All Forum Posts by: Abby Barnes

@Arsen Atanasovski Hi there! Please reach out if you find a drywall team. I know a couple of handymen that are specialized in plaster, roofing, electrical and carpentry however they do not do finish drywall. If you have references for drywall finishing please let me know via PM and I would also be happy to provide references for other jobs, depending on the nature if your jobs. In Detriot city proper. thank you!

@Jennifer Pauyo Hey ladies! We are outnumbered but still successful despite. Cheers from Michigan! I'm orginally from Minneapolis but am now here in Detroit. Nice to meet you all!

Hey BP community! Does anyone have experience owning a house outright and then getting a mortgage on the property? I plan on using this capital to invest in another property in May of 2020. I purchased the property outright from the city (very affordable) and have been working extremely hard rehabbing the property from the ground up. We've put in new electrical, replaced radiant heat with all new HVAC and just about everything else from drywall to restoring 100 year old hardwood.

My question is, how difficult is it going to be to get it appraised high? What is the lender looking for? How does the process work? Is there anything I should look out for?

Thanks everyone! I appreciate any and all input. Happy investing.

I just bought my first house hack in Detroit as well. It's a single family home, but it's a four bed and I'm renting out the rooms. My roommates are way more than covering the payment as it is a land bank home owned outright! They dont even mind living in a partial construction zone, as only things like drywall are needed. (We did a total gut and rehab before they moved in). Planning on doing a cash out this May and looking for a duplex then! Let's connect, I'm needing to connect with like minded investors in the area. Best of luck, this journey is a blast! 

@Jon W. Yes, they are very east to work with. So far, me and a best friend/business partner have done three deals this way. After 6 months you'll need to show progress and they are usually pretty flexible about how far "livable" it is at that point. When the inspector from the city came he entered, checked out the specific plumbing, shrugged his shoulders and signed off. My friend has had no problems whatsoever. Just our experience! Now, I have one of his land bank properties with the deed in my name. We are going to have it appraised and take a property that was worth a few grand re-evaluated and are going to take 60k cash out with a refi. It's been quite a surprising and simple experience. It's been hard work replacing all of the systems but simple so far. Hope this helps!