All Forum Posts by: Matt Burr

@Brie Schmidt Can you elaborate a little on the difference between a cash out refinance and a NOO HELOC?

The basic proposition would be for $280,000 for 7% on a 30 year fixed. That is what some of the more structured places like B2R offer. I'd be open to other structures since the rental income by definition is cyclical over the year. That is where I think a private investor and I could work on a deal that is a win for both of us. 

I live out west just past Ann Arbor. When you say Detroit are you thinking in the actual city of Detroit or the general area of southeast Michigan? Inside of pretty much anywhere in actual Detroit I would be very afraid to do out of state deals. Those areas are very fluid hence the reason for lots of deals. To be specific anything east of 24 and between 96 and 94 is still very bad. 

I would recommend getting out into the suburbs a little bit. Livonia, Southfield, Farmington Hills would all be good areas. They have a wide range of housing but are overall good areas. I'm sure you could find good deals in that area.

Let me know if you need any more specific advice for the area.

I am new to this site but have been investing in real estate for about 6 years but a leisure pace and with a cross country move in the middle. I am now taking an aggressive approach with the goal of leaving my day job. I have found a set of lake houses that would make great weekly rentals in southern Michigan. What are some suggestions to raise capital for these houses. Hard money lenders don't like weekly rentals and the typical bank isn't going to handle the upfront DTI. Even though the year over year return should be much much higher than a typical rental. Any suggestions would be appreciated as this will potentially be my first time getting into private equity. Thanks Matt

I am also new to this sight but have been investing in real estate on the side for many years. I am now to the point where I am trying to make the jump to full time. While I don't ha e a good answer I do have the exact same question. I would even broaden it out to what other sources of funding do people use?