All Forum Posts by: Adam Spencer

I just put my first investment under contract and am getting excited.  Its a 4 plex that I will owner occupy using a 203k for repairs. I will update once everything goes though.  

Thanks 

@Marlena Cooper welcome to BP and ypsi AA area. I am curantly looking to get a multi fam in the ypsi area myself. I'm new as well so I know the feeling. You should come out to the investors meet up in metro Det. @Tom A. is who puts it together.  Get in touch with him for the details. 

I am a new investor looking to house hack in the ypsi AA area. Would love some feed back as the the good and bad areas. It sounds like the best place to be is close to emu?

Interesting I will have to talk to a lawyer about how I would set that all up. I guess if all I own is the 4plex I guess it really wouldn't matter though

@Holden Latimerand @Samantha Hiscock are you guys able to put your multi unit in an LLC or since its owner occupied you cant?

@Holden LatimerOk I guess that is something I'll look into with the 203k. Worst case payit out of pocket or 0%cc or lending club. I'll find a way 

@Holden Latimer that sounds great looks like you guys are in a solid property. I was thinking about the 75% rents as well to get into a better property perhaps. We're you using a 203k for the renovations? 

@Carl C. thanks for the input good to know people in Michigan. I'm looking at the Ypsilanti area as that's where my job is. Close to EMU should be easy to rent. @Samantha Hiscock love the feedback i now have some great ideas. Not I just need to get my FHA pre qualified

That is great @Samantha HiscockI will def be using that strategy.  I wonder if you could ever go as far as doing your own background and credit checks on them? 

@Samantha Hiscockthat is good to know.  How did you go about this? was this in the due diligence period that you got rid of the tenant?