All Forum Posts by: Joseph Lewis

@Juan Escarcega hi there. I own CG Construction Services. We have worked commercial the last several years, in the last 8 months we've begun accepting residential projects as well. Were family owned and operated so we're always affordable.

@Ashton Patel hi there, I'm a licensed & insured contractor. I mainly do commercial, Target, Vons, Petcos, but the last year I have begun to take residential jobs as well. Interested in hearing more details about your project.

@Wayne Brooks ok! Thanks!

From what I read, one person may only have one FHA loan. I'm wondering if it is possible to use an FHA loan to buy a home, live in it for the minimum year, then refinance with a conventional loan, then acquire another property with an FHA loan, live in it for the minimum year, then refinance with a conventional loan.... and repeat.... Thanks BP!

@Joseph Lewis very similar to D.C.****

@Don Konipol thank you everyone for the great responses. It seems to be very similar to do in the sense of portrayal, obviously price wise there is no comparison... DC pricing is out of this world... After receiving these responses I'm feeling pretty confident, yes lower class income generally leads to lower quality tenants. I will certainly over compensate when doing my cash flow calculations, regardless vacancys and rehab after each lease. I'm still in somewhat if shock that people aren't jumping into Detroit. Everything you read says the 2% rule is long gone but there's so many Detroit multi families that are getting 2%. When people calculate the cash flow to check for the 1% or 2% rule should it equal one or two percent gross or net?? Thx guys!

****Found through bigger pockets?*****

I've always been curious why I dont see more crowd funding being brought up through BP. I see so many posts that could benefit from having more investors on the project. Prices, strategy, location.... lots of different reasons. Why is this? Anyone have crowd funding experiences that you've found through? Thanks guys!

@Sarah Pursell well almost always I would advise to steer clear of people who handle situations with intimidation or threats... but on the other hands, the grass is always greener on the other side. If she's always paid rent on time it could be worth keeping her around. Depending on the seriousness of her threats of course. Good luck!

@Kimberly Scott Yes with FHA you will need to have the home be your primary residence for at least 1 year before renting it out. Be it that you don't have a large amount of capital and that you are a traveling nurse I would suggest at least look at a cheaper market. I'm in the Detroit area closing on a 50k duplex, each unit going for $1,000. Hope this helps, Joe