All Forum Posts by: Chanel Oldham

Thanks for all the input and ideas!

@Justin Lee I will private message you.

The other side is being auctioned by the county.  It has been forfeited for non-payment of taxes.

Hello BP Family,

I just recently purchased my first property. It is a distressed HALF Duplex in Detroit, MI (my hometown). It was a cash purchase and I've done some renovations with cash as well. I want to take some of the equity out to finish the renovations and possible purchase the other side which is in foreclosure. I contacted BOA to see about taking out a HELOC or Home equity loan but I was turned down promptly. They said that I would have to live in it for a year before they would consider looking at the value of it. Does anyone have any ideas about how I could get financed for this? I want to buy the other side before anyone else does and rent it out.

So glad I came across this post.  I am now in the market to buy my first home and was trying to decide if I wanted to buy in the city or in the suburbs and if so which suburb.  Warren seems like a better bet than Redford to me.  Which is what I was considering before reading this.

I agree with Will F about the property appreciating in 10-20 years.  My only concern with cash flow is the taxes and insurance in the city.

Wow, these comments are amazing.  Detroit may not be the best place in america to live or invest but this is coming from someone who actually does LIVE in the city and know several others that do as well.  It's not as bad as you all are making it seem.  

Hello,

I am current researching creative ways to fund investments. I came across the term placement agents. To my knowledge these groups assist with organizing project information in a way to present it thoroughly to a potential investor and make introductions/connections to individuals or groups who might invest. Has anyone heard of this term and/or know of any reputable placement agents. These do not have to be in a specific location. Any help would be greatly appreciated.

Thanks BP!

Hello,

I have bad credit and i'm having trouble getting financed to buy my first home. I'm wondering if I were to buy a home outright (in cash) would it be easier to get a loan to fix it up? I don't even qualify for an FHA loan with my credit score. I'm working on building my credit but because i'm so young and my credit is just 6 years old with some bruises from college it's taking much longer than I'd hoped for. I'm employed full time and i'm ready to get started building my investments. Does anyone have creative financing ideas?

Thank you! I will try to make it.