Today in Detroit 12/29/2023

Welcome back to A Day in Detroit! My name’s TJ. I’m a husband and father to 5, a Christian, Real Estate Broker, and Investor. I write about our adventures in real estate, and share personal growth and success stories in these posts as well. I write about house flipping, wholesaling and more. We’re always looking for new contractors! If you’re interested in working with us, please reach out on Instagram @wisepropertybuyers

Gratitude

Just to spread some cheer this holiday season, I am sharing this picture I took. I love it, and hope that you do!

Hires Made!

2 offers were sent out to employees, both were accepted. We have two new acquisitions salespeople starting Wednesday January 3rd! Exciting stuff, I’ve never had actual employees before. Everyone has always worked as a contractor. We wouldn’t be right here right now without the help of Results Driven, so I have to thank Tiffany and Josh for their tutelage and support. 

Houses

We’ve got more houses than ever it seems. We sold a house today; the Novi flip. Wanted to try and hold that closing until after the first of the year. We had an accountant meeting after the purchase agreement for that house was signed, and it was determined that we should try to hold off making any more money for 2023 and push it into 2024. Unfortunately we’d already signed and the buyer really needed to move asap, so we had to honor the closing date. 

Many of the houses we have right now are sort of just sitting. We have a couple duplexes sitting there we haven’t done anything with yet. We have a single family that we got in the tax auction, hoping that we can get started on that one soon. We have a couple more single families on the westside, one was flipped and is pending, the other is up for sale. 

We have a couple more that were about to close on. 2 of them are subject to underlying mortgages and are closing in the next 1-2 weeks. We also have a flip underway in Bagley. Oh and we have a house in Redford that is pending sale.

Seller Financing

We’ve been buying a lot of houses lately. We have wholesaled some, but we’re more focused at the moment on flips and wholetails, since they net the most profit. We have 4 houses available right now for land contract / seller financing. You give us a down payment and we give you a house. 

Here’s how it works: we sign a purchase agreement and get everything over to the title company. You pay some closing costs along with a down payment, and then, you’re the owner. You make monthly payments on the house. You live there or you rent it out. It’s yours. We act like the bank.

I bought my very first house with seller financing in 2011. I don’t believe I was qualified to buy a home at that time with the regular mortgage. Knowing what I know now, that may actually be incorrect but it’s what I believed at the time. I love seller financing, and I’m a firm believer in it. I’m happy to be able to offer these types of terms to other buyers and we have actually bought property on seller financing ourselves as investors.

On that note, if you happen to know someone interested in selling an apartment building with seller financing, I’d be interested in hearing from you!

Thanks for reading A Day in Detroit. If you’re interested in flipping houses, lending money, being a landlord or learning how to wholesale, you’ve come to the right place. Feel free to reach out to us on Instagram @wisepropertybuyers

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