All Forum Posts by: Daniel Gura

Michael O'Connell , I have two rentals in Hazel Park that I picked up for 32K and 31K and am renting to great tenants for $750 and $800, respectively. They both clear the 2% rule if that's what you're going for. I like Hazel Park because the cost of entry is much lower than the other areas mentioned, plus there is spillover from Ferndale as the rents increase. The other big one in my book is a new brewery that was recently opened in Hazel Park as well as a restaurant opened by a celebrity chef. It's on the up and up in my opinion and for a first time investor, I personally feel that a 30K cost of entry is a better number to get your feet wet with than 100K.

Cameron,

Is there a specific area you will prefer in hazel park?

any other advice you can provide about investing in this city?

thank you

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where do you own most of your houses?

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Originally posted by @Account Closed:

@Daniel Gura From Homepath website:

"HomePath financing, available only on Fannie Mae-owned properties, offers great benefits — a 5% down payment (as of November 16, 2013), no mortgage insurance, expanded seller contributions, and more. HomePath Mortgage is available for move-in ready properties for both owner occupants and investors — a limited number of HomePath lenders also now offer HomePath Mortgage for the LLC borrower. The HomePath Renovation Mortgage provides both the funds to purchase and to renovate in one loan. You also can use the financing of your choice from any lender, such as your local bank, credit union or other financial institution."

Here's a link with more information:

Homepath Investor Financing

Looks like it's 70% LTV and LLCs are eligible for loans.

I have never done Homepath loans, but something to look into for you.

Good luck and keep us updated on the loan progress!!

Hey Max

thank you so much for your help!!

I really do appreciate it

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Originally posted by @Account Closed:

@Daniel Gura By doing a QCD to the mutual LLC, you risk triggering a DOS clause.

What is the leverage they are providing you? Why do you need to form an LLC? Are you looking to hold these as rentals or flips?

Only for long term. I saw that for some properties they offerd up to 90%.

also, many of the properties Im looking are under 70k and some banks that offer me to buy as a non resident reqwire that the house value will be over 130k

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Originally posted by @Account Closed:

Here's a little more information on DOS clause.

Due on Sale Clause

@Daniel Gura Why do you need loan from Homepath? Can you try going to a local bank that will lend to a LLC with personal guarantee?

As a foreign investor, you can purchase Homepath properties in LLC name, but I have not heard anyone get a loan from Homepath in LLC name.

The reason Im trying to use homepath is because they allow up higher leverage.

so you think my best chances is to buy it under my american friend personal name, and then after that to QCD it to the mutual LLC?

thanks!

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Originally posted by @Michael Smith:

In that scenario there's always the risk of activating the DOS clause

what's that?

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Hey Guys

My name is Daniel. for the last 3 years I was buying real estate in Detroit area.

Im from Israel and doesnt have any american citizenship. a good friend of mine is a citizen and have a credit score of 729 with a decent job. my question is, can I create an LLC with him and then buy properties and using loans from homepath on his name and credit and have my name on the LLC as well?

thank you

Daniel.

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Amit

have you ever been to Detroit?

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thank you!

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Originally posted by Aaron Yates:

Originally posted by Roy N.:

@Aaron Yates
Sorry if I misread your initial post, but I took

as a solicitation for buyers/investors.

@Roy N.

, I guess it depends on how you look at it. I'm just trying to see if there are any investors here who buy in detroit. This way if I do get this lead and turn it into a deal, I have something I can offer to them or in the marketplace.

Hey Aaron

Im buying in Detroit but More intresting with multi units.

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All Forum Posts by: Daniel Gura

Daniel Gura has started 5 posts and replied 23 times.

Post: Areas BPers are Investing in Metro Detroit, Michgan

Post: Investing in Detroit? Best Zip Codes?

Post: Homepath LLC with international investor?

Post: Homepath LLC with international investor?

Post: Homepath LLC with international investor?

Post: Homepath LLC with international investor?

Post: Homepath LLC with international investor?

Post: Chinese Investments In US Commercial Property Soar By 500%, How can I get me some of that?

Post: Looking for Detroit Investors who buy in Detroit itself - Have lead (not deal yet) in Rosedal Park $24,000 -comps are $70,000+

Post: Looking for Detroit Investors who buy in Detroit itself - Have lead (not deal yet) in Rosedal Park $24,000 -comps are $70,000+