$600 House are u Kidding me?

I lived in Flint all my life..Where at in flint is the house

I read once that when all the manufacturing jobs left Detroit, the housing market crashed so bad, the government was selling homes they had taken over for ONE dollar. People made a killing later renting out those homes for like 500 bucks. I don't know how true that is, so someone please correct me if I'm wrong. I think that was probably a really small minority of homes anyway.

I ran the house on Zillow and they put the value at $28,900 Thats prob after repair Value. The seller said she paid $3400 for the house plus some closing costs, and Zillow also says it shud rent for $600. Cud prob have it rentable under 5K She sent me many photos. Needs a sink and counter tops, new pipes under the sink and some ceiling repair above the sink and needs to hav the hideous wall paper removed. And some carpet. Google shows a beautiful neighborhood with big trees and a cute country church across the street. The house sits on the 1500 block of Jane Ave Flint Michigan 48506 Who wants to help me fix an flip or fix and hold. If u spent $12K to purchase this house and to fix it, How long wud it take to recoup ur investment at $500 Pr Month Rent?
ONLY 2 yrs and then you have a lifetime of cash flow. Looks like a heck of a deal.

How close is the property to amenities. Grocery stores, shopping, and other businesses. How many bedrooms and bathrooms, square footage, and whats the size of the lot. Sounds like you got yourself a pretty good deal. I checked the block out on Google. It looks like it is a good neighborhood, all the properties look like they need to be freshened up, need some landscaping. Rando1 do you have a power team in place?

Thanks

RENinja

I have pm'd you, but I haven't heard back from you. I am interested in the deal. Tammy

Remember the three L's....... Location, Location, Location......Beware! Something to consider even in this market.

Rando1:

I wouldn't be too terribily concerned about where in Flint the property is located, as conquesttsi89 has expressed. Buying any type of investment at just 2.95% of its assessed value is a mega-value, any day of the week...and twice on a Sunday. Your gonna recover your investment in that property, even after the repairs, in a matter of months.

I've gotta start raising my sights to Michigan.

Congrads, and continued good luck to you and your family.

Unless you have this house under contract, get the location OFF of here IMMEDIATELY!!!!!! Even though it is probably too late.

There are many people who will steal your deal and not even bat an eye. NEVER, NEVER, NEVER disclose location unless you have it locked up under contract.

Karen

to be true, it probably is. Yes definately heed the advice from both chicubs and karen above, even if it does turn out to be a good deal, never let go of the critical details until it's in your hands. That being sead, I just heard that flint just re-claimed it's title of the most dangerous city to live in the country! (words of caution)

Now the price is down to $3,000 The seller is reluctant to giv me a first option, she wants the cash now. The crime rate im my City is high, but it dont stop us from living here. I wud need some help on this deal, I'm 2,000 miles away. But wudnt it be great to have a rentle bringing in income every month for the rest of your life? Im sure I can find local workers, sub contractors, or even a highly reccomended handy man to do the repairs even from this distance. Anybody ready to do this deal with me? Rando1

Randy, I sent you a private email, but it looks like there are too many if's for me on this deal and I will have to let it pass. Good luck going forward and I will leave it up to someone else to step in. Tammy

Now the seller has lowered the price to $2500 Anybody want this house? I got photos. Rando1

lol- this brings back memories! (good ones!)

Rando,
why don't you lock it up and do a lease option? get a $2500 deposit, pay for the house, get a monthly rent...

wishing you success,
Valerie

I may have this Flint Michigan house sold. I ran a few ads and got nothing for a few weeks, I actually gave up on it. My last contact with the seller was a few days ago and she seems firm on the $2,500 price. The seller wont give me an option, she just wants cash. I had a couple call me on the CL ad today and they are extremely interested. I told them it was $2500 Down and $400 a month for 20 months and they would own it. Total price would be $10,500 giving me a profit of 8K I probably cud have squeezed more money out of them but Im really happy to be getting this amount. I just sent an email to the seller telling her I had $2,000 Cash, take it or leave it.I would like to make some money going into the deal. How great wud it be to make $8,000 buks on a house I have never seen, and putting together a buyer and seller I will never meet? Now I have these 2 out of state deals going on that I just stumbled into. 1 from my bird dog and the other from an ad on Craig's list. The best part is I dont have any money or risk involved. Updates Coming soon.

RAndy that is great; sorry I couldn't go in with you on that one. Just didn't have enough capital at the time. If that is the same one that we were talking about. Good Luck! Tammy

Ok, listen up. I'm not trying to discourage anyone, I promise. Just a heads up to do your due diligence on this area. I grew up in Detroit and my sister and her kids actually lived in Flint Michigan for a lot of the time the kids were growing up. The economy there had taken a huge dip when GM closed it's plant (my brother in law worked there). It was so stressful for them! Two of my sister's kids only saw the way out by joining the service. Recruits capitalized on the area because they could. My nephew joined the Army and my niece joined the Navy. Some years later, my nephew is still in the service (he's in Afghanistan right now) and my niece is honorably discharged, and just recently suffered a stroke at the age of 29! No lie. My brother in law, the one who worked at GM's, well, he turned into a coke addict and they were divorced and he died at 42 of a heart attack. So, I'm just cautioning you all that what seems too good to be true, may very well be.

