All Forum Posts by: Delmas Edwards

@Victoria C. Navy Federal stated that my DTI was too high and I had a medical collection. So my realtor found some investors who want to buy it and hopefully close June 15th.

So, guys, I have an Investor buyer that is going to pay 40K for my rental property. We suppose to close Jun 15th. I have learned a lot thanks to you guy here on biggerpockets. I will continue to buy and hold but I will make sure the numbers are right and to have a great exit strategy when using OPM. Thank you all!

Can you do a rent to own on pre-foreclosed/ foreclosed homes?

@Account Closed I don't think, I know! A lot of ppl still love, live and work in Detroit. 2nd reason is a lot of big investors are pouring money in all over especially Downtown Detroit. Just about every state and city has its ups and down just like the stock market but people still invest. And lastly, the definition of insanity is your silly opinions. Lol 

@Jill F. A realtor did the appraisal because I had it listed for sale before but I wasn't getting the offer I wanted so I started to seek other options. That's why I came on here and discussed it with you guys. Tomorrow morning since the cc is used with Navy Federal I'm going to see if they can offer me a HELOC since the rental property is purchased in my name and it has no mortgage,100% equity.

This my first property. C+ working neighboorhood. I believe Detroit going to make it's way back in due time. I manage this property myself. My tenant has taken care of my rental and been paying on time. We have had a plumbing issue due to tree roots but my cousin is a plumber and I use him to maintain it and also use root x. I fill I want to keep this property and find other options to be able to continue to hold so I can learn from this process and have more of these in the future to be able to give affordable housing to tenants.  Thanks for all you guys comments I really appreciate the feedback.

@Account Closed 10.5K rehab cost.

I used the 3 credit cards to fund this deal which the first card is APR 16.15%, Interest paid TTD: $990.33, second card Apr 10.49% Intrest paid YTD: $57.70 and a checking line of credit at 14.90%. So I'm paying $200-300 in interest fees on each cc monthly. And I tried doing a cash out refi but most lenders don't like Detroit's market and they don't loan under 50K of the appraised value. Not to mention my credit has taken a hit due because I used my personal cc to fund this project. I just wanted to not sit on the bench and not take action but I'm learning a lot.

I have a rental property I purchased cash using my credit cards. I purchased it for 18k rehabbed it and now it appraised about 35k. The interest rates went up and I really don't want to sell for 35k I'll break even on my credit cards and still have to pay taxes on it being sold plus closing cost and etc. I have a tenant with a 1-year lease paying $775. I want to learn lease options but please let me know what are my options and your comments are appreciated. This is my first rental. No skin in the game.