All Forum Posts by: Account Closed

Hey Luis, i must say i wish i had your mentality at 16(am 28), very nice.  Now i just did some research into whether you can purchase real estate at your age, and the answers are conflicting, but if you have cash from parents, why not reach out to real estate agent and simply ask, and let me know what he/she says 

Great question, i am trying to invest in Michigan too, i came across homes in Warren, seems like lower crime area than detroit, I'm still looking but we should share information for sure 

Hello 

Who here recommends a town or city in Michigan that is up and coming, with cheap buy in and good potential for flips and appreciation?  We looked at detroit, but since this would our first step in the state, don't wanna go there quite yet due to the high crime 

Look into Arizona, or Texas its closer to you and good for investing 

Did you purchase the home with a real estate agent ? Was this disclosed to you?

Lee that is not the case at all, who did you do your cash out with on your primary residence.  Reach out to that bank, go in person and explain.  Now, they don't typically give out 30 year fixed  loans  for commercial properties, this is something i am slowly learning, but then again thats something you can figure out along the way

1. How did everyone get started.

I got started back in 2014 when the market was cheap in Florida, purchased a 3 unit in Fort Myers with my brother.  Has been successful and have learned a lot since then 

2. What is the best way to not tie up all my funds in the first building

Depending on where you live, you and your brother are best off purchasing the first property you have in a decent area, easy to rent.  Reach out to a real estate agent, that is your first step, only after you decide on what you want

3. Should I make a LLC with my brother?

No this is not necessary at the moment, you will be purchasing good insurance on the property that should protect against lawsuits, damage, etc..

Absolutely, i just did a commercial loan with TD bank for my 3 unit property in Fort Myers.  What is your question please more specifically?

Great question Juan, my expertise is not in hard money lending or foreclosures but i have a solid real estate background 

Being that you are new to the game, all hard money lenders will require you to put money down on the purchase of any home, and will maybe finance 90% of the rehab cost.  Once you gain more experience, success the numbers change and you will need less and less money down 

Kayana you can find out the owners address online usually through tax payments.  Write them a letter stating you are interesting in purchasing the property, you have nothing to lose and everything to gain