All Forum Posts by: Theresa Nardello

I'm listing this for a friend.  He's in California with me and bought this house to help a family member,  who lived there for a while, but eventually moved out.  The house has been empty for months and he believes the hot water heater and furnace has been stolen (which were both brand new).  He just wants to get rid of the house because it's too far away for him to manage.  I looked quickly at comps and it looks like this could easily be worth $30k +   It's a very cute house and Rentometer says 3 bedrooms average $787 a month, so this could be a great addition to your portfolio.

Here's Google Maps photo:  https://www.google.com/maps/place/5292+Berkshire+St,+Detroit,+MI+48224/@42.4034851,-82.946649,3a,75y,73h,90t/data=!3m7!1e1!3m5!1sVDftAvodd9CCNo-yp-ISnQ!2e0!6s%2F%2Fgeo2.ggpht.com%2Fcbk%3Fpanoid%3DVDftAvodd9CCNo-yp-ISnQ%26output%3Dthumbnail%26cb_client%3Dsearch.TACTILE.gps%26thumb%3D2%26w%3D86%26h%3D86%26yaw%3D73.274796%26pitch%3D0%26thumbfov%3D100!7i13312!8i6656!4m5!3m4!1s0x8824d5d26c8d82dd:0x2658e0e41564da2!8m2!3d42.403576!4d-82.946251!6m1!1e1

Write me if you want more information.  Thanks, Teri

Much smaller homes in this neighborhood have sold for 40-55k recently.  There are 3 bedrooms, but also a large rumpus room in the back that could easily be turned into a 4th bedroom to fetch even more for it.  

January 2015:  New water heater installed.  The boiler system was serviced and an electrician checked out all outlets and switches.  The roof was estimated to be about two years old at that time, however one section of it was not flashed properly, so there was some leaking into the rear bedrooms.  That has been repaired.  The only left to do is replace the sheetrock / ceiling in that room.  I had it scheduled to be done several months ago, but it was a 2-4 day process and my tenants declined to displace their kids out of that bedroom for that long.  It's an easy fix someday. The bathroom and kitchen are not original and have been upgraded.  Original hardwood floors throughout the main floor and carpet upstairs in the large master bedroom.   Washer & dryer hook-ups inside and off-street parking for 3-4 cars.  

It's a cute little house on a nice tree-lined street, close to everything.  I rented it the first day I posted it. 

I have an inspection report and lots of photos - for serious inquirers.  No tire-kickers please.  I'm in a tight spot financially and would like to sell this property fast.

Thanks for look. 

** MAKE AN OFFER **   REALLY!

This is a quaint cottage just outside Detroit, but not in Detroit.  Harper Woods is a nice little community near St. Clair Woods and the river.  It's suburban and has everything anyone needs. Records show this as a 2 bedroom house,  but there is a third room that is just missing a closet, but it's next to the master bedroom and living room and everyone uses it as a bedroom (or office or nursery).  There is also a large bonus / rumpus room in the back of the house that my tenants currently have a bed in also - so this house has plenty of space and is not a tiny 2/1.

The kitchen and bath are updated.  I replaced part of the roof, and a lot of old galvanized pipe with PVC, so the drains flow beautifully.  I also painted the entire interior in February, and had the boilers serviced, so they keep the house nice and toasty in the winter.  

My current tenants pay $850 a month and have a lease valid through next February.

Personal circumstances force me to liquidate some holdings.  I will seriously consider all offers, so don't worry about insulting me.  Hey, we're all investors here - that's what we do.  But this is a solid long-term investment and you'll never have any problems renting this house.  I had multiple inquiries within 24 hours of advertising it, and rented it right away.  And if you don't know yet - Detroit is back in a very big way!

Call or write.  Thanks, Teri

(650) 455-7278  /  [email protected]

I hate to sell this house because it's a fantastic long-term rental, but I need the money badly right now.

I have tenants in place paying $850 a month through next February.  I rented it the first day I posted it and had lots of interest, so I honestly feel you can easily keep it rented always.  It's 10 minutes from downtown Detroit, yet not in Detroit - close freeway access, blocks from city hall and the police station, near St. Clair Woods and other nice little cities north of Detroit on the river.  It's really a nice little suburb.  

