All Forum Posts by: Jim Meloche

totally normal, kurt.  these are contractors; the vast majority cannot manage their current project, let alone their businesses (and i AM a contractor lol).  

like real estate leads, contractors are a numbers game.  call 10 of them:  6 return the call, 4 set up a meeting, only 2 show, sign a contract with one, repeat.  

 wait a second.  you got a wholesale property under contract and didnt have an advertising plan in place to move the deal?  you're at a time disadvantage not having that figured out prior to securing a deal.  or maybe i'm misunderstanding the question.

Strong work here, Caleb.  Question for you:  As pertains to your private money loan of 85%, how did you end up compensating the lender?  Was it a % of the profit, or simply an interest payment of some kind (points) on the loan?

Good evening all - 

I have an extensive rehab / flip shaping up just outside of Ann Arbor.  Normally me or my direct guys handle most of the rehab work, but this one and another potential deal coming up will require that I get some help.  Can anyone recommend a good rehab / general contractor in southeast Michgan that they've worked with on their rehabs?

Thanks - 

jim

 You shouldn't be licking ANYTHING in a rental home, especially mold.

Thanks Ana - our last one was also at 5% last year.  This year I am seeing a bit lower.  But nothing below 4.....

Yes, all residential.  Thanks, gentlemen, for the figures.  This is helpful.

jim

Good morning - 

I am in MI and have a couple SFH buy and hold deals developing. I am finding it tough to benchmark current conventional rates for investment property - lenders seem all over the board on this, form 3.875-5%. I've got mortgages on 4 properties and credit is very good. What rates are you guys seeing out there?

Thanks,

jim

Good afternoon - 

Can anyone recommend one?  I invest mainly in the Ann Arbor / Ypsi /Brighton area, but may be branching off a bit for our next couple SFHs for long term rentals....

Thanks - I've been part of BP for about a year now and am forever amazed at the help that's out there, and the willingness of folks to jump in and assist.

jim

I did contact them and (as I suspected), they told me that they must list it and couldn't work with me directly.  Of course, some agent saw it early, and it was gone in a heartbeat.   About all I could recommend is watch it closely and when it lists make a move quickly...

jm