All Forum Posts by: Aaron B. Lewis

I rehab 100 year old homes in Detroit, MI.

I am a licensed contractor and have bought renovated and rented 13 properties over the years. Track record at link below. (https://lnkd.in/gkwpjG67)

The project I am currently on is in a great neighborhood with properties appraising at $490,000. This project is a 3ksqft home that had fire damage. (see vids at link below) I acquired it for $40k and secured a construction loan for $180k to renovate it.

I have worked thru $47k of the construction funds in escrow ($134k remaining), demoing, framing and replacing the roof and now am ready to order windows.

I am seeking private lenders to front the window purchase which has a lead time of 6-8weeks after I install them I will order inspection and escrow funds will be released and I'll pay lender back with interest. Estimate 3 months total loan term. Seeking $35k negotiable on rate.

Property is insured for $250,000

https://lnkd.in/gurv2N4Y

I may have a guy who can help...hmu

@dale holder maybe investing thru a QOZ fund would  be a solution. Do you have a tax attorney to consult?

Let's talk syndication. partner and I started Detroit Opportunity Zone Fund and looking to connect with other like minded OZ managers or investors.

Pete Harper do you have a QOIF (Qualified OpportunityZone Investment Fund) in your area? We created a QOIF here in Detroit for exactly those type of situations.

Jay Miller, once you receive a scope from your lead assessor feel free to forward a copy to my lead abatement contractor email and we will review for a second or third quote/opinion. 

Lead abatement- can consist of 3 different methods or resolution

Encapsulation-

Enclosure-

Replacement-

Unless you are doing quit a bit of replacement (which may not be necessary) your budget numbers seem high.

Alot of your quotes will depend on your contractor and the experience they have re mediating lead hazards. We have done private remediation as well as State funded and are familiar with the cost effective remedies for given projects.

Jay I agree it IS becoming a major issue to contend with. Each house is a project in itself and has it's own opportunities and potentials cant give broad quotes or tale a cookie cutter approach. What I can tell you as a broker and licesned builder and state lead certified. That you want to be ahead of this federal and state crackdown on lead and get multiple quotes and make sure you hire WISE professionals,the FIRST time!! A poor hire can seriously kill your project and or bankrupt you!!

IME (in my experience)

"Listed"=typically not a deal

$475/mnth is gross.whats your net?

A good deal is one that hits your rei goals. What are your REI goals?

Marisa R.

When you say "cash cows" what numbers/ratios/returns constitute such?

We focus 99% on multi units.

@Rafael Davis who's the lender?

May have to contact directly.

Some lenders hire exclusive brokers to list properties,others handle one-offs,eitherway the broker/agent may no ZERO about a short sale so you may be barking up wrong tree talking with listing agent.

I have done dozens and settled with most major and midsize lenders. If theres a legitimate deal to be made you will get the ear of the right person at the lender. 

Most important thing is to understand the lenders position and goal,they maybe in a position where they cant sell it for less then ask. Even if that was the case yesterday time changes things.

Here to help if needed. I'm not cheap but reasonable and worth every penny.