All Forum Posts by: Marcia Gilad

Hi Brenda,
My company has 30 year loan products for 1-4 unit investment properties at a fixed rate. We are a hard money lender but our 30 year loans are close to conventional rates. But we lend directly to businesses without the need for seasoning. Please feel free to reach out if you'd like any additional info.

Thanks,
Marcia

Hi James! Welcome! I'm an investor/lender in Ann Arbor. Happy to help in any way I can. Started out flipping and then moved to lending and owning rentals. Let me know if you want to chat.

There's Michigan Real Estate Investors (MREI) in Troy as well as Real Estate Investors of Oakland County who meets at Club Venetian. They both post events on meetup.com. Metro Detroit Real Estate Investors Group has a monthly meetup in Troy as well. You can find their info on Facebook.

There are quite a few local meetings:

Renegade Detroit Investors https://www.meetup.com/renegad... meets the first Tuesday of each month in Southfield.

Metro Detroit Real Estate Investors https://www.facebook.com/group... meets the fourth Thursday of each month.

There's also a good list here: https://www.facebook.com/photo...

@Raymond Hill, my first flips were in Michigan while living/working in California. I've since moved to Michigan. The key to success was finding good people on the ground. I had an extensive list of questions that I used when contacting people to find the right fit. It took a while to find the right person, but I eventually did. Then I used that resource to help me find others to fill in the gaps. I'm sure there are people on BP in the Detroit area (I'm in metro-Detroit, not in the city, so not sure I'd be a ton of help) that can assist. @Jabari Long sounds like he might be a useful resource and/or can point you in the right direction. Happy to share some of the questions I used if you want to message me.

Evan,

My company is a private lender in Michigan. I agree with earlier comments about reading up on regulations, usury limits, etc. The best advice I can give you is to find a reliable attorney in the state where you plan to lend. They should be familiar with both real estate as well as writing notes/mortgages. In addition to the note and mortgage, consider getting a personal guaranty from the borrower as well. There are a few other docs you'll want to have your borrowers sign (stating that the property will be non-owner occupied, etc.). I'm not an attorney, so you should find one that can assist you in making sure you're completely covered in the even that you need to foreclose. Having said all of that, lending can be a great way to "invest" from afar, but there's still a lot of work. You'll want to review the borrower's deal and the property with the same type of diligence you'd use if you were doing the deal yourself...because, after all, since it's your money, you basically are doing it yourself. You're just not having to deal with contractors, etc.

Hi Charles,

We've met a few times at various A2-area REI events. Welcome to BiggerPockets! Happy to chat any time you want. Feel free to reach out.

Marcia

Can you please send photos and any additional info (expenses, etc.) to [email protected].

Thanks.

Marcia

Is this property still available? If so, can you please send any additional details to [email protected].

Thanks.

Marcia

Can you please also send me the scope of work and further details: [email protected].

Thanks.

Marcia