All Forum Posts by: Michael Glunk

I'm looking for additional information on the Kalamazoo Market. Real Estate trends, Job trends, etc. Has anyone ready any good articles lately and or have any personal anecdotes or hypothesis based on personal experience?

Best,

Michael

#Kalamazoo

Thanks @James Wise for the tips. I am exploring some local banks at the moment to see if they might be willing to do a portfolio loan. I could use a HELOC on my primary but it probably won't get me all the way. If I finish the local bank route and am unsuccesful I will try you advice on the seller financed route.

Ok, I'm going to re-post this with different wording as apparently @JohnHoldman felt it was an advertisement instead of asking for advice. This was not my intention, I'm purely looking for advice, which I believe this forum is for. But feel free to keep me honest John.

Let me start by saying I was excited to find this great deal. The structure of this property is that it has a duplex in the front of the property and a single family in the back. The only problem is that the back house is a legal non-conforming property. What this means to me is that it was build back when it was legal to have this single family home in addition to the duplex on the same lot. Under todays laws they wouldn't allow it to be built that way. It's "grandfathered" in and allowed to exist...hence the "legal non-conforming" but if it was ever destroyed, one would not be allowed to rebuild the back single family home.

Because of this a traditional lender won't touch it. Has anybody experienced anything like this and/or have any advice?

Thanks,

Michael

Casey,

Have you found any more information out about your situation? I ask as I am in the same boat. I own a few rentals in my name (and my wifes). I currently have an umbrella policy. From all my research thus far, it seems like 6 to one/half dozen to the other. Creating an LLC that can't be pierced sometimes feels like a unicorn which then begs the question of why create an LLC and not just have an Umbrella policy? I find myself continually questioning my umbrella policy approach as if I should have an LLC. It's probably a personal opinion, so anyone out there with strong opinions one way or another?

I'll throw in another wild card. What about creating a trust and having it owned by the trust?

Thanks,

Mike

Welcome Leland and Christina. My wife and I are doing somewhat of the same thing as you two.

Best,

Mike

Thanks for the tips Paul! @Paul Timmins

Thanks everyone for the welcomes and of course the tips. I'll get my tagging correct on this one. @Tara Hall  @James Wise @Dmitriy Fomichenko

@Larry Fried 

Thank you for the welcomes and of course the tips. I just set up my alerts!  @Tara Hall @Dmitriy Fomichenko

That's right I'm a newbie to Bigger Pockets from Evergreen, Colorado. I've been dabbling in buy and hold properties since 2006. I currently have one rental in Evergreen, Colorado and one in Whitefish, Montana. Mostly luck on those two properties. I've decided to take real estate investing more seriously as a wealth builder/future retirement vehicle. If I can quit my W2 job at some point, I wouldn't be upset with that. I've started listening to the podcast on my morning drive and am up to episode 20 so far. Also just started on the UBG. Looking forward to networking and learning from those more experienced!