Please post videos and document the $$! Would love to see actuals on it! I think you’re way under, plus you have to get 9-10 people in there, in that area! Wish you the best!
My grandfather was a Ford exec. He got moved to Toronto in the 50s (thanks god) but we used to visit family in Windsor and visit Detroit all the time. It has the bones to be stately again. It was honestly a beautiful city. It needs industry not a facelift, but low income housing is a good place to start for the people who got stranded in hell…I’d go strapped next time tho, my man.
"Small little planks..." AKA wood lath. The plaster is applied directly over the lath and it squeezes out the back side creating "keys" that hold the plaster tightly to the wood for a structurally sound wall surface.
I just found this channel n I love it. You are so knowlegeable for being so young!! Awesome!!! My family n I are originally from Detroit n I am so happy to see people like you restoring Detroit one house at a time !! I hope you keep going for many years !! Im proud of you!!! Stay safe !!!❤
That would definitely be an exciting task on 9 unit building. If things are not compromised structurally, definitely renovate and keep historical elements in the structure.
Its $200k rewire and abatement on that property. Demo probably $60k, new board and tape at lease $50k. I cannot see where this comes anywhrre close to $250k unless they steal the wire and dont properly abate
@@SanbornConstructionGroup the abatement is where the money is. If you do the demo first under the table and just pretend you never saw any lead or asbestos, then you can do this for $200k. If you actually do a real abatement there is no way this can be done for that price.
It’s Detroit, labor would be far cheaper than a large city with true market average property values. Also it wouldn’t have drywall, its plaster, so it will be considerably cheaper than a full drywall job because they will repair it versus replace. And they haven’t tested to see if it does have asbestos, they are just assuming it has asbestos for sake of numbers.
Bless you. I know your heart is in the right place. I just hope you are able to rent to people who will appreciate a nice home. Just found your site and subscribed. I love watching old homes brought back to life.😊👍🏻
It's not clean, it's not pretty, it's not Ann Arbor - Good one! I love how you want to save the original floors in the properties you tour. When you ran the numbers, I was impressed, an excellent investment property.
Windows- $10,000 Drywall mud tape -$10,000 Plumbing -$10,000 Roof -$15,000 Paint -$3,000 Baseboard/flooring -$10,000 Doors -$3,000 Electrical -$20,000 Abatement-$15,000 Appliances -$ 15,000 Lighting -$2,000. Cabinetry -$5,000 Heating -20,000 Landscaping -$1,000 Insulation $10,000 Plus the purchase of $60,000 Minimal I would want to try and do this is 4-500,000. I left out many things including labour. If the tenants are perfect you will be debt free in roughly 5 years.
@4:15 an example of lazy chatter I hate. The income figure stated is $10k/mo. Then he states you refi out $200k, and yet the next statement REMAINS, you are getting $10k/mo. In reality $200k will run you about $2800/mo. for the payment, across the US. Mgmt. will run $1k/mo.+, and usually something like water/trash/snow and mowing is included, so the monthly bill there runs another $1k/mo. So, on your appx $75k unrecouped ($60k price, $10k closing, and 2 months carrying costs) up front expenditure you are still netting $50k+/yr. A 60% annual return pretax is fantastic, but calling the in price $60k, and the monthly takeout anywhere near $10k is lazy at best. Once you have owned and managed any Real Estate, you will always "hear" costs at x+30-50%, and "hear" incomes at x-30% naturally. I don't have to quantify what goes wrong, it will go wrong. My question when I see ambitious RE agents, and I get this type of presentation is "why me?". This guy could be +$50k a year for the rest of his life, and yet he wants ME to take this fantastic opportunity. hmmmmm???? He nets a commision side of $1700 and does NOT want $50k/yr ON TOP of that? hmmmmm???
Lazy. Funny, you typed a small paragraph. We filled and edited a full video along with 2 days on site. I don’t think lazy is the word. Also no one specified net vs gross. Gross is still “getting”. I could go on forever but you get the point. Also, snow and lawn is no where near 1k a month. I’ll just go ahead and do a full break down video for you next. 😊
The worst investment is renting out to people in Detroit. You going to spend at least 350k to make 10k a month and you aren't inc taxes and maintenance. so take home would be 7k at best a month if nothing breaks and everyone pays rent. So in 50 years you will break even.
@@SanbornConstructionGroup I 100% understand i own 28 houses in warren alone bought it during the 2009 crash. Went to invest in Detroit apartments and houses and lost my ass off. It's not the houses or apartment that was the issue it was the quality of renters.
@@DAndyLord To insult the people of Detroit like that ('quality of renters'). He swooped in and bought people's homes when they couldn't afford their mortgages anymore. That is vulture mentality in the real estate game. That is cold. There is nothing wrong with calling it out,
@@SanbornConstructionGroupMy dad passed away from pulmonary fibrosis. In his last 6 months, he also battled lung cancer. I'd be wearing a hazmat suit, and a good filtering mask.
Wow and the information he’s giving about the NUMBERS is giving me thoughts …. I had a duplex in North End that I bought for 8 grand in 84 from the landlord after living there in one of what was then 3 units I practically GAVE IT AWAY to the 1st person that walked though the door for 40 grand they sat on it for a year and a half and sold it for 133 grand then couple years later because permits weren’t pulled to renovate it sold again for 220,000 after they renovated by the books it sold for 420,000 and it last sold for 439,000 repping over 2,000 dollars per unit.. foot note I turned it back into a duplex from a 3 unit …. I had knots in my stomach every time I saw the increase but AFTER the total Reno that feeling subsided because they REMOVED SOME Unique features of a place I owned for nearly 30 years ( I moved to green acres ) Detroit
1800 is for the people that didn’t fall for the patron…. Should try casa amigos or real tequila…. Shit even hornitos better than 1800…. Or the 30-35$ bottle of Cuervo that is actually tequila in liquor the generic us bottle which is flavored vodka essentially
I'm from the Netherlands, the cheapest house in the whole country is 100k and you can't buy it, there are 100 people in line for it, children live with their parents because there is nothing for sale and rent, forget about it
Veterans paying almost a grand for a one bedroom unit is ok, but not great value for them. I hope the plan is picked up by the new owner and moved forward.
@misterMikeTexas: many landlords do well with this program. It’s all about screening your tenants. There are lots of good tenants in the Section 8 program.
100K Lead & Asbestos removal + 600K + For Renovations, No decent renters for that crime ridden area, It will rot away or get burned down, Dude soon as you buy it the city will tax the crap out of you & make you updated to code or demolish it
@SanbornConstructionGroup I thought the whole building was $6500. It makes sense because a lot of fixer upper single family homes auction for 1/6th of that.
@@theapostrophewrecks3589 But then you would be living in Detroit, one of the highest crime cities on the planet, let alone the US. Realistically it will become a question of WHEN you will get victimized, not if, and I guarantee your apartment will be broken in to at least once. If you really must do it then get an upper floor and reinforce the shit out of your door/doors and avoid places with an old school fire escape or balcony.
demo the building, sell the brick, and sell the vacant land. You'd get more. turn it into a parking lot, and you'd get more. Detroit is down, they will allow the demo to reduce properties.
Nah. Brick isn’t worth anything when tons of it is hanging off every third house. Parking lots aren’t worth anything if there’s no one to park in it. The land has almost no value. Cost prohibitive to demo it.
Bless you. I know your heart is in the right place. I just hope you are able to rent to people who will appreciate a nice home. Just found your site and subscribed. I love watching old homes brought back to life.😊👍🏻
