All Forum Posts by: Linh Nguyen

Unfortunately they said no, I don’t meet their minimum amount. 

Ahhh it’s been depressing all day as I’ve called over 10 lenders. And it’s only Wednesday lol

I’ve had appraisalS done on 4 of them and it’s $50k, $52k, $70k & $90k. The other 4 have not been 6 months yet, total would probably close to the 1st four houses. I was hoping to find a lender that do more on the Midwest market, so instead of an aggregate $1mil portfolio, they could do $500k.

Anyone have suggestions for lenders to lend on smaller balance loans in Michigan.  We have 8 properties that we bought ranging from $50K - $90K.  I am hoping to not have to finance them individually, but rather in one big loan.  I spoke to 5 lenders that offer those products and am not meeting either the minimum loan amount/property or minimum property value.

We're in a pickle as Credit unions in our state (WA), won't lend in MI and MI credit unions won't give us memberships because we don't work there.  National credit unions do not offer blanket/commercial loans for SFRs.

Any recommendations would appreciated.

I would go to bank 2.

You mentioned $400 less in cash flow, but that's not all because of the 0.5% in rate jump, it's also due to the fact you're shortening the term from 30 to 25 years, which means slightly higher already.

I assume doubling your portfolio would also bring in more cash flow than the $400 in concern. If overall, you're making more money, I wouldn't sweat over 0.5%.

With that said, sounds like you found a unicorn bank.  If you could, please share their contact :)

@Paul S. The tenant actually applied directly with CERA.  Then, they contacted me to ask for lease agreement, rent rolls, etc. There's nothing on their website or that I signed that required the home has to be certified.

@Paul S.

I'm not sure, while going through the whole process (took the tenant 4 months), they never once mentioned to her or I that they will withhold the 20%.  I only found out when they hadn't paid me after 4 weeks of the approval email.  They said until I send in the C of C, then they'll release the 20%.

@Drew Sygit

Thank you so much for your detailed input!

Thank you Scott!

We've done some light deferred maintenance on the homes when we took over.  I was just unsure to what extend we need to update the home to. We have 1 tenant that's reaching CERA funds for rent assistance and they're withholding 20% until we get CofC, so I can see how the city is cracking down on these.

Seeking opinions from investors in the city of Detroit.  I own 4 properties that were sold without CofC and have heard mixed opinions about going through the actual process, anywhere from the unnecessary items to the difficulty working with inspectors.  Has anyone here who have gone through the actual process can give me some insights of what to expect as far as timing and costs.  I am an out of state investor so any other inputs would be much appreciated!