All Forum Posts by: Matt Ridenour

Hi guys. I’m looking for an operator in Kalamazoo. I have a student starting at western in the fall and he’s having trouble finding housing.

Thanks everyone for the insight.  I'll report back on what how I end up on this.  Deal is under contract, with a closing date of June 14.  Looking at the moment like I'll just brute force it with cash and save this strategy for the next one once I've had some time to line everything up.  

Much appreciated!

@Andrew Postell purchase price plus rehab costs. (Also plus closing costs). You would place money in escrow to cover rehab costs and it would be paid out upon completion. Then you finance the entire amount right away.

Difficult to find a lender with that flexibility.

@Andrew Postell thanks for the reply.  It doesn't have to be local.  Most of the advice I read on here is to try and find local sources, so that's why I posted that.  Are you able to work in Michigan?  If so I'm happy to discuss with you.  

As far as meetups, I have a local meetup already and it's awesome!  For those that don't do that, you're missing out on a great opportunity for accountability and shared resources.  Find one or make one!

As far as delayed financing, here's my formula:

70% of purchase comes from a CLOC.  I pay cash for the remaining 30% of purchase and for the rehab.  What is holding me back is the 6 month brrrr seasoning.  I'm also looking for someone who can take those Fannie mortgages and roll them into a portfolio so I can start with a new set of 10.  

Well, the lack of reasonably priced deals is also slowing the process down.  ;)  

Hey guys.  I live in the Ann Arbor/Ypsilanti area.  I'm looking for a local lender that does delayed financing.  Any thoughts on this?  It's the last piece of rocket fuel I need to start scaling.s

Thanks for any and all.

Update, we have completed this purchase and are working on the renovations.  The 14 acre parcel is going to yield 3 new builds and a nicely renovated mid-century modern ranch.  Purchase price was 300k with 125k rehab budget.  We've learned a lot about developing property along the way.  Total profit on this project is projected to be around 400k!  (well worth the year and a half of leg work). Also it will help anchor our neighborhood property values, so lot's of wins here.  

On a crazy note, over the weekend we found a shed on the property filled with bomb making supplies!  The previous owner's father was a military vet and it looks like he liked to "practice" at home.  3 police cars and the bomb squad paid a visit to our quiet neighborhood.  Didn't see that one coming!  :)

Thanks again everyone, for weighing in on this project!

@Steve Brown ITR2021

I'd love to see a bigger pockets round table discussing the video Alex Chaustovsky did for Bigger Pockets.  Any thoughts or other related resources to help with digesting that information?

@Spencer Roberts and @Jason Schwerin I found a good one!  PM me and I’ll send you contact info. 
Also if you’re interested you’re welcome to join our small meetup (10 or so folks.)  

We generally meet once a month, all virtual right now but soon enough back in person. 

It’s an ypsi group but investors in Detroit and  Ann Arrbor there too. 

@Jaideep Balekar great post! Thanks for sharing your success. I look forward to following your story for year 2!