I hope I don't suffer anyone's wrath over this, just trying to tell it like it is. Who knows how much of that had to do with where they lived, but I always hated my sister having to live there.

This deal just exploded in my face,leaving me shell shocked. The seller agreed to sell for 2K The buyers wer ready. The seller says she will send me the contract and as soon as she gets the earnest money will start the 14 days escrow. Buyers say no prob w the earnest deposit but we want to do a land trust.and quick closing. I tell the seller we can send her a certified check or US Postal order for the 2K and she can just sign it over to us. She says I worked in the mortgage industry for years and ther are too many fraudulent checks and the 14 days escrow will protect me and if they dont want to do the escrow then we got no deal. The seller lives about 5 hrs from me. I tell her, how bout if I drive to your house and put the cash in your hand. She say 14 day escrow is not asking to much, I said OK u pay for it. Then the buyers say we cant wait 14 days wer on a time line, we can stuff the cash in an envelope and insure it and send it overnight. They said they never had so much trouble giving their money to someone. I wanted this deal to go thru, seller is still demanding we go thru a Title company and 14 day escrow. I said OK I will pay the escrow and title fees. We can write in the contract the buyers will go to the Title company and put the entire amount of $2000 and send u the earnest money of 500 and u can giv them access to the property as soon as the money is confirmed so they can begin repairs and rehab. She emails me NO thats illegal I will not allow that. U can do a double closing and pay the closing costs twice and I will allow that. LADY ITS A 2K FRIKN HOUSE, Then In desperation I again ask how about if I drive over to ur house, giv u cash and u sign a quit claim deed. Then shes asking how does that work, who will hold the money, Im not sending a signed quit claim unless I have the money and I know this is all legal. and how am I protected how can I be sure they pay the taxes? By this time the buyers have stopped txting, emailing and calling. Luckily I dont hav any money tied up in this deal, just an hour or so of time. I shud be angry at this psychotic seller, but its kind of funny. There's a lesson here but Im still trying to figure out wat it is. On to the next deal. Rando1

in her beliefs. She's just trying to protect herself.

Just by your story, it SEEMS to me you scared her off and she thought you were trying to scam her. Im sure you weren't but presentation goes a long way.

Next time, when you've got someone on the phone, keep them on the phone instead calling, making a suggestion, hanging up, calling back, making a suggestion, hanging up, etc.......its seems too skeevy, like you're trying to throw anything that will stick to the wall.

Tell her you'll call back, discuss with your buyers all the possible options, and then and only then call her/him back to discuss and don't let them off the phone until you've either found a resolution or there is no resolution.

Chalk it up as a learning experience. Good luck next time

Smurfy I hear what your saying; that was the biggest hesitation is the area. Randy I guess that elix gave pretty good advice, just chalk it up to lesson learned, and take it slow the next go around.

Hi Rando dont want to take away your excitement I live Michigan an Flint is one of the worst town to invest in, Flint has one of the worst economies in Michigan all I can say is have at er, buyer be careful. Alot of the investors there went to Texas an who knows where else, Jim

That is a reality check for sure and an eye opener. We have to remember that there is more than one way to look at things and we have to be very careful these days. We really do have to investigate and consider any and all possibilities. The great part about this REI investing is that we can truly determine the risk by running more than numbers. We don't want to get stuck in a mess.

Rando1
It sounds to me like the seller is not truly motivated to sell and she doesn't trust anybody. She is also running scared. This could all be a result of the area itself. The lesson is to know when to fold em and walk away. You create the deals and call the shots. If things don't add up in any way then put it behind you and go to the next deal waiting to be created.

you gave it a good try, and in the end that's what counts. just use this experience and Elix's advice above as a note to stick in the back of your mind when you're working things out over the phone. I agree though, I'd be pretty flustered by the fact that they turned down cash in hand and the opprotunity for a face-to-face meeting.

Ya did good, just keep doin'

I have seen a lot of homes in that area that are dirt cheap! Some, not so nice areas but the abandonment is crazy because of the local economy.

I just read an article about the mayor trying to bring the city back because it was a booming area at one time.

Jump on it or someone else will!

Peace and Success,
MissJulie
Wisdom Real Estate Investing

Actually all of the negotiations with the seller wer by email and a few days apart. The buyers called me several times and we had a good laugh, I told them next time I will screen my sellers better. But in retrospect, I cant blame the seller, the buyers wer in such a big hurry to buy and that made her suspicious, But, they had cash. Another thing is, the seller knew I was making $8,000 off of her $2,000 home, and she said she was an investor. Im sure that didnt sit well. I know the Flint MI area is depressed. But I dont care, I had no money in the deal, I found a buyer. And u know what? It was fun.
I just signed up for a lead service, I was getting ready to pay my $47 monthly fee and then they gave me 10 days trial for free. 4,000 leads in Calif alone and over 40K leads all over the USA, the names are current within the last few months, they have emails and phone numbers and they rate their need to sell from 1-10 Im gonna be busy.