Home Selling in Ann Arbor>Question Details

Sunny, Both Buyer and Seller in Ann Arbor, MI

What would you list these for, what would you sell them for, and how would get that price?

Asked by Sunny, Ann Arbor, MI Thu Feb 16, 2012

I do a lot of work with rentals & renos in metro Detroit, and have 2 properties in Ann Arbor. Looking to start turning over some places and doing some rehabs in AA now, so I'm entertaining selling one or both and hope to find a realtor who understands income properties and rehab work to establish a relationship with going forward. If you reply with a multiple of net income and little else...you cannot provide value here.

I own 140 Hill, 2 units, 3x bedroom each. Taxes 8.5k, produces 3500/mo, large driveway, 2 bay garage, insures for 1300, ... and for hypotheticals, has new roof and mechanicals, updated plumbing, and is generally turn key.

Also 930 Woodlawn, 4 bedroom, 27k in renovations since purchase egress window for 5th bedroom, 2200/mo pre renovation.. improvements: new HWH, furnance a/c, windows, roof, interior/exterior paint, redone bathrooms, basically the whole thing is fresh and turnkey.

Suggestions appreciated.

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Answers

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Thank you for reading Tom. I'll be in touch to discuss.

Dave, I appreciate your time but this is the recurring problem. I'm of course aware of all those things having bought and owned properties there before. Having lived in the area, etc... You and most other realtors in the area are aware.

I'm not looking for readily available market info or someone to handle the paperwork, I'm looking for someone to say 'yeah I evaluate investment properties using the cap rate and a best alternative approach. Turnkey I can get rid off around 9x net, acquistions I reccomend 7-8x.' Value added service, not simply service with someone I can work with for a long time... or I might as well get my license and save 3%-6% a pop.

Besides that hurdle of finding someone to work with , I'm the easiest client you'll ever have.. its 'I'd like to see X,Y,Z whenever you can get them scheduled' we show, discuss, and get the disclosures and the next time we talk its either 'I'd like to see A, B, and C now..' or 'Cash terms, my bid is $X, please let them know I'll need concessions on D and E to make this happen'. Earnest money comes day of bid, closings are expedited, paperwork is stuff I've seen before, assignment of lease prepeared immediately by my property management team who is ready to take over.

If you are interested, contact me via e-mail at rollover2k@gmail.com for more details and MLS parameters for property screens.
0 votes Thank Flag Link Thu Feb 16, 2012
I have been an income property Manager, owner and consultant for 30 plus years. Feel free to stop by my web site below and/or contact me if you would like assistance. We are working with investors everyday.
Web Reference: http://TheRealtyTour.com
0 votes Thank Flag Link Thu Feb 16, 2012
As with all things, it really depends. How are the tenants and how do they treat the property? It has taken me longer to sell an income property or even rent one out when the tenants are messy. 140 Hill is in a location which is great being a renovation, but still somewhat tough to rent in harder times due to its proximity to campus, but if you can show quality rental income and history you are better off. The fact that this property has two units right now in this market is ideal, as smaller units are renting much better right now. We manage 121 Hill for an owner, and as a six bedroom house (being renovated now) we are still having some trouble renting it out due to its size. Woodlawn is a totally different entity altogether, as Burns Park homes or those on the border of what may be rentals and those as single family homes, they sometimes have two values. I sold one on South Forrest that had a much greater home buyer value than income property value. As with all things, I typically suggest doing a walkthrough of properties before I hand out values, as those values can change vastly. Give me a call if you want to talk more. Cell – 734-476-9768
Web Reference: http://www.foxwayrealty.com
0 votes Thank Flag Link Thu Feb 16, 2012
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