All Forum Posts by: Todd Vernon Chunn

Are you looking to buy and hold there or buy to live there?

You can lookup and contact Frank Alcini... He is an investor and a longtime CPA in the Oakland and Macomb County here in Michigan. 

Hey Jacob, 

I wholesale Macomb, Oakland, Genesee and Wayne Counties. There are a couple of local monthly meetups that you should look into in your area. 1. Macomb Insiders Investor Club Meetup (the 3rd Tuesday of each month) and 2. Michigan Real Estate Investor Network is 2/24/22 at Troy Community Center starts at 5:30pm. Reach out to me if you have any questions... Also, I would suggest driving for dollars in certain neighborhoods that you would like to invest in and write down the addresses of the properties that are eye sores and appear to not been fixed up in the last 20 years then find the owners names, skip trace them and then call them to see if they would consider an offer? 

I am a wholesaler and I have a Michigan Real Estate License (MLS access) and I could help you find the owners info. Feel free to call or inbox or call me to discuss further.

Fisher,

There are 4+ investor meetups each month in the Oakland County area that you should attend and Network with other likeminded investors. 

TC

Investment Info:

Single-family residence wholesale investment.

Purchase price: $73,000
Cash invested: $65,000

This was a fix and flip that I wholesaled to an investor.
I got it under contract with the seller for $65,000 and wholesaled it to my investor buyer for $73,000.
His rehab was $65,000.
He currently has it listed on the MLS for $184,900.

What made you interested in investing in this type of deal?

This was a good fix and flip opportunity for an investor

How did you find this deal and how did you negotiate it?

The seller was a local investor that is selling his inventory to move to Florida.

How did you finance this deal?

I wholesaled this to an investor that has access to private lender.

How did you add value to the deal?

I knew the ARV in this area of Detroit pretty well. I figured that I had to be all in at 75% (which included sales price, repairs and my assignment fee)

What was the outcome?

It is currently listed on the MLS for $184,900

Lessons learned? Challenges?

From the investor side the project took approximately 30 days longer than he originally anticipated.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I am a Real Estate Agent and Wholesaler in the Detroit area Market.

@Renande Emile

I know Detroit very well. I know all the streets and zip codes. Go to my FB page TC Deals Detroit

@Brian Ploszay

I have been buying, renting, flipping and wholesaling in the Flint and Detroit markets for 20+ years. Since you are not local, you would need to be careful in which areas of Flint you buy in. I know a ton of successful out of state investors that have multiple rental properties in Flint and Detroit. I could connect you with a few property managers that you could talk to and vet to see if it is a good fit for you and if you like, I could send you a few flint deals for you to look at... I will let you know which ones to stay away from also.

@Vera B.

Are you looking for buy and holds? I’ve come across Detroit properties every day and I have been attending the weekly foreclosure auction in downtown Detroit and I know that space very well. There will be no foreclosures for the ready of 2020. Let me know what you are looking for and I can find it for you. I also can refer you to a couple good property managers and anything else you need. I have another New York buyer that I have sold deals to.