Hello from W. Michigan

[MickeyDee]

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

 

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[kcbizwoman]

Welcome!

KC

 

[MJ DeMarco]

Hola and welcome! A little less *noise* here than there!

 

[Yankees338]

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?

 

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[Runum]

Welcome. There should be lots of RE deals available in the Detroit area of Mich. Good luck.:cheers:

Greg

 

[MickeyDee]

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]

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?

 

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[MickeyDee]

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.