Hello BP community, I'm Alan originally from Detroit and now living in Saginaw, MI. I currently work as a lender at a banking institution (cant say the name, company policy), and I'm also working on my undergrad in finance at SVSU.
My goals here are to ultimately learn from more experienced investors and even connect with some locally. My current investment includes a 2 unit home that I am in the process of rehabbing and looking to rent out this summer. I am also looking to get into wholesaling in order to build some cash reserves.
I actually purchased the property 2 years ago with a financial aid refund check from school. Didn't know what the heck I was doing and ran out of money quick trying to rehab the property.
Earlier this year I decided to cut my losses and start over trying to learn the wholesale business so I put the house on the market. Over the past two years I have been repairing my credit which has now paid off. Realizing it was going to be hard selling this home due to the neighborhood I changed my mind about selling and decided to keep it.
I got the necessary estimates for the work to be complete ($5038) and applied for a loan last week to complete the work. Fortunately my credit was good enough and I received a 5k loan from one institution and a 2k line of credit from another.
I'm excited to get this project completed, I have no idea how to handle rentals, tenents, etc, but I'm learning on the go. Look forward to interacting with you all and learning.
