All Forum Posts by: Lonniel Ingram

@jason hirko

@David Dachtera

I'm going to look into the sandwich lease option strategy. If I don't have to pay the mortgage upfront than I would rather not. I want to be able to control the property but limit my upfront costs and risk. I like the partnership strategy; however would that make me responsible for the 1st loan also if I'm placed on the title?

 Thanks for your valued input.

@charliefitzgerald thank you for the feedback. I appreciate you breaking it down for me. That's a really good idea. I see that you are in Nevada. Do you lend in Michigan? And for this type of deal?

@bill hamilton thanks for the feedback. So even though I have an interest in the property and I will be receiving the cash flow; because I don't own it outright it's not considered for collateral?

@austin youmans thanks for the feedback. So even though I have an interest in the property and I will be receiving the cash flow; because I don't own it outright it's not considered for collateral?

Hello BP and thanks in advance for any help you can provide.

I may have the opportunity to take control of a SFR property in Detroit using a lease agreement. The owner is highly motivated to not deal with the property; however, they still have a mortgage on the property. I am offering to take control of the property, pay for the rehab (approx. $10-15K to get rent ready) and I will cover taxes, insurance...the normal expenses. The owner will continue to solely pay the mortgage for the first 12 months, from 13-24th month I will pay 50% of mortgage. After 24 months I will either assume 100% of mortgage cost or have to exercise my option and purchase the property for remaining mortgage balance. Do lenders finance only the rehab cost of a property when their is still a lien on the property?

Hello BP and thanks in advance for any help you can provide.

I may have the opportunity to take control of a SFR property in Detroit using a lease agreement. The owner is highly motivated to not deal with the property; however, they still have a mortgage on the property. I am offering to take control of the property, pay for the rehab (approx. $10-15K to get rent ready) and I will cover taxes, insurance...the normal expenses. The owner will continue to solely pay the mortgage for the first 12 months, from 13-24th month I will pay 50% of mortgage. After 24 months I will either assume 100% of mortgage cost or have to exercise my option and purchase the property for remaining mortgage balance. Do lenders finance only the rehab cost of a property when their is still a lien on the property?

@ clarencescott thanks for the offer I will send a colleague request. I see you wholesale properties....do you focus only in flint, if not what other areas do you work?

@J L appreciate the welcome.....it's almost like information overload on here....sometimes I have to pace myself or I will be all other the place.... literally I'll have bp open on my phone app, open in chrome and on my laptop.....lol

@tyler leonard  congratulations on the rehab, the pics look great. I am intrigued about that staircase also. was their a spiral staircase previously? where does it lead? How much did it cost?

Hello Bigger Pockets! I am very excited to join such a wonderful community of people. After joining some other forums that primarily promoted guru after guru it was refreshing to find BP. I was looking for a way to connect with like minded investors to grow as well as partner up with. I have already learned so much from watching the podcast, replaying webinars and reading discussions. I must confess that I am getting addicted to BiggerPockets more and more everyday. (Thanks @joshuadorkin and @brandonturner) Previously, I owned a multifamily property in River Rouge in 2010; learned a lot from that endeavor but unfortunately it cost me a lot in return. I haven't invested since then but now I'm ready to build and grow for long term wealth.

I am happily married with a new baby girl and we are focused on being able to provide a comfortable, sustainable lifestyle for our family. We plan on partnering and using creative financing to acquire sfr and multifamily units in the Michigan (initially Macomb/Oakland County). In time we will create enough passive income so that we can truly focus on family first and not a 9-5 for 40 more years struggling to get by from bill to bill. Currently I work in the Telecommunications field which I mostly enjoy; but I would rather retire sooner than later.....lol

Ok @brandonturner said not to make the introduction to long so I will end it here.

Thanks everyone and can't wait to connect....(and do deals of course!!)