All Forum Posts by: Jeff Lubeski

@Jerome S. I suggest calling Joe and asking him. 

@Cynthia G.I did a refi last year on 2 SFR and 1 duplex at the same time. Joe Randall, Mortgage One, is a good source I would recommend. He is also an investor and helps to make the process much more smooth with underwriting. 810-434-3327

Hi Zachery, 

I too am an investor and realtor in Livingston County. I’d be happy to connect some time. 

All the local meetups I attended had to stop due to Covid.  Not only were the places where we met closed down for 6 of the last 12 months, even when open, the meetup would have violated group size restrictions.   Some have gone on-line, but that is not a great way to "meet" and chat with other investors.  Twice, people tried to get a meetup going in Livingston County over the past few years, but both of them fizzled out.  

There is a group "Michigan Multifamily and More Real Estate Investors Club" in Livingston County, led by Jamie Gruber.  That is a good group if you are interested in multi-family investing. They too have been on-line only for the past year.  

I live in Hartland and would be glad to meet up to talk real estate.

If this house has some value, I would suggest going to Huntington Bank. They will do a HELOC on (1) Second Home (can be a cottage or investment home). It needs to have been in your personal name for 6 months. These were all the terms when I looked. Getting a Business Line of Credit is difficult even with this as collateral.

The 401k option mentioned is a good source of funds and I have used that too.  It sucks when the stock market is hot and growing 15% annually.  If you borrow say $50k and pay back a year later, you've lost out on 15% gain, or $7500.  If it's a bad year for the stock market, you may come out further ahead.

Craig,

There is nothing going on in Livingston County that I am aware of.  There was an effort to start something a couple of years back, but it died off pretty quickly.  I too was thinking about getting something going again, so I would be interested if you do get a meetup started.

Following b/c I would like the same. To do a cash out finance, I had to transfer the property to my personal name, finance the property, then transfer back to the LLC. This is a bit of a hassle.

I almost lost a property too. Had it under contract in the LLC and was planning to finance. Found out it needed to be in my personal name to finance it. The bank almost walked because I was taking title differently than what was in the PA.

Welcome @Jacob Sandlin

I started investing in 2011 part time, doing fix & flips and also buy & hold SFR's. There are also lots of clubs and groups that meet up in the area. It's a great way to meet some local investors and network. I'd be happy to chat any time.

@Erik R. It seems like your goal is appreciation, not so much cash flow. If that is the situation and you are going to insist on areas like Plymouth, then you probably need to accept lower cash ROI's. If I were taking this strategy, I would go forward with adding a 3rd BR, because that will not only increase your current rent, but add value to the house if and when you do sell it.

I live in Hartland and would love to own a ton of rental properties there.  With my goal of cash flow, it is just not the place for me to invest.  I do have a couple of properties that I picked up several years ago in my area.  They've appreciated well, but I constantly consider the cash flow on these vs other areas and wonder if I should sell them.

@Billy Baumann  I've just ventured into Detroit and am not greatly familiar with it.  The city is massive (142.9 sq miles).  A couple of good resources for looking at neighborhoods is www.makeloveland.com  also go to www.motorcitymapping.org  

These are a first good step to see how many vacant lots there are, abandoned houses, dumping, etc.  Sometimes one street over in a neighborhood can make a difference.

As I mentioned, I have 2 houses in Detroit right now.  One in Nortown and one in Bagley (neighborhood, not to be confused with the street).

Norwood - I'd be very selective if buying another here

Bagley - I'd buy more here