Thank you very much Gary..have a wonderful day

Jj, Then you should definately use the forms on the website I sent to verify this is profitable.

Thanks, yes we are preapproved. We had never thought about being a landlord before. Its just that we are seeing wonderful deals outthere and my husband loves to fix homes. I do have a tenant in mind and also if we can flip it we will.

Jj, The forms on this website may help you determine if this is a good purchase. http://www.garytharp.com/forms/

I have to agree with Nicole. Mortgages are the number one concern in this market. The other things you should consider are will you be required by the city to have contractors perform work to get a certificate of occupancy. And, how much work will you have to pay someone else to perform which will cut into your profits. In other words, after alls said and done can you make a profit renting afterwards OR will you make a profit selling.

There is a home on my street that was purchased as a foreclosure. The owners paid for painters and plumbers, put on new siding, landscaping and tried to rent for 1400 per month. The home is now in foreclosure. Be careful and get the correct numbers.

Hi JJ -

Now is a great time to purchase real estate. Do you currently live in that area? There are great deals to be found all over Westland and SE Michigan. I have a few in mind.

There are some things to caution though. Are you planning on purchasing to "flip" or are you looking to build a portfolio of rentals? Have you been preapproved for a mortgage? Do you have renters in mind? There is a long list of things to consider before you start purchasing investment properties. I would be happy to talk with you personally about your situation. Feel free to contact me anytime.

Nicole Sleeva
nsleeva@cbpreferred.com