All Forum Posts by: Jay Brown

Welcome Kevin, wish you the best with your goals. I'd also love to connect with you as well, I'm currently looking to network with other investors and private lenders.

Currently analyzing a few deals in the Metro-Detroit area and wanted to ask any of you have a Portfolio lender or HML you have recommend and give me any feedback on their requirements and how they have worked out with your fix-flips and long term rentals. Thank you in advance

I'm highly interested in this as well.

Hello, I'm seeking a bit of information frim investors who have property in the Pontiac area or Northern Metro Detroit area. I'm searching for a 4 unit building and saw some in Pontiac. Are there areas to look at/stay away from up there? It's located off N. Perry and Woodward. 

I'm also working on a BRRRR deal with a SFH near Telegraph and W. Huron St.

 If the deal is right go for it but in my experience through my family's properties in the 48205, we have had multiple break ins. The 48205 is one of the highest crime rate zips in detroit. Other than the Eastland mall I don't see many benefits to the area.

 Sorry but Ron, that's not much help/advice with my problem my friend lol. Also at this current time, apparently someone placed a higher offer than I did. So I'll have to wait and find another deal.

 It's a HomePath property. Also as I stated above. I'm weighing my options since where I live currently I only pay $500/monthly for a condo in Southfield. Also I split everything with my fiancé, so really just  $250/monthly.  I've been here for the past 6 years but I don't own it. 

My thought is that I could buy this home with a FHA 203k loan. Have the repairs rolled into the mortgage. Then I'd sublet our condo in Southfield for 1 year at $1100/per month. After living in the home for a year, I'd hope to do a cash out-refinance into a Conventional mortgage,move back to our condo and put a tenant in the house.

Only problem is my other half isn't as excited about leaving our current home as I am. Even with the cash flow we'd be getting from it. So that's why I'm trying to figure out if I should bite the bullet and move us anyways. 

Redford,Michigan is just west of Detroit ,MI

Hello, I'm Jay and I'm a local investor in Oakland and Wayne County area. 

Currently I'm looking at a deal in the Redford,MI in which it's a SFH that would make a good BRRRR candidate. I'm looking to pick up the home for around 40K and will appraise for around 125K once all the repairs are done.

With it being a FHA 203K mortgage,I can't rent it out since it's a owner occupied home but I also can't leave my living situation either at the moment. So should I bite the bullet and let it sit there for a year or what?

Also If I do, when is the soonest I can look to do a refinance on the property? The goal is to do a cash out refinance into a conventional mortgage and rent it out.

Congrats on taking the plunge. I'm highly considering taking the plunge on doing a flip for my next deal, since I've yet to do one. Someone correct me if I'm wrong but couldn't Cameron do a 1031 Exchange to avoid the capital gains tax and just roll the proceeds into other real estate deals? I mean unless you are just wanting the cash for other purposes.