All Forum Posts by: David Rawls

@Josh Smith Gotcha - Thanks for the tip

Hello all - newly licensed agent here with a couple simple questions.

My partner and I have a LLC in Michigan, we want to start sending offers so I need to fill out a Buyers Agency Agreement form. My questions is: Do I write in our LLC as my client? Should I put both of our names/phone numbers down?

Side disclosure question - When receiving phone calls from a mailing.. I know you need to tell them you're an agent before they give you any confidential information, is a verbal "I am an agent, but I'm not interested in listing your property" enough disclosure?

Thank you!

@Jonah Hillman I'll take a look at them, message me.

@Greg C. Knows the area pretty well. Maybe he can help shed some light on this for you.

@Daniel Elijah Richardson Add me too please. [email protected]

@Account Closed Can you send me what you have in Michigan?

Welcome @Matthew Hull!

BiggerPockets is hands down the best place to learn about REI. Good choice.

1: Everyone will tell you the same thing - Find the deal first and the money will find you. (Hard money) If you're looking at getting a conventional loan, get pre-approved first before you start looking for deals.

2: Putting a house under contract means to come to an agreement with the seller, put it on paper (contract), and have them sign it. This will prevent them from selling to anyone else for however long the contract states - which gives you time for a home inspection and other due diligence. (There are free forms on this website, you can search for 'Contract' to get a basic idea of what it will look like. Usually its a 1 page basic contract just to get control of the property.)

3: Someone will! Try using the search bar, chances are you'll find something.

4: I haven't personally used a mentor. If you really want one, make connections in these forums. Offer to help people clean out a house or something of that nature. People here are friendly and will answer questions if you post them, but don't expect someone to give you 1 on 1 time without proving that you're serious/willing to help them.

-- Your local REIA is a great place to look. Get all the connections you possibly can, and keep moving forward.

Good luck!

@Priscilla Davenport It sounds to me that the middle ground would be to tell her that you'll only let her and the extras stay if she signs for 6 months - at full price as well. Your tenant needs to understand that she has broken the lease and is completely subject to your will. 

Chances are she will remain too ill to move and if she does improve enough to consider it, the cold will likely deter her. People don't like moving in or out during the winter months, especially when she has her mother and sister to think about.

Remember you don't have to rent to her. She's broken the lease. Anything you do for her now is a favor.

Good luck

Unfortunately I don't have Brian Gibbons as a colleague so I can't tag him. I would bet that @Steve Babiak has him though.

I know Brian has done many of these kinds of deals. He would be a great source of information on this.

I may or may not be coming up on one of these deals as well, which is really why I'm here.

Price: $170,000 -- Open to terms.

Cap Rate: 10-12%

Currently Vacant

Building Size: 6,000 Sq. Ft.  ----  Able to separate into 3 units.

Rent: 3500-4000/mo

Year Built: 1970

Updated Electric

PRICED TO SELL

ARV: 210-225k

With a couple small things to fix (drywall, interior paint, drop ceiling panels and light fixtures) this retail space comes with 40k equity! I know we don't like to speculate on appreciation, however people in this market seem to agree that Eastpointe is on the rise.

In the pictures, you'll see the drywall was taken down for mold remediation. There was a leak in the roof. Previous owner had the roof repaired and mold remediation done just in case. No mold was found and all repair paperwork can be shown.