All Forum Posts by: Jordan Mantel

Thanks Jamiel! Super excited to get started.

Also roughly $80 for insurance and that was included in the $350 cashflow. 

Hi guys!

Just wanted to get some insight on this deal I just got accepted as my first!

It’s a duplex in the Morningside/East Indian Village neighborhood in Detroit, Michigan.

Purchase price: $73,000 (pending appraisal)

- 25 % down at 4.5 interest rate but with 3 points (I’m being told I’m going to get charged an extra point or two for the small amount of the loan)

Expenses:

Mortgage= $287

Property taxes= $125 monthly

Insurance= $100 monthly

Repairs= 7%

Cap ex= 7%

Water= $50 (I’m almost certain tenants will pay)

Property management= $150 a month

Other expenses= $50 a month

Total income= $1400-1500

Total cashflow= roughly $350 per month

All insight is greatly appreciated!

Hi guys! I’ve come across a Triplex that might be worth it in the Belmont/Detroit area on Sussex St. Does anyone have extra insight on this area in Detroit? It seems to be a solid cashflow deal and from what I’ve read, some possible appreciation too. Thanks for all your insight!

Hi guys!

So I’ve been doing a ton of research on my market, analyzing deals, making connections etc.. and I have a partner who is suggesting that the deal be structured 65/35 in favor of him even though I’m the one finding the deal and all he’s doing is providing down payment funds.

Am I crazy to think that this deal should be structured as him providing all the down payment funds and me doing literally EVERYTHING to be structured 50/50 in terms of profits?

Thanks for all advice!

Thanks for all the amazing info guys!

Thank you everyone for clarifying! 

Hi guys! There’s a possibility that I’m going to get into a deal with a partner where he provides the down payment; however, he will not be on the loan itself so lenders have told me that the down payment has to be sitting in my account for at least 60 days so the banks don’t think anything sketchy is happening.

Does anyone know a way around this other than the down payment being gifted to you? Most lenders have told me the gift has to come from a family member anyways. I don’t mind waiting the 60 days but I’m just a little impatient because I want to make offers! Haha

All suggestions and advice is appreciated!

@Serge S. Appreciate your response Serge! I'll keep that in mind. What are the best types of properties in Phoenix in your opinion? SFH? Apartment complexes?

@Bevla Reeves thanks for your response! Good to know- would you recommend staying in the B and up areas? Obviously wanna stay away from D but there seems to be some solid C opportunities depending on the specific property.