All Forum Posts by: Ian Hutton

Hey biggerpockets My dad and I bought our first home, but we still need to get ourselves set up as an LLC

Wondering if there's any benefit to setting this up before the year ends? Also if you have any recommendations as to who I can contact for getting an LLC set up with.

Thank you and hope to hear from you soon! 

Hey everyone!

My dad and I are at the final stages of purchasing our first rental and are in need of a Property Manager.

If anyone has any recommendations/ someone that is available, Let me know! 

Thank you in advance and hope to hear from you soon! 

Quote from @Landon Allen:

I recommend @Drew Brown! You won't find another individual who goes all out for his clients quite like Drew does. Plus he's spectacular at sniping deals.

Awesome! Thank you I’ll be sure to hit him up! 

Thank you! I’ll be sure to hit him up! 

Hey! I’m wondering if anyone has a recommendation for a contractor in the lansing area? We’re currently under contract and hope to be closing in October, nothing serious just some cosmetic repairs. 

Thank you in advance! 

Hi my dad and I are currently under contract for a property in Lansing and another in Kalamazoo. Does anyone know of a PM who can service both? Or a recommendation for one each? 

Thank you in advance! 

Hey everyone! My dad and I are going in on our first deal, but need to play with some numbers to make it work. (In Lansing Michigan btw) 

This Triplex’s utilities are currently paid for by the owner (approx. $500/month). When paying for utilities our metrics do not work / break even. 

I need to raise $166 per unit to meet my $500 utilities bill. I’m wondering what’s the best way to go about this? 

Property price is @ $135k, if I request 6k off that would buy me 1 years time to increase rent, but ultimately. What’s the best way to increase rent? I’m also not sure if my market could handle this, as the PM thinks we may loose some tents.

current rent for triplex 1bed 1 bath @

- $625 

-$ 765

-$ 695

Quote from @Edwin Epperson:

@Ian Hutton, it sounds to me like you actually have two scenarios going on here for requesting lending. Scenario A - you have a personal residence that has equity, approximately $100K. Scenario B - you are looking to purchase an investment property for up to $175K. As I understand it you're wanting to "free up" equity by getting a 2nd home loan or a HELOC, correct? If so that lender will most likely be an institutional lender, ie Bank or Credit Union. That equity loan (2nd position) will heavily be determined based on personal DTI, and credit score, tax returns for the past two years, and income verification. You will not find to many non-institutional lenders willing to place a 2nd on a primary residence. I also assume that without the freed up equity you would not have the cash to purchase the investment property listed in scenario B correct? If this is the cash, you may want to continue to store away capital for the acquisition of an investment property. I could go into more detail but honestly I would not have the time to type it all out LOL! If you interested happy to have a call and help you strategize your options. Best wishes and much success!

I’d love to get in touch! Thank you for the info it’s helped cleared up a lot. I’ve been in touch with a few lenders last week and think I have an idea of what to do/ options. But if you have time I’d love to schedule something just to make sure I understand it all/ what my options are. 

Hey everyone first time with everything! Lol I’m looking into lending options for my situation, but I’m confused on we’re to start. 

I’m lookin into houses at are 175k and below however for a down payment I was planning on using a cash out refi for the Down payment/ unexpected costs. since my home has appreciated 100k I figured this would be a good place to start. 

I’m trying to get in touch with lenders to get prequalified on the home, but we’re I’m confused is. 

Does the lender need to qualify me for a 175k home in total or just 140k since 175-35downpayment = 140

Lol anyways I’ve been reaching out to a few lenders but am generally confused on what’s the best way to get started for me. 

Thank you in advance love this group! 

Quote from @Calvin Watkins:

I am actually originally from Dayton and currently live and invest in Columbus. I am working toward investing back in the Dayton area due to entry price and base knowledge of the area/ competitive advantage. I would suggest investing in Dayton but I would suggest going there first and finding blocks or localities that you like most. I would say it is a great cash-flow market but needs more investment for appreciation to hit massively. Though I have seen some surrounding areas experience a lot of appreciation, the areas in terms of rentals remain B level finishes. 

If you have any questions of cities around Dayton or pieces of Dayton specifically let me know and I will happily let you know the lay of the land.

I hope this helps. Thank you1

 Hey I was wondering what are the  C - B neighborhoods in Dayton you would recommend, I’m a first time investor.