Westland, MI

Here is a quick explanation of what a Michigan bi-level home is. Basically it is a home that the basement is half out of the ground. A Michigan bi-level home is two stories. The bedrooms are usually on the top or second level.

The bottom level or 1st level is finished and counts as square footage. There is no basement in a bi-level home. The furnace, the water heater is on the first floor and takes up part of the space. When you come in the door on a bi-level home there are steps up or down. You don't come straight into any floor.

When you compare a bi-level home's square footage I always say it is not square footage. Let's say a in the MLS a ranch home has 2000 square foot listed and a bi-level home that is 2000 square foot. The ranch home actually has more square footage. The ranch homes basement is not counted in the MLS square footage. So when you add up the ranch homes basement to the 2000 square foot, the ranch homes total square footage will be much more than the bi-level's square footage. Simply because the bi-level counts the "basement" (1st level) as square footage.

So when buying a Michigan home remember a bi-level's square footage is not "true" square footage. A ranch, a cape cod, a tudor, a colonial that has the same square footage will actually have more living space when you count their basements.

I hope this explains what a Michigan bi-level home is?

If you have more questions about split level homes or Michigan bi-level homes feel free to give me a call or email me.

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One of the keys to being profitable when flipping Michigan homes or Westland homes is buy homes that need the least for the less. Sounds simple doesn't. Get a rundown house at a very cheap price that has the major items done. Fix it up more to appeal to buyers and sell at a profit.

What I mean by that is you want the big cost items or the majority of the big cost items done. Or in good shape. The six major items you should be looking at

1. Roof
2. Furnace
3. Windows
4. Basement
5. Updated Kitchen
6. Updated Bathrooms

A roof even for a small Redford house is going to cost $3500 and up. A furnace for a Westland or a Redford home is going to range from $3,500 to $4,500.

Updated windows are very important. Wayne County home buyerswant good windows. You can figure at least $250 - $300 for a standard size window. Doorwalls can cost $1500 - $2000. Large picture windows can be expensive.

A dry basement is important. There are two main types of basements in the metro Detroit area. Block basements and poured wall basements. I think a poured wall basement is best. They are usually easier and cheaper to fix. Rod holes cost $25 - $50 a hole to fix. Cracks in the wall cost about $450 - $500 to fix. Sometimes block basements are so damaged that you don't want to buy the house. Block basements can be leaning in and need major bracing. It can cost $5000 - $10000 to get block basements fixed. So buying a Redford home or Westland home with a good basement is very, very important.

Of course when flipping Michigan homes or flipping Westland homes an updated kitchen or updated bathroom is a extra bonus. Especially a kitchen. Look for newer kitchen cabinets.

Other items that are nice to have are:

• a newer hot water heater
• a good/decent driveway that is not heaving or all cracked up
• a deck or patio in average condition
• hardwood floors are easily sanded and refinished
• carpeting in good condition

Remember every thing you don't have to buy or re-do when flipping a Westland foreclosure or Redford foreclosure is a bonus. It is money in your pocket. So create yourself a check list when out shopping for a good house to flip. I hope this gives you a little information on what to be looking for.

Search Westland foreclosures and Redford foreclosures or any Wayne or Oakland County foreclosures

First time home buyer tips

Lake Sherwood Commerce Twp MI

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Flipping Michigan homes - Michigan real estate investing part 1

Flipping Michigan homes - Michigan real estate investing part 2

Flipping Michigan homes - Michigan real estate investing part 3

Flipping Michigan homes - Michigan real estate investing part 4

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My thoughts for gifts this Christmas - this one comes from my son when he was younger. With money being tighter sometimes the best gifts come from the heart. Years ago my son made a coupon book up. So my first suggestion is a coupon for a game night with the kids or a movie of your spouses choice. If you want to jazz it up then get the favorit snack of your gift recipient.

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There are many investors that have gotten in the business of flipping Michigan homes. Last year when prices were cheap many Michigan investors starting buying Westland homes, Livonia real estate, and many other cities homes. Where ever they think they can make a buck flipping a home they are doing it.

I am seeing it in Redford, Eastpointe, and Allen Park. Whereever there is a deal they are doing that. So how do you get involved? Are you qualified to do it? Do you have the cash to do it?

You see you have to have cash or be able to get a 203K loan to do it. Being a Michigan cash investor will get you into the business easily. You have to remember that banks will accept a cash offer over a person that needs a mortgage. Nothing can go wrong with a cash investor because there are no appraisals, no credit check, no debt ratios. So banks will even accept a little lower cash offer over a mortgage offer.

So in order of how the banks accept the offer:

1. cash offers
2. Mortgage offers in this order (most money down because it says the borrower has a good income and is a saver which means most likey they have great credit)
3. FHA is next because they require repairs
4. VA is after FHA because they require repairs and the appraisal is tougher and there is no money down
5. 203k is usually last because there is not only the mortgage process but the borrower has to get a contractor estimates and some of the money has to be escrowed for the repairs.

So the bottom line is if you want to win the Michigan foreclosure you need to pay cash. Cash wins the deal. So the first thing you should plan on is to pay cash if you can.

I closed a real estate purchase for one of my clients today. When I looked at her HUD statement I was dumbfounded. It was a FHA purchase. The Metro Detroit home was only priced at $73,000. But you wouldn't believe it.

The cost of the appraisal was $1150. This big lender uses an appraisal company like the HVCC. They wanted to be ahead of the game. Thanks to whoever thought of HVCC. You are a jerk. You have run up the price of an appraisal to the average consumer. Congratulations on screwing up and costing the the people who can afford it the least more money.

$1150 for an appraisal and a re-inspection. That is a rip off. I am glad we are paying some third party to gouge a person buying a $73,000 home.

For those of you don't know what HVCC is..... some politician early this year got a law passed mandating that appraisals would be ordered thru a third party. This was to alleviate the mortgage company and the real estate agent from influencing the appraiser. The intent was to prevent appraisal fraud. Now there is just out and out gouging going on. I have seen mortgage companies take a $500 deposit from a buyer and not return anything to the buyer when the house doesn't appraise.

A few short years ago you could get an appraisal for $300. So we protect the bank and gouge the consumer. Some things never change. Thanks Mr. politician!

Sad but true.