All Forum Posts by: Tiara Murray

The Agent most likely told you that because he/she wanted a nice sized commission, because as we know the commission on a $2-3k house isn't that much. There are nice houses for $2-3K that banks need to get rid of. Most of the cheaper houses are okay, I've lived in Detroit all of my life and have passed by and viewed the insides of these houses plenty of times. I agree with Jawsette, in addition to the condition of the house the numbers should also work. I can definitely help you navigate through the nicer deals in Detroit... I am not an agent, I am a fellow wholesaler and I'll make sure the deal looks good from all angles. Feel free to Private Message me...

Any takers???

How does out of state investors wholesale properties. I am mainly trying to work my own neighborhood. I hear of a lot of out of towners incesting here. I know that with a fax machine and internet connection, anything is possible, but how does the investor get paid if they are not required to go to the closing? How is the check sent to them? Do they ask the title company to deposit it in their bank accounts?

Thanks J, I'll rework the numbers, and add all of those factors..

So I'm running the numbers on a property that I found, and I'm trying to see if they make sense to you guys...

Assumed:
30 Year Fixed Rate @ 7%
Loan Amount: $25,000

Monthly Annually
INCOME

Gross Income $ 850 $ 10,200

Vacancy $ 50 $ 600

Net Income $ 800 $ 9,600

EXPENSES
Property Taxes $ 225.16 $ 2,702

Insurance $ 33 $ 400

Maintenance $ 100 $ 1,200

Net Expenses $ 368.16 $ 4,302

NET OPERATING INCOME $ 5,298

Mortgage $ 166.32 $ 1,995.84

CASH FLOW $3,302.16

Woah!!

My focus is wholesaling for now. In the other posts, I was simply inquiring about certain situations that I may incur as I move on flipping or landlording.

I am a little skeptical of bird-dogging being that I've heard a lot of bad stories from bird dogs not getting paid

Thanks for the encouragment Harrison. I am trying very hard to get started, I just dont want to jump in head first and fall on my face. My grandmother always say "better safe than sorry" So I am disecting every single approach to coming into REI

Thanks Stephani...