All Forum Posts by: Gabe Lopez

@John Krohn, @Corey McHenry might also be able to provide some insight for you.  There is a local real estate investor meetup this Thursday in Holt.  I suspect you could get a lot of other suggestions there from other investors who have gone through this process multiple times.

EDIT: I just saw that the topic for the investor meetup is the BRRR strategy. Hope you can make it!

@Daniel Callton I've struggled to find lenders that will do < 50K loans for myself and for clients.  However, Eaton Federal bank will do them and have done many for me.  They are a portfolio lender and have some loan options that are hard to find elsewhere.

Hi @Matthew Hull,

Definitely check out the investor meetup @Aaron Kite mentioned.  There is every level of experience there and many people willing to help and give advice.  Of course, BP is a great place to do research and learn from others experiences.  There are a lot of opportunities in Lansing for investing.  Best of luck!

Hi John,

Have you tried Eaton Federal Bank?  I know they will lend against a rental and last I knew, they only required 12 months of ownership.  That could have changed though.  Ken Seelman in their Grand Ledge branch can definitely answer that question for you.  Let me know if they can't do it as I might have some other resources for you.

Hi @Janeen Bertolina, I am currently rehabbing a small house in Lansing (Brynford rd.).  It's a small 674 sq. ft. 2 bed 1 bath house.  No basement or garage.  It will have all new flooring, entirely new kitchen and bath.  All plumbing and wiring is also being redone.  It should be ready mid to late March assuming there are no unexpected problems with the rehab.  If they are looking for something like that, let me know! 

Hi @David Bilbey,

I've been searching for exactly the same thing and have been compiling a list of potential accountants and attorneys that I want to talk to.  For both professions I've been looking for someone who either specializes in real estate or at least has a lot of experience / clients in that area.

So far, here is what I've come up with.  I can't recommend any of these people since I've yet to actually work with any of them and have only actually spoken to one of them.  However, I hope it might be a helpful starting place for you.  If you do end up contacting any of them, please PM me your thoughts on them!

Accountants:

Fortin & Associates, PLC (http://fortinassociates.com/)
I met with Peter Fortin and he seems very knowledgeable and experienced in real estate matters.  I wouldn't hesitate to use him, but wanted to talk to at least one other accountant before deciding.

Bruce Meyers, CPA
(517)410-4510
I've not spoken to Bruce yet, but he comes highly recommended from another investor.

Attorneys:

Sam Dua (https://www.facebook.com/dualaw/)
I have yet to contact Sam, but I know several other investors that use him.

Brent Titus (http://www.fosterswift.com/professionals-Brent-Tit...)
I've never spoken to Brent, but he was a referred to me when I met with Peter Fortin.

Hope that helps!

@Kevin Shuler I don't personally have any multi-unit properties.  I had a 3 unit many years ago.  I know that in this area multi-units generally have a higher rate or turn-over though.  I asked the owner of the management company I work for.  Here are his thoughts:

Hope that's helpful!  

I'll PM you regarding the 27th.

Hi @Kevin Shuler, @Bob E. has some good advice on the 2 bedroom rentals.  There are a lot of them around & if you can find 3 or 4 bedroom properties, those are very desirable. 

I think 2br homes can be a good deal though if they are in desirable areas.  I just purchased and rehabbed a small 2br house and it was rented out to well qualified tenants in about a week of marketing. That one was that it was in the desirable Waverly school, so I think that helped a lot.

It also helps to have a conventional layout.  A lot of properties I look at have, over the years, had walls moved or other modifications.  I've seen things like the only access to a bedroom being through the only bathroom in the house, bedrooms that you have to pass through to get to the garage, and other strange layouts.  I try to stay away from those.

There are definitely areas that to me personally are a no-go, but I think it's more a matter of what your goals are.  I know people that have properties in those areas and they cash flow well, but any appreciation is unlikely.

Feel free to contact me when you are in Lansing.  I love talking about real estate and investing.

@David Hall, property management has definitely made my life 10x easier.  I don't think I'd have rental properties right now if I didn't have them managed.  

@Bob E. there are at least a couple of local banks that portfolio most or all of their loans and are happy to work with investors. The one I work with will finance properties at least as low as $15,000 @ 75% LTV. I don't currently have an LLC, but do plan on moving my properties to one. When I asked them about that and they said it wouldn't be a problem. Let me know if you need contact info.

Hi David & welcome.  I'm on a very similar path and am starting my first true remodel, refinance & hold property in a week or two.  I've been looking into commercial property possibilities as well.  If you end up purchasing a commercial property, I'd love to hear how it goes.