The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success

Hello from W. Michigan

MickeyDee

New Contributor
Jan 26, 2008
12
1
10
58
West Michigan
I've been a lurker for a long time and finally made the move to join. I found this site recommended by someone on the richdad site. I'm from the Grand Rapids area, own and operate a small residential and commercial cleaning company, and invest in real estate. We have a couple of single family rentals and a small apartment building, and are always looking for the next good deal. I like this site and have used it for inspiration on many occasions. I hope to be able to contribute in a meanigful way. MickeyDee
 

Don't like ads? Remove them while supporting the forum. Subscribe.

MJ DeMarco

Administrator
Staff member
EPIC CONTRIBUTOR
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Jul 23, 2007
29,187
100,509
3,751
Fountain Hills, AZ
Hola and welcome! A little less *noise* here than there!
 

Yankees338

Bronze Contributor
Jul 24, 2007
1,829
136
81
28
NJ/MD
Welcome!

Are you able to utilize your connections from the cleaning business to work out potential deals, or is it mainly to provide a steady income source?
 

Runum

Platinum Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
I've Read UNSCRIPTED
Summit Attendee
Speedway Pass
Aug 8, 2007
5,990
4,393
1,788
DFW
Welcome. There should be lots of RE deals available in the Detroit area of Mich. Good luck.:cheers:

Greg
 
OP
OP
M

MickeyDee

New Contributor
Jan 26, 2008
12
1
10
58
West Michigan
Mainly for income. Wish it would do more...major competition because of the economy here! Hopefully RE will provide a little velocity. Lots of deals in this area. Currently waiting to go see a SFH 2 bd 800 sq ft bank owned listed for just under $10K. Could rent for around $550/mo after repairs. Sounds better than cleaning to me!
 

andviv

Gold Contributor
FASTLANE INSIDER
Read Millionaire Fastlane
Summit Attendee
Speedway Pass
Jul 27, 2007
5,419
2,185
625
Washington DC
MickeyDee, welcome aboard.

You are following 'the' formula described by Kiyosaki to become rich. Take money from your business and invest in RE that produces passive income.

How small is your apartment building? what's the price per unit over there? average rents per unit? Do you manage it yourself or you have a PM?
 
OP
OP
M

MickeyDee

New Contributor
Jan 26, 2008
12
1
10
58
West Michigan
Very small. We have 5 units total. Talking to a potential seller about another 6, and looking for another SF rehab. Average price per unit is high $30's. Some Single family Bank Owned props are so cheap that the price per unit # makes me wonder? Several in the area we deal in are under $20K and a few under $10K. I hope we are getting close to the bottom! We are just finishing one that we purchased from HUD. The after repaired value is almost 2.5 times purchase price.
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.


Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Monthly conference calls with doers
Ideas needing execution, more!

Join Fastlane Insiders.

Top Bottom