All Forum Posts by: Eli Kim

Hey Michael, I have 12-doors in Detroit and happy to share my insurance agent's info as well as a local broker I know that works with a lot of investors. Feel free to shoot me a message.

Hi Travis, can you share that with me as well?

0 Votes

Detroit, Michigan

hey guys,

What is the best state to open up an LLC? I heard Wyoming and Delaware were good. I want to know what states have the best advantages for an investor and what the exact advantages are.

thanks

0 Votes

Hey guys. So I'm looking for a 15% down DSCR lender. I've capped out my DTI and I'm looking for other methods of purchasing another property. Any help would be appreciated. Thanks

1 Vote

Detroit, Michigan

Quote from @Kyle Allbright:

Quote from @Eli Kim:

Quote from @Kyle Allbright:

Quote from @Eli Kim:

Quote from @Kyle Allbright:

Quote from @Eli Kim:

Hey guys,

So I currently have 3 properties and I want to purchase another one but the issue is I've maxed out DTI. What other methods should I use to acquire another property? I've been thinking DSCR but don't they typically have higher down payments and closing costs? I was also thinking of looking for seller finance deals. What are you guys thoughts for my best course of action?

We're in the exact same boat my friend. I'm currently getting under contract on a property for rent in Texas, our 4th, via DSCR.

Hoping it’ll be a successful move.
P. S. I wouldn't worry about the higher dp because any investment property is going to require 20% down , like a DSCR

Let me know how that turns out! I know It differs lender by lender but I'm curious what CC's are like with DSCR. I was fortunate enough to find a lender with 15% down for my previous properties

For sure, man, I’m sure it varies by state with Lending but in Texas 20% down is pretty standard on investment properties. Stinks.

How are the rents in Texas?

pretty good!

I'm in the metroplex/dfw so definitely good and virtually no vacancies as far as when they're turned

That’s good that’s good

0 Votes

Detroit, Michigan

Quote from @Kyle Allbright:

Quote from @Eli Kim:

Quote from @Kyle Allbright:

Quote from @Eli Kim:

Hey guys,

We're in the exact same boat my friend. I'm currently getting under contract on a property for rent in Texas, our 4th, via DSCR.

Hoping it’ll be a successful move.
P. S. I wouldn't worry about the higher dp because any investment property is going to require 20% down , like a DSCR

Let me know how that turns out! I know It differs lender by lender but I'm curious what CC's are like with DSCR. I was fortunate enough to find a lender with 15% down for my previous properties

For sure, man, I’m sure it varies by state with Lending but in Texas 20% down is pretty standard on investment properties. Stinks.

How are the rents in Texas?

0 Votes

Detroit, Michigan

Quote from @Kyle Allbright:

Quote from @Eli Kim:

Hey guys,

We're in the exact same boat my friend. I'm currently getting under contract on a property for rent in Texas, our 4th, via DSCR.

Hoping it’ll be a successful move.
P. S. I wouldn't worry about the higher dp because any investment property is going to require 20% down , like a DSCR

Let me know how that turns out! I know It differs lender by lender but I'm curious what CC's are like with DSCR. I was fortunate enough to find a lender with 15% down for my previous properties

0 Votes

Detroit, Michigan

Hey guys,

0 Votes

Detroit, Michigan

I’ve thought about dropping them but I’m under contract with them until September. I don’t want to give them any sort of penalty fees

Quote from @V.G Jason:

Drop the PM. Once they see applications are underperforming relative to the others, they need to advise you to make concessions somehow. Not 3 months later, but no more than 3 weeks later.

You need to re-price, but get a new PM. This is a slow season but you started this back in October? Should've been filled by now, for sure.

0 Votes

Detroit, Michigan

Hey guys,

so I closed 3 months ago and my property is still vacant. PM is telling me it’s because it’s a slow season. Any advice for me? I’m an out of state investor so it makes it a little harder for me. house is in great condition. It’s 4 bedrooms 1.5 baths. What can I do Myself to get a tenant quicker?

0 Votes

Detroit, Michigan

Quote from @Rassan Sampson:

I can't say for sure now but when I purchased my property in Detroit in June of 2019 and failed the first inspection that fall and finally passed in January of 2020, it took a while to receive the certificate but I was never made aware of any penalties. Going through the same process on that property now and hopefully will have a solid answer soon.

Did it cost you a lot to pass the inspections?

0 Votes

Detroit, Michigan

All Forum Posts by: Eli Kim

Eli Kim has started 11 posts and replied 23 times.

Post: Rental Insurance in Detroit, MI

Post: Best state to open LLC

Post: Looking for 15% down DSCR

Post: Maxed DTI. How should I get more properties?

Post: Maxed DTI. How should I get more properties?

Post: Maxed DTI. How should I get more properties?

Post: Maxed DTI. How should I get more properties?

Post: Vacant for 3 months

Post: Vacant for 3 months

Post: Certificate of compliance