All Forum Posts by: Michelle Chowan

I'm in the metro Detroit area and just starting out. We are currently living with my parents but desperately need our own place. We are thinking this is a prime opportunity to house hack and get our first rental property in the mean time while saving up for our own sfh. Any advice would be appreciated. What can we expect, what should we look for? We have 3 small children. We are only eligible for an FHA loan, which is fine by us. We are putting an offer on a quadplex in a nice area, and will live for free until we can save enough money to get the kind of sfh to raise our family we want. (Right now the prices are high and selections are low) It's a pretty sad quadplex. Repairs will be costly up front. We want to recoup our losses (we'll be exhausting our savings) so we can have ANOTHER down payment after a year or so. My question is, would we be eligible for another FHA? I love the 3.5% down. Thanks!

We are looking anywhere from Howell to Lapeer. We're open because we're not tied to a school district. I have three kids, working on a fourth, so family friendly is a must. Other than that, we're hoping it to be a short term hack, (around a year) while we save money to buy our own SFH.

I'm in the metro Detroit area and just starting out. We are currently living with my parents but desperately need our own place. We are thinking this is a prime opportunity to house hack and get our first rental property in the mean time while saving up for our own sfh. Any advice would be appreciated. What can we expect, what should we look for? We have 3 small children and don't want to make a big mistake. Thanks!

I am an extreme NEWBIE! Haven't landed a deal yet. I am currently working on writing a letter to send to vacant properties or their relatives, and I ran across a template that I have a question about.

The template reads this:

I am a real estate investor here in the Metro Detroit area, and we buy houses for CASH or Terms in any area or condition. We noticed your property located at ..... If you are interested in selling, please give us a call at .........

By the way, if you have experienced excessive expenses while owning this property, we can help you recoup some of your losses. If you would be interested in owner financing the property, you could earn some income at very favorable rates.

Please call us NOW so we can help.

Sincerely,

I'm going to put my pride down and ask what may seem to be a dumb question. But how would I help or have anything to do with owner financing? I am just starting out in wholesaling. Michigan, by the way.

Thanks!

I'm in the metro Detroit area and just starting out. Would love to tag along a seasoned wholesaler and learn the ropes.