All Forum Posts by: Doran Brooks

@Account Closed 

Yes, please message me if you would like to talk further, I'd really appreciate that! 

Hard money is too high of an interest rate, 15-18% for a rental wouldn't make sense. 

If you have some more input on commercial loans and how they work? 

Thank you

@Tom Arena 

Thank you. I will look around for other loan officers. Will I have more luck at bigger banks, or should I look into smaller banks/ credit unions? 

My loan officer says I cannot count rental income towards buying a 2nd investment property for 2 years. 

I currently do not have landlord experience. 

I would like to buy my first investment property. I currently own my own home. 

I want a 4-plex, but I don't qualify for a loan because the cost is too high given my debt-to-income ratio. What are my options here? 

I can buy a single family and in 2 years the bank will let me realize that rental income as income to use towards another mortgage, but waiting 2 years between every purchase is just too long. 

I am in the Pontiac, MI market and there are some great options here, home values are on the rise and I have insider knowledge into the some of the improvements that are coming to the area and want to buy before the market really starts to gain value. (My house doubled in value over the last 2 years) 

Thank you!!!

I just moved from California about 2 years ago. Used to live in Berkeley, then Alameda. I don’t plan on moving back anytime soon. I moved to Michigan, get paid 50% more and can actually have a quality of life I enjoy. Yes, the weather is something I miss everyday, but to pay what I think is fair for housing and living expenses more than makes up for it. I am the president and chef of a bakery start-up.

Hello Everyone, I just bought a home in the Pontiac, MI area. First home, with a conventional loan, 4.1%. I am looking at my first investment property. 2-4 plex in the <$100k range (which there are several). I am looking for advise on obtaining a loan for this property and a wondering what my options are. Can I go to the bank and ask for a new loan? I doubt they would write a pre-approval because with my current loan I wouldn’t qualify. Hard money is too high of an interest rate for a buy and hold. I know securing private funding is the best option, but may not be on the table right now, and would like to find a creative way of buying the home using financing. Are there banks/financing options that look purely at the investment? Thank you all for your help! -Doran

Hello Everyone, I have the opportunity to buy a 4600sf home with 7 bedrooms over 3 stories. My goal would be to live in the home and create an air bnb on the third floor which utilizes 3 bedrooms. There is a bathroom on the third floor that all 3 bedrooms could share, in the common hallway. The house is $250k and I can get it for $230k. The area is a historical district in a suburb of the metro Detroit area. I do not have any kids, so it would me and my wife. Is this going to be too much house to take on? Thank you!

@David Rawls Thank you for the advice. That is definitely my worry. I am going to continue to look at MF houses. I am also considering just buying a personal house for my Fiancé and I to live and wait for the market to trend down before I jump on some investment property, this way I can save for a larger down payment. 

@Andrew McManamon Thank you, I will be in touch. 

@Matt Motil Thank you! What areas do you mainly focus in? I'd love to have a conversation. 

@Jeff Rabinowitz Great, Thank you for the info! 

@Jeff Rabinowitz Yes, I would love to attend. How would I find out about these meetings? Is there section here on the website for them or where would I go to find out more?