All Forum Posts by: Delmas Edwards

@Brent Coombs Are you stating that I have to have equity before all of this takes place? I purchased in Jun of 2016.

O ok thanks @John D. ! Well is it possible to move in another FHA property after that?

Do anybody know after the 1 year of being owner occupant in your home on an FHA loan can you rent it out after that one year? If so what are the steps you have to take?

How do you pinpoint the hot markets in MI? What sites or what specifics do you look for?

Thanks everyone!

I'm looking at a property in Mt Clements, MI that has 3 bedrooms 2 baths and 2,026sqft. The rent on zillow states $925 for rent and rentometer states an average of $1,335 for rent and 1,295 for the median. Which one do I look at and make a final decision on rent? 

Hey, guys! I have an SFH going asking for $39,000. The house is in great livable condition. The area is a nice area. 3beds 1 bath 1020sq Which terms are good for starting out on 1st rental?

Private Lender Terms

Property Specific Loans

4-5% on Loan Fees 

Interest Rates 7%

75% to lend for purchase price

Appraisal have  to be 45K or over

Seller has Land Contract Terms

Purchase price 45K 

12K down payment 

$600 monthly 

5years or less payoff

What does a great investment deal looks like when purchasing SFH or foreclosure? What does the numbers suppose to look like to let you know you have a great deal?

Would it be possible to do a bridge loan?

No banks involved. Just private lenders hard money lenders basically. The owner of the Apartment complex is offering seller financing for a 14 unit.