All Forum Posts by: Jabari Long

@Duncan Hayes I know the area well and on the surface it sounds like a great deal. The rehab budget seems a little light for a 1913 home but I haven't assessed the property. With the ARV you estimated and only $175k worth of debt, the BRRR should be fairly easy to do even with not so good credit. I'm active in Detroit so let me know if I can be a resource.

@Jon W. DLBA is very investor friendly as long as you keep them in the loop. The need regular updates and you won’t have any issues. That’s assuming of course you have the needed capital and resources to complete the project.

@Kenneth Appel 8%+ is high for HELOC's even its NOO. Also 95% LTV is a lot of leverage and is not readily available in the marketplace. I'm in Michigan too. Let me know if I can make some introductions to my lending contacts.

@Alex Williams with that much capital I would diversify into multiple asset classes; apartments, self storage, private mortgages, etc. SFR turnkey would be last on my list. I also suggest working with seasoned syndicators and using the right leverage when possible.

@Samantha Ruiz Google the local providers and then dialogue with them. This is will allow you to weed some out for inefficient communication. Also, you will be able to get solid recommendations from your local REIA.

@Account Closed Your options are endless. How much time you want to invest? Are you in need of monthly income or just appreciation? Are you willing to take out mortgages too to increase your cash on cash return? All of these questions should be answered before you invest this capital.

@Josiah Richard the VA Loan product is very powerful! I'm not sure why it's not used more often.

@Everett Covacha welcome to BP and to REI. I'm in metro Detroit and have tons of resources in this area. Feel free to reach out if you need anything.

@Carmine Myers Jr Use a Liam Officer with a Fannie or Freddie product to refi at 70% LTV. This is best accomplished when you start working with a L/O prior to your purchase.

I would not by an overpriced turnkey personally.  However, sometimes that is something that OOS investors do.  When you talk about pricing or valuation there is at least 2 ways to look at it.  Most investors buying turnkeys are concerned about cash flow that's it.  They are not usually concerned with how much the house will appraise.  Income approach vs. Comparable sale approach.