All Forum Posts by: Corey Perdue

Hello BP world!

I am looking to connect and build relationships with some established sales brokers in the Metro Detroit area. I am looking for cash flowing long term rentals in the Farmington Hills and surrounding areas (Redford, Garden City, Westland, Livonia, Ferndale, Royal Oak). Please feel free to reach out, as I would love to connect and hopefully do some business together!

Cheers,

Corey Perdue

Hello community!

I am looking for a "what would you do?" opinion.

In a very general overview, I current own my home with a mortgage payment around 1150 and have done a comparative market analysis on the rent in my area and they are anywhere between 2000 and 2750.

With that being said, I have been entertaining the idea of renting this house out and down sizing/grading a bit and purchasing another home to live in.

Essentially, estimating this on the low conservative end of the spectrum from my "due diligence", it appears as if I rented this out I could cover my mortgage for my current home and then also cover the mortgage on the new primary residence.

What are your guys' thoughts on this? Would I be essentially be eliminating my biggest cost of living, housing? Is a form of house hacking? Pro's and con's?

Almost sounds too good to be true. Pinch me.

Corey

bump.. I would really love to get some insight if anyone is willing to offer an opinion! Thanks in advanced!

Hello fellow BPers!

I have a potential deal here and these are the numbers I am coming up with. I would love to get your feedback on weather or not you would proceed with this deal based on the numbers? I would be using a home equity line to purchase the property and then plan on BRRRRing out of it by refinancing to place a 30 year mortgage on it.

Please feel free to ask questions and please leave your feedback!

Kind regards,

Corey

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Welcome to BP! Sounds like your on the right track! Just keep chipping away!

Hard work pays off! Nice job Joshua!

Very nice work @Denny R.! Congrats on the first one!

@Greg Scott Would you mind if I use your mortgage broker recommendation as well? I also am ironically in the market for a mortgage broker! Thanks for saving me the post! @Kurt Hines

@Antoine Martel Thank you so much for your insight! 

May I ask why you would go with single family's vs multifamily? 

@Andrew Johnson All great points and thanks for your perspective!

I would definitely have to agree with you on the whole idea of the 10 unit vs a single. My initial thought was to go down this path. That being said, and pardon my ignorance, but your talking using the 60/40 as a down payment correct? 

I have been looking into the difference on duplex/triplex/quad vs small apartments and from my understanding the couple big ones are the financing and analyzing process. Is there any other differences other than the numbers being bigger? I am trying to learn as much as possible about the small apartment concept and would love the insight!