All Forum Posts by: Bala A.
Bala A. has started 2 posts and replied 118 times.
Post: Running your Boarding/AirBnB
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
Friends, I own this property and have an 8 Bed 2 Bath house for rent (east side of Detroit).
HUGE house. Newly refurbished.
Was a 2 flat. Now converted as 1.
Experienced operators wanted. Run a Boarding house and reap the profits.
Sub-let by bed, will be allowed by terms of Lease. Run an air-BnB or run your own boarding business.
Endless possibilities, for the smart operators here.
Need proof that you are capable to handle the lease.
email - [email protected]
Post: Detroit market? Yes or No?
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
Originally posted by @Vera B.:
Hot or Not (anymore)?
As mentioned in an another post, my personal preferences for Rentals are:
Detroit City - West side - Grandmont Rosedale, Bagley, Aviation
Detroit City - East side - East English village, E Outer, Morningside
Metro Detroit - East side - Eastpointe, Warren
Metro Detroit - West side - Southfield, Farmington, Inkster, Dearborn
Post: Where to buy a rental home in Metro Detroit..HELP...first time!!!
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
My personal preferences for Rentals:
Detroit City - West side - Grandmont Rosedale, Bagley, Aviation
Detroit City - East side - East English village, E Outer, Morningside
Metro Detroit - East side - Eastpointe, Warren
Metro Detroit - West side - Southfield, Farmington, Inkster, Dearborn
Post: Debate: Buy or Wait Given Looming Economic Recessionary Fears
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
If you are buying Cash flow properties, why wait, it is recession-proof anyways.
Post: Purchasing a rental property in a town with a decreasing census?
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
Recession proof Cashflow is much better than the Capital Appreciation one 'can' get in 10 years.
Better to live comfortably today.
Than to slave for 10 years and expect to be a King in future!
Post: New Investor Looking to Break Detroit Real Estate Market
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
Originally posted by @DJ Cespedes:
Hi Everyone,
I just joined this forum as I am looking to break into the Real Estate business and this seems to be a great resource in terms of community and information.
I live in California and I am looking to purchase my first investment property and looking to buy in the Detroit area (where I am originally from). I figure Detroit would be a good starting point since I am familiar with the city and still have connections there. Since I live in CA, I am most likely looking for turnkey rental properties where I can work with a property manager and my involvement would be minimal.
That said, I am unfamiliar with the process and looking to get some guidance or find an agent who can work with me to navigate the process and ultimately make my first purchase. Ideally. Are there any recommendations that can be provided?
Also, can anyone provide any insight on the hottest "up and coming" neighborhoods to invest in? I am looking for high growth areas that are still affordable and can still provide a solid return.
Thanks!
Don
Don
Try Bagley, next to University District, we have the ripple effect happening
Median house price of University District significantly higher than Bagley..... hint. Hint
Post: Detroit market? Yes or No?
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
Originally posted by @Vera B.:
Hot or Not (anymore)?
Certainly on the move , and yes some hot areas
Post: Hello from Nyc! I’m a detroit investor and looking for new buds
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
Greetings and welcome! Happy to connect.
Post: Purchasing US real estate as a Foreign National
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
Originally posted by @Ephraim Lett:
Good day everyone. I am new to the industry of real estate and I have been reading and educating myself on some steps and procedures of purchasing real estate in America; particularly Florida.
Being a foreign national, I realise that there is some red tape that I need to overcome;
1) Such as creating a bank account (which I read only two banks offer to create accounts for foreign nationals and I must come to America to create it).
1.1) I've also read that I should open a business account to pay less taxes. I'm not sure how that works though.
2) Downpayment for foreign nationals are set between 35%-40%... nothing lower!
3) Lenders only offer to purchase properties for a minimum of $150,000.
Basically I would like to know if these obstacles are accurate and if so how do I overcome them. Personally I have no problem with coming to America to open the account, however if I can do it eletronically it would be a big help.
Also, is 35%-40% the best offer available for me?
Finally, why can't I purchase a cheaper properties through lenders?
Thank you guys for your help in advance.
As a Foreign national you need to have two forms of id to open a bank account.
1) Passport
2) Utility Bill for a property you are renting in the US or US Driver's License or US Bank Card (Master/Visa/Amex)
This is a 100 point KYC norm.
Be it a business or a personal. These are required.
If it is a Business, in addition to the above, you would need your EIN and Articles of Organisation.
Secondly, Lenders (tier 2) will only Lend on "Cash out loans" at 65-70% LTV.
Mainline banks won't. As you don't have a SSN (Social Security Number). And no Credit History.
As a sugestion, you should have the asset purchased in Cash and then work out with a Lender to Cash Out on appraised value...
Post: Purchasing a rental property in a town with a decreasing census?
- Rental Property Investor
- Memphis
- Posts 128
- Votes 97
Originally posted by @Jeremy Taggart:
@Daniel Rivera If you're investing primarily for cash flow I wouldn't sweat it. Rust belt areas are perfect for that. It's decreasing here in Pittsburgh too statistically but plenty of us are making money here.
Ditto