All Forum Posts by: Donald Dienst

I tried to sign up completed the application uploaded the requested documents then the got a message that something needed to be manually verified and it would be 2 days. Two weeks later I sent them an email asking why it is staking so long to activate the account and got back the following.

1. Thank you for your interest in PayNearMe. Due to the high volume of requests, we regret to inform you that at this time we are not directly onboarding property management companies and other small businesses. We’ve noted your business in our records and will be in touch as soon as we are able to serve your business directly.
2. Sorry for any inconvenience to your business. If possible, please let me know how you received the signup information for our service.

So is there any other businesses that do this?

What terms are you looking to give? What wont you lend on? I am looking for deals if I find one should I contact you?

If you are new to hard money lending, I think there are laws you need to research. Like I think there is one for if you are going to originate more then X loans per year you need a license.  I am not a lender so I am not sure.

I'll bite. My area of interest is northern Morris county and You can reach me at [email protected]

Hello, I am up in northern NJ and one of the ideas I am playing with for my families next home is having it built. What do you think it would cost per sq ft approx. Nothing too fancy possibly modular. 

Anyone know how to delete a post?

This line cracks me up. It is like something WC Fields would say or something from that era.

I also live in NJ and have a rental in the Detroit area.   I would suggest looking at the suburb area north of 8 mile.  You're more likely to find a better renter in a nicer area. Eight mile is actually the county line and the difference is dramatic. My suggestion is buy a house that is younger and in good condition. I don't recommend a flip as the rehab cost to house value ratio is not good but as a rental you should see some good appreciation over time.  

You will probably need to find a good property manager unless you plan to go back and forth a lot.  Property Managers in MI are required to have a real estate license so if you're going to have a family member manage it you will need to give them a legal interest in the property 1% ownership. Assuming you want to keep everything above board. I don't know if anyone actually polices that. Note: percentage of ownership and what you pay that person to manage it are totally separate things. At least that is what I was told by an online ask a lawyer site. :)

--DDDienst

Detroit is on a recovery at least that my impression or at least the northern suburbs. 

I have set a goal of flipping at least 2 houses by the end of next year 2016. However I have a high debt to income ratio and live in a house that is way too small for my family so I need another one. The house is on a river (flood zone) and needs the deck rebuilt. I am in the process of a refinance to merge my 1st and 2nd mortgages that will give me 10 to 15K cash. The house just apprised at 230K. Other then the deck it just needs some cosmetics to make it sizzle but from experience I know I have to get my family out to do it right and get it staged. I am thinking the first day of spring for sale launch.  

I just spotted a potentially good flip property that works on paper but I would need to look at it more closely, if it doesn't disappear. Unless I sell first conventional financing is out. (potential distraction or stepping stone?)

So assuming I have 10K what should i do to proceed. A 2 bedroom apt rent around here is 1800 my holding costs where i am living is 1500 and I make 3000 a month from my regular job plus 300 positive cashflow from a rental property that is owned free and clear out of state that house is only worth about 50k . Assuming 230K is accurate at sale I would have about 75K to split between a new house for family and the flipping enterprise.

I hope this is not TMI but to get good advice you need to know what i am looking at.

Hello, I am new to bigger pockets but from what I've seen it's it looks like a very good resource. So I thought I'd introduce myself and what I'm hoping to do.

At the risk of saying too much I'll start with the bio of my real estate background and then go into what I'm hoping to do now. I've always been into real estate in from an early age and back in the 80s I would stay up late to watch the infomercials and the people selling their real estate courses. Then when I was in my early 20s, my father who I was living with bought a one room shack with two enclosed porches on the river for $35,000 as that's all he could afford. Over the course of the next 10 years as he could afford to buy materials I remodeled the house into a two bedroom shotgun home.

During this time with my sisters help who became an agent Michigan I bought my first no money down deal with the Nodoc loan and the owner taking back second position mortgage. The house was north of Detroit and I had no money to fix it up but I did manage to make it work as a rental until the housing market collapse which did not end well. During the good time I owned that house I became aware of a house down the street from my father's in NJ. It was owned by a little old lady with 1 million cats, a hoarding problem and no heat but she kept the outside immaculate and the house had a lot of hidden charm.

Learning from the previous two properties, I bought this one for $75,000 plus rehab with a 203K loan and fixed it up myself before moving in. By that point I had a real job.  Then a number of years ago it flooded three times in two years which I rehabbed each time just in time for the next flood. After which I then bought a young house all cash in Michigan which is working out well as a rental. So some lessons learned. Now after rebuilding my credit from the market crash I feel I am ready to enter rehabbing as an official business as a sideline to my main job.

What I'm doing now is preparing by learning all I can and hopefully getting better advice than I did from the TV in the 80s. I just formed, in New Jersey where I live, an LLC and plan to form a wrapper Michigan LLC for the Michigan property that will be owned by the New Jersey LLC. I also plan to utilize my programming skills to create a business website with an Intranet for managing the properties and flips and dealing with communications etc. This is mostly done now. I am also putting together a professional looking business plan as I am most definitely going to need financing, investors, or a corporate line of credit.

Any advice?