract out?
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Toyin Dawodu:
My time is worth $1,000 per hour. My contractors charge anywhere from $25-50 per hour. So if I attempt to do the contracting work myself, I am guaranteed to lose money. So I contract out 100% of all the work. Sometimes I even contract out the inspection unless I have to go there and put out some fire. Once you know what your time is worth. The decision is a no brainer.
Oh please, Most people on this forum are small timers like me. We have 1-10 rentals and would be broke if we hired out everything that is needed to be done.
All this talk about you are wasting time not finding the next deal. Yeah for the J Scotts and Wiil's of this board this is true. But for 80% of this forum that's just not so.
You need to remember this is a huge forum with most of us just trying to grind it out and get going. In the future I see myself doing less and less. But some jobs I could never pay people to do it.
Example: guy wanted 400 to take out all the old carpet in my recent house. I LOL'ed at him and had it out and in a dumpster in 2-3 hours.
Post: San Francisco - Input on Renovation Costs
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Originally posted by @Steve Yoo:
seems like a lot but calculate by SF as a whole and it won't seem like as much. My drywall consist of taping, 3 coats, polish, primer, 2 coats of paint. I use green board for all bathrooms, kitchens and basement.
As an investor who wants to rehab I do believe they should know some basics of construction. Whether it be hands on or managing the person working on the project.
Oh sorry I thought that was in Atlanta. Well I am small timer here. I also enjoy doing it. I am not at that point of paying people to do something that I can do a good job at and also enjoy. If it was a huge job I would hire it out. I hung every sheet in the house I use to live in. I paid for it to be finished.
I agree with having a clue on how to do things. The people that never have done this type of work get screwed over.
Also my wife would give me that look (you know that look) if I started hiring out small and easy jobs. LOL
People that don't use greenboard are idiots and short sighted. I do as you do anything close to water gets that
Post: Surprise, surprise
- Real Estate Investor
- Madison Heights, MI
- Posts 693
- Votes 216
Agree with the walls, Also the big ticket cost. Furnace, plumbing and electrical.
If you are doing major work and need permits for it many time the inspectors will want to have you upgrade the property to current codes.
Foundation issues can be a killer.
Mold, lead paint.
water damage. water always wins and will destroy a house