All Forum Posts by: Aaron B. Lewis

Hi Dave, construction loans is on draws so the materials need to be purchased and installed then inspected to pull down on construction funds being held in escrow.

thanks, yes great idea I do not have $25k available on credit cards at this time.

 I am seeking private funds to front cost on a construction loan I am working thru. Lets connect. Happy to pay a fee if you find the money.

Summary- I am rehabbing a 3 family (into a 4 family) have secured a construction loan (183k) I have successfully completed 4 phases with four draws clean out, demo, framing, and roof totaling 43k

I am now ready to order windows and am looking for a private lender to loan the funds for purchase of windows and get a return in 8-10 weeks after windows are delivered and installed from draw on construction loan

My journey in real estate began about 22 years ago.

Immediately after college, I started buying cheap properties from the tax auction, some would have tenants and I would collect rent day one, others would need rehab which I would do and then rent for positive cash flow. My bread and butter were 2-family flats that I would fix up and rent out.

Since then, I’ve done just about everything:

Track record here https://docsend.com/view/i3sg3cgs75r5c7i6

- BRRR
- Fix and flip
- Lease options
- Private lending
- House hacking
- Contract for deeds
- Multi-family rentals
- Single-family rentals
- New home construction
- Limited partner syndications

Today, I have more projects and opportunities then funds and partners.

 I concur you should invest at least initally in you back yard, which is probably where you have the most intrinsic knoweledge and network.

If you have a good network of folks you trust who are doing what you want to do with same investment objectives maybe you try something in that market.

I have yet to find deals that compare to ones I've found in my backyard of Detroit

ive invested $1,000 for 2 family flat and now valued at 250k

spent $32k and bought 9 2 family flats portfolio would be valued at $3M if all were renovated

$10k and working on a $450-500k 3 family currently.

If you have deals like this in your market and need a partner contact me and I'll jump on a flight. 

@Lei Lo I have witnessed MAJOR ineptitude in the property management industry in DFW albeit my expereince has mostly been in larger multifamilys but the sentiments have echoed similar from my collegues who deal with residential property managers. I network with some investors who may have some good leads for you. DM me and I'll connect you next time I'm at our meetings

@Mina Botros this is an interest of mine as well, I'll keep you posted as I find some solutions.

Welcome to BP- I almost bought into a roofing company in TX last year so congrats on your success.

I don't have alot of knowledge or expereince in FL, however some with multifamilys and real estate investing.

Again welcome.

 over 2 years is still a sweet deal 33%

Unfortunately @Chanie Chriqui the annual rental certificate and fee are a cost of doing business in the city of Detroit now. The city seems to be cracking down on COO and rental compliance. This is an important point for investors to understand now in the city and these cost must be added into the equation. Given the condition of the property, repairs needed pre and post occupancy can make a deal that seemed to cashflow well actually end up being a breakeven or negative cashflow endeavor. Wholesitc veiw is needded when evalauting Detroit rental property (Acquisition,Class of Renter, Area (as it relates to city plan hergo enforcement efforts, repairs (lead abatement, asbestos,saftey))

Yes property taxes are increasing significantly as values in some Detroit areas are seeing double digit % increase year over year and you likely are experiencing that similar to @Greg Scotts comments.

From my years of experience with Detroit and fighting property tax violations (1-8) the city board of review is a joke, Michigan tax tribunal is a racket, best bet is a real estate attorney that specializes in fighting DETROIT property taxes. I may still have some contacts in interested let me know.