All Forum Posts by: Denzil Dwelle

Hi, I am about to submit an offer on an apartment complex, and will have a financing stipulation. I am looking for 80% LTV, but what if the only financing I get offered is 70% LTV. Would I have to take it, or can I walk away from the deal?

Hello, I am having difficulty finding Property Managers in Detroit, specifically ones that will service Southwest Detroit (Springwells Village).  Any recommendations?

Thanks

@Louis Trinca, check out your state Secretary of State site as you may be able to fill out an online form and pay right there for the LLC without paying a middle-man. I did this in Washington state and it took me about 15 minutes of answering questions and entering my credit card to get my LLC. I then went and applied for my EIN at the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online

Bada Bing, LLC formed. I also got an Operating Agreement put together online which was simple as I was a sole member of the LLC

I formed my own LLC and used an online service to draft the OA. To @Steve Vaughan's point, I am a single member of my LLC so really simple.  Once you have more than one, you need to have your lawyer draw up the OA to make sure everything is spelled out really clearly, especially the exit criteria.

Thanks @Gary Carver!

Open to either a partnership, or private borrowing.

Looking at a property in the Southwest of Detroit, Springwells Village area to be specific.  The area looks like a mix of rehabbed properties with many still in disrepair.  Anyone from the area that can give an opinion of the area?

Here is the analysis of the property:  https://www.biggerpockets.com/calculators/shared/1...

Looking for 400k

Cap ~12%

Cash on Cash ~ 22%

2% rule - 2.24%

Total cash flow - $6,946.21

Thanks everyone!  Lot's of great advice.

Would like to find an equity parter for the following property:  https://www.loopnet.com/Listing/4663-E-Outer-Dr-Detroit-MI/15498914/

This property has double digit CAP potential.

Thanks,

-Denzil