All Forum Posts by: Jason Greenway

Yeah, they aren’t in the typical A neighborhood. My thought process was to get my feet wet on a lower cost city property (literally within 5-10 minutes of the ‘nicer’ neighborhoods). It’s very strange here, a house on one side of the road will cost $60-$70k, and the same house one or two streets away is $150k.

Also no, my plan would include hiring a property manager for around 10-15% of the rent (last I checked that was about the going rate)

Hello,

I was on here about 6-7 years ago, but I underestimated where I was in my life (ended up having a couple kids). Now, my situation has changed (divorced now, and the kids are a little older) and I am looking to revisit real estate investing in the buy and hold realm. Here is my situation :

I am 40 years old, I have no mortgage, and my only bills are my car lease, phone bill, car insurance (my partner covers utilities) and groceries for me, girlfriend and my kids (when I have them) and my take home from my day job is about $900 a week. I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).

My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing). Rents in the area are anywhere from $1k-$1300 a month.

My plan was to get a hard money loan to get it going and fixed up and ready for tenants, then within about 6-7 months refinance the home with a traditional lender, then sit with that home for awhile until I get fully comfortable with the one house. Rinse and repeat.

My question is what do I need to do to get started? LLC? Bank accounts? What are the first steps I should be taking?

Hello,

I am an aspiring investor and am looking for HML to get started on my journey. I have found a few interested parties, however, they are asking for an 'executive summary.' All I know of what those are is a summary of a business plan.

Does anyone have any examples, or key points, length, of what an 'executive summary' of this nature should include, and how it should all be formatted? Thanks in advance.

 Thank you for reaching out, I just approved the friend request. Looking forward to hearing from you, and answering any questions you may have.

I would consider a HML, lets chat via private message and see what we can do. Thank you for reaching out.

I am interested in what kind of programs you have. I am looking for funding for several Metro Detroit area properties.

Hello investors,

A little bit about me, before I get into what I am looking for. I am just starting on my own solo investing (buy and hold) venture after years of bird dogging for other investors in the area (and a few out of towners). I have lived my entire life in the metro Detroit area, and as parts of the area come back from decades of turmoil, the real estate market in many areas aren't as quick to catch up.

Right now, I am looking in the northern suburbs of Warren/Eastpointe/Hazel Park area, which are C neighborhoods, and very blue collar (all three of these cities are within 10-15 minutes of several major automotive facilities for the big three). There are some houses that can be had for $30-$35,000 (but will need around $10-15,000 for renovations, that would have an ARV of around $65-$70,000).

I am looking for a private lender who will lend to an LLC around the $50-$55,000 range. I am looking for something in the 5-10 year range and would entertain an interest-only loan if the terms were right.

I consider myself very knowledgeable about the area, and have seen contemporaries in the same are making a great ROI in the area.

Thank you for your time, and I hope to hear from you!

@James Letchford - So essentially all I need from any of these sites is the LLC name cleared/approved, Operating Agreement and the Tax ID? I dont need anything like a Registered Agent through them? Or tax professional, or any of that other stuff?

Hello friends,

I have decided that I am going to start an LLC to hold my 'buy and hold' real estate. However, going through the steps via LegalZoom, there are a plethora of 'options' and 'add ons' that I am not sure that I will need, or not need. Has anyone gone through the process, or anyone out there that has been going in the business for awhile know what I will and will not need of these add ons?

Thank you!

Also, the loan would be 'interest only.' From what I gather the house will need a new drive way, garage door, paint, yard cleanup, and carpet in 2 bedrooms.

My ultimate goal would be to take the loan, over 10 years, interest only, and a few years in refinance it into a conventional mortgage and use the excess money to go towards house #2. But I also heard it may be hard to refinance a home that low in value.