All Forum Posts by: Joe Doman

FHA is great for 2-4 family properties that you live in. Conventional (non-portfolio) loans require 20%+ even if owner occupied. You will pay mortgage insurance premiums up front as well as monthly. I did an FHA on a duplex back in 2012 and paid maybe 1,800 up front and 130 per month on a $180k loan. Another down side is you need to wait a full 5 years until the monthly mortgage insurance is removed, and only if you are at 22% equity based on original appraisal. For small multi family properties, FHA is a great option! (the rules may have changed since 2012 so do not take my word for it!). Best of luck!

This Black Friday let's not shop for liabilities, let's add to the Asset Column!

Instead of saving $300 on the coolest 4K tv's, why not buy a rental that gives you $300 in cash flow every month indefinitely!

For my Black Friday, I am shopping discounted rental properties! What are you shopping for?

HAPPY HOLIDAYS!

Hi @Steven Wiltse, I love the BRRRR strategy. I am a licensed agent and focus on in Westland, Livonia, Canton, Garden city and surrounding areas. I also wholesale. Send me your contact info and let's connect. -Joe

Hey @Leon Lai, I am an agent and do a lot of marketing for investment properties in the Detroit suburbs: Westland, Livonia, Canton, Garden City, Plymouth. Pm if you like to connect.

I passed on them. I met the owner and saw a few properties and they were in pretty bad areas. Every third hose was boarded or torn down.. way out of my experience level. 

Thanks @Chris Ramos!!

I was looking for a quick and simple contract to send the seller for an offer on 10 properties, instead of sending of sending 10 separate PAs. -i had a company reject a PA with multiple props and wanted me to send separate for each. Does not seem time effective. What title company do you use? Thanks for the input. 

Can a title company close on multiple properties with one purchase agreement? Can anyone recommend an investor friendly title company in se Michigan, near Ann arbor and Detroit.

@John Arasim

Its pretty early in negotiations, I am going to a few of the properties on Saturday and go from there. According to the owner, all but three are vacant, and paying regularly but yeah not too sure what kind of shape they are actually in. Are you interested in picking up more for cheap? ;)

I honestly don't have any interest in them unless I partner with someone experienced in the area. Thanks for your help everyone

Hello, I am looking to network with people investing in Inkster Michigan. It is close to Westland, Garden city, Detroit etc.

I came accross a potfolio of 15 sfr and the owner is willing to sell at discount. I just have no experience with lower end homes; values in the 20-40k.  Would love to hear from anyone with experience investing in Inkster.

Thanks! -Joe