All Forum Posts by: Madison Holbrook

 Thank you for the answer, I know it was a big round about question. 

Do you use HML or banks as your lenders?

 Thank you for the information! 

When owning an apartment complex that doesn't make the individual taxed differently though. Just income and property taxes? Or does it make you a type of business owner?

I have a couple questions specifically for this market. 

From my understanding and please correct me if I am wrong, convention banks are still hesitant to lend on Detroit properties. Most of this in part to having a hard time appraising them. 

Market Value- how do you find out a good market value for an area when it is renters or old owners who have not sold or flipped something? I was looking in a neighborhood on Zillow where not a lot of stuff had moved since 2011. The things that did were 20k to 30k, from the pictures still available were not flipped. Zooming out the next street was foreclosures and the street behind was 60's and up. I want to say it was the Oakman area. It was very block by block price wise with Zillow which for me doesn't paint an accurate picture. 

How the heck do you gauge that? Do you pass up that property because it's to much of a gamble?

After Repair Value- continuing off of above question I guess... If you buy a property cash and finance some of the rehab on a HML, is it difficult to find a bank to refinance that loan? How do you have your property appraised or do they send someone out? How do they appraise

Duplexes/Four-plexes- Are these harder to appraise or do they appraise as easily as SFM?

Cash Equity Loans- Say you do everything with your own cash. Your property is flipped, it's rented out, money in savings, cash flowing. You're ready to buy a new property and keep going. Cash equity loans …. are they hard to get from a bank on this type of property? Who has done one, who did it, what are rates looking like?

Who and How for appraising? How can one gauge for themselves in the Detroit market where the property will range when it is flipped? 

I'm not opposed to buying on the same street or at least approaching current owners to try so the whole street can improve.

Several questions!

I see a lot of posts about investing in duplexes to four-plexes but not bigger than that. 

 I understand that part of this is probably due to commercial financing. If someone were to have cash to buy a complex would there be that hesitancy?

 Are property managers hesitant to take on an apartment versus a four-plex?

 Is insurance on an apartment building different than a four-plex

 Is the owner put into a different category for taxes based off owning a complex versus a four-plex?

Is it because they can be more of a headache, complaints of "upstairs neighbor stomping, dog barking, baby crying!"

Is there a different sort of liability with the different properties?

Taxes?

Not sure if this should have been in the starting out forum or not.

I'm just looking at my options. 

With a lower income I can't expand as much or fast as I'd like while carrying debt, would have to refi. Owning in cash is appealing to me, especially when it doesn't put me into another tax bracket at that point. 

I'd also be able to put it as my llc. Instead of liability being on me, having the potential of being sued. 

I own most of my things. i don't carry a lot of debt. 

Not saying I have a lot but what i have I buy nice and maintain such as my car. I own a plug in hybrid that will be paid off at the end of 2020. 

Being protected by having properties under and llc is my goal for all my properties at least after the first if I do end up buying a multifamily first. 

I'm trying to weigh out my options. Everyone either feels so strongly for one or the other, where as for me I see both sides. 

Thank you for the input! Yes, I'm keeping my eye on bountiful. MIL can be tricky from what I've heard. If they're not metered separately the bank has a hard time counting it as 2 units for the loan and rental income, unless permits were pulled to make it a multi unit with whatever city official. Do you have input on this?

 I'm contacting numerous for sales that I see. I was also going to be speaking to another lender than just that one but that's what i mean when the approval on my income would be hard to if I couldn't include that income a 350k house is gonna be out of my reach. That's the main issue for me. Even with the right amount for fha saved, if I can't get that rental counted towards income, the loans will be out of reach. 

I could be looking in Taylorsville or WVC but that would just be less than ideal for most of those homes. 

I really love Midvale, Cottonwood, Sandy, SoJo, Herriman, Draper, lehi (some of it is still affordable), Holladay, Millcreek, and parts of Salt Lake that you listed except maybe aves. Sugarhouse and liberty are easier for a single family due to more affordable daycare and better schools. That's a huge thing for me. I love that area. it's my favorite. So much to do that is family friendly, outdoors, not super crowded, clean, low traffic, right by my school. I love it. 

Is there anyone who has purchased but not been a resident of MI? 

Purchased under an llc that can do business in MI or had someone in MI purchase it for them?

 Choose to believe what you want. Telling a child at a park she can't play because she is not a part of the word, is in fact excluding her based off of that. 

Happy valley in your happy place, ain't that right ;)

 Yes, I can say that some times I've wondered if it's my own perception. 

However, when there are blatant comments and not just innuendos that's how I know the difference. 

Being told my child can't play because she isn't a part of a church ward mind you this was a mother my child is 2, how I'm clearly not a member or active member because I have a child out of wedlock, how I couldn't be hired to a unit because I wouldn't fit in as it was a predominantly married female lds and they were looking for someone who would fit in with current staff, this was after being asked if I had kids oh what does your husband do, oh so you're a single mom.... that's judgement, discrimination, and hate.

Wondering if the group of moms will care if I sit with them at a park? That's insecurity.

I live in an area where I'm encouraged, supported, and value. For tenacity, independence, and intelligent mind. 

There will be people anywhere you go who judge, have bias, or are just crappy people. 

You can always choose how to take things. I take them with a grain of salt, find the humor or good in it, or I ignore it. 

I choose to live in a forward, progressive, activist community. 

Yes it is a college down but more so for BYU, which is a religious restricted college.

Utah is a great place. Gorgeous! Outdoor enthusiasts dream. I love it here in salt lake county or more north. I try to stay out of utah county, anything south of lehi.

There is a huge amount of judgement, even more so given that I'm a single mom. It really makes a pariah out of me. I'm truly not dramatizing it. Suicide is extremely high here due to religious impact. 

Schools are definitely a huge thing, especially needing somewhere good with my daughters medical needs. Washington schools have nurses. Utahs do not at least not a majority of them.