Funding needed in SE Michigan
I'm looking for funding for several projects in Oakland and Washtenaw counties. If you are interested in being a private investor, I would like to find an interest rate of around 9%, 2 to 5 year loan and the amortization could be set accordingly depending on the loan amount and profit. I'm open to other options. I'm currently working with an agent on a duplex that I feel could meet the 50% / 2% rule with minimum rehab. I would like to secure funding prior to making an offer. I would be more than happy to share this opportunity with the right partner.
My brief REI history - All rehab and property management done in house (family).
House 1 - 2009 - 1500 sq ft townhouse built in 2006, purchase price 50k cash. Rent - $1050 - Sold in 2013 for $57k
House 2 - 2009 - 1200 sq ft condo built in 2006, purchase price $20k cash- currently rents to the same tenant $850 month
House 3 2010 - 900 sq ft SFH - 10k in rehab- Built in 60's- 3/1- 25k cash- rents for $850 - 2nd tenant (1st tenant was there for 3 years/purchased a house)
House 4 - 2010 - 900 sq ft SFH - 15k in rehab- Built in 60's- 3/1- 20k cash- rents for $850- Same tenant - Mortgage in 2010 $32k
House 5 - 2010 - 1100 sq ft SFH - 5k in rehab- Built in 60's- 3/1- $44k cash- rents for $900- Same tenant
House 6 - 1100 sq ft SFH - Est value $80k - $90K House was inherited through family. Non rental
Goals - Generate income through Buy and Hold investing allowing me to leave my job and become a full time investor. Currently educating myself on flips and looking for opportunities. Thank you BiggerPockets.
Please contact me with any questions.
Bill