Downstairs has original hardwood floors.  The kitchen has been updated and the bath has a new vanity and modern glass bowl sink that was there when I bought the house. I've replaced old pipes feeding the bathroom and kitchen sink so the flow and drainage is very good. I had the radiator was serviced last winter and works well.  

Technically one of the rooms has no closet, so it's not considered a bedroom - but everyone uses it as a bedroom.  It makes a great nursery or den/office too.  The master bedroom is an upstairs addition and huge.  There's also a very large bonus / rumpus room the back that my tenants have a bed in, so there's plenty of space in this house.  

The house is very habitable and there's nothing you need to do except start collecting the rent checks.

The house is very habitable and there's nothing you need to do except start collecting the rent checks.  Let's talk!

I'm willing to do a partial carry-back / note. 

George,

You asked what city - the property is in Harper Woods - and I'm in California.  Do you know if I can just mail it or need to have it served by another person? 

Thanks, Teri

Hi - I'm looking for help here.  I know I can find this information online, but am likely to get better information from other landlords.

I live in California and own a rental in Michigan.  My tenants have not paid their May rent and have ignored several texts.  What is the first thing legally I can do?  Is it serve a quit or pay or something similar?  How many days after the first is the soonest I can serve it?  Can anyone recommend a service to use?  

Any and all advice would be appreciated.

Thanks, Teri

Steer clear of this guy! He's a scam artist. He cheated me out of $5000 and once he got that, insisted on another $7500 before he'd "fund" my deal. There's no company there. He's a scammer. He put some poor woman's name and her LLC on the front page of his website announcing their recent partnership in December. She had no knowledge of it and is not his partner. She's just another poor sucker who he scammed and caused her to lose her property. He won't tell you one person he's done business with or let you talk to his attorney and he refuses to use escrows. I reported it to BP and sent them documentation proving it. They won't get involved and warned me to be careful what I say on the site. I was stupid enough to fall for it - I feel it's my responsibility to warn as many people as I can.

I will add my two cents here. I'm a member of DoHardMonday and they got my $2500. I haven't yet done a deal with them because the Illinois property I was planning on financing with them fell out. But I love the idea of 100% financing for purchase and rehab. I have it available through Cogo Capital/Lee Arnold also, and it cost much more than $2500 for the privilege - I actually had to buy one of their guru mentoring programs and spent about $9000 in the end. I am closing tomorrow on a property that I picked up for $53,500 that appraised for $120,00 and will have a $140-150k ARV - so a deal with a lot of equity like that will fly and makes sense. I'm walking away from the table with cash. When I look at the numbers it makes me sick because the fees are exorbitant - but if you have a deal with a lot of equity, it's sometimes worth it. It's the cost of doing business and I've got to focus on the result. DHM is the same - very high fees, but you can borrow it all and more. They only lend in 13 states though, so you have to be sure they lend in a state you invest in. That's why I had to use Cogo for this deal, because DHM does not loan in PA. It's going to always be less expensive in points, rates and fees if you have a down payment and sometimes with a 10% down, it's actually a smarter move. But it's another option. And I do think they're professional and nice to work with. I'll post my actual personal experience once I do a deal with them this year.

I'm love to find funding for this property:

Pennsylvania SFR 3 bed / 2.5 bath 2100 sf - built in 2008

Just appraised for $120,000, although a realtor told me I could list it for $141,000 now.

My purchase price:  $53,500

It's a pretty new house and needs very little.  I intend to upgrade the kitchen and master bath to granite and high-end fixtures and appliances and maybe do some flooring.  It will be fast and easy and I can fund the improvements.  

If you'd like to do a quick 3-5 month deal, let me know what kind of terms you have in mind.

Thanks in advance

Nicole,

This was inspiring.  It's great you took the time to share everything here because it's true - these incremental steps are the things no one really talks about and when you're new, you're not prepared.  You're on the right track for sure.

As another member mentioned, I'd love to know the mortgage broker you worked with and the bank or lender who ultimately funded your deal.  That information is priceless - if you don't mind sharing.

Thanks,

Teri in San Francisco