Status Update on Our Deals…
Welcome back. Today we just wanted to give you an update on the deals we’re working on. We’ve had a lot of activity over the last week, and we just want to catch everyone up. So here goes…
Pontiac Turnkey Opportunities
As we have been talking about in recent blog posts, we have been focusing on our business plan to set up turnkey rentals in Pontiac. We have been focusing on a number of different aspects of setting up this business including finding properties.
Last week we started on Monday and went through the following progression to find deals.
- We had our realtor send us a list of properties that met specific criteria that we were looking for. The list she send had approximately 30 properties
- We reviewed this list and found about 15 properties that had “potential” based upon their size, price, condition and most importantly location.
- Kelly did a drive-by on these 15 properties and we decided to look at 4 of them.
- Of the for, we have submitted offers on 3 of them and we’re waiting to hear back on the offers.
This week, we have begun the same process although the list we start from will be smaller because there aren’t as many newly listed properties on the list.
Rehab Opportunity in Waterford
Kelly was approached last week by another investor that contacted her through one our ads on Craigslist. Initially we didn’t like the property because of the list price, but the investor then told us they would take considerably less and gave us a target price to shoot for.
So, we ended up doing a complete analysis on the property included determining the repairs necessary, conducting a market analysis of the property, and determined our return on investment. After all of t his we were able to submit an offer on the property lat Saturday evening.
The numbers we have are looking pretty good, and we submitted a full price offer, so stay tuned to see how this one turns out…