All Forum Posts by: Janell E.

To clarify: we do plan to put in some of our own money for the down payment, but we likely only have about 80k for that.

My partner and I have found a deal that includes 18 units for $1,168,000 with seller financing 25% down, 5% interest, 5 year balloon, 30 year amortization schedule. We need about $320k to allow for some reserves. We had an investor express interest, but he has never invested in real estate like this and got cold feet. We have since reached out to friends/family to see if they would be interested, but nobody has really committed. We're now trying to think creatively and would love some input. We thought about hard money.. wondering if there are non-traditional loans that fund down payments? This is a really great deal... we just don't have the down payment money secured yet.

Does anyone have any recommendations for a real estate attorney in Michigan who can assist with restructuring an LLC (we have 2 members, but need to add 4 passive investors as equity owners). We also need help with writing our operating agreement. We have a 12 unit apartment building under contract. I would love to find someone with the heart of a teacher and who seems genuinely interested in helping others succeed. Thanks in advance!

I have 8 units between Bay City and Saginaw Township (2 of them I bought from a poster on this thread actually). I have found the area to be a very nice starting point for investing with the low cost of entry and relatively high rent for the cost, especially over the past couple years. I manage them all myself so far. I'm now looking to sell 3 of the single family houses so that I can invest in more multi-family. If anyone is interested in some turn key houses with nice cash flow, let me know.

I'm using apartments.com as well (transitioned from Cozy). I have a property that I bought with a partner, but my personal bank account is used for receiving the rents.

@Chris Sweeney Great question. I have a similar situation. Hope someone will have input on this.

@Patricia Steiner I needed to read this. Thank you!

@Bruce C. I had my contractor paint them (inside and out) with a higher quality enamel cabinet paint after proper sanding and other prep. He also sprayed them, which I think makes them turn out better. They are the original doors and drawers - the wood was still in really good shape. I added new hardware to update the look and then after the picture was taken, I also added some door catches, so they would stay shut. I didn't check the price of new cabinets - these were in too good of shape to even think about that.

I just realized I never replied to this! sorry about that. Thanks so much for the kind words. I did do some things upstairs.. added some new carpet all throughout the upstairs, had some insulation blown in, and the ceiling tiles painted as well as the stairway walls. I was able to get it rented out to a family that had lost part of their house to a fire and were going to be displaced for 6+ months, so they're currently there until June with their insurance paying the rent of $1200! More importantly, it really felt good to be able to provide a nice home for a family (they have 4 kids) and was able to get them in the week before Christmas.. perfect timing! Hope all is going well out in CO for you.. such a beautiful state.

I am in the exact situation. I'd love to know what you ended up using too Mark. Or Ellen Ortis, if you have found something since you posted that you have found as a solution?