All Forum Posts by: Mike Cowper

As Jason said - there are many ways to structure and no right answer. What do you feel is fair? Have you discussed splits with your potential partner? If it were me, I would look at 50/50 from my end and see if I felt that I was worth more or less than that depending on what I was bringing to the table. If I felt I was worth more (I do when it comes to using cash partners who want little to no involvement), I would adjust the split to what I feel is both fair and worthwhile for both. Do your evaluation on what you think your involvement is worth and bring that to the table with reasons why you feel that split is what you feel is fair. 

Thanks! I like the idea of having access to cash quick for acquisition or repairs on my investment only properties (which I wouldn't be able to put a HELOC on), and then refinancing them after they have been seasoned with traditional mortgage.

So I recently got a HELOC on my primary residence and have been hearing that I am unable to do get those on investment properties; my question is this: would I be able to move out of my primary residence to purchase another, rent this place out keeping the HELOC in place, then get a new HELOC on the new primary?

I'm trying to think of creative ways to fund deals (just got Brandon's book for Christmas but haven't read it yet) and was wondering if this would work? Also, any other advice would be appreciated as I am trying to have the ability to acquire multiple properties quickly, if good deals are present.

Thanks!

Phil,

Welcome to the community! Don't be afraid of the Metro Detroit market, personally I would be afraid of the city (there are people making a killing there, though) - there are deals to be had and a very strong network of people in the community. 

Please feel free to reach out, I'm a newer investor but since I started in October, I have acquired 1 rental and am looking to close on the 2nd within the next 2-3 weeks. I'd be happy help in any way possible and also to potentially learn/work with you.

Mike

Kylie,

Welcome! I'd start off by reading the Ultimate Beginner's Guide on this very site:

http://www.biggerpockets.com/real-estate-investing

It's a great place to start and you'll have solid foundation to build off of. 

Also, I would go and look for some local investment clubs either searching on here, google, or meetup.com. Those have been excellent resources for me because you get to meet with other investors in your area and they can help you understand your local market better. Don't be afraid to participate and ask questions - everyone starts off new. 

Lastly, this website and the podcasts are great sources of information. They've got 100 episodes now and I would recommend listening to every single one (except the one they took down because of the Dodd Frank Act). The blog here has tons of good reads, and asking questions here on the forums.

Good luck and feel free to message me directly if you ever need help or have questions. I am a newer investor also but I've picked up a lot so far, and if I don't know the answer I'll probably want to find out anyway!

Mike

What area's of Michigan?

I agree with the flat fee - the tenant should know up front exactly what they will be charged when they are late. Not sure about the laws, but just from a fairness stance, it seems that a predefined fee should be discussed and agreed upon up front. 

Welcome! I'm a newer investor in the Metro Detroit market but if you ever need anything - please reach out!

Todd,

Welcome & good luck on your venture! We have an Ann Arbor meetup group that is extremely helpful in both the learning and networking aspects of RE; and many of them are on BP. Send me a colleague request and I'll be more than happy to assist when I can and be someone to bounce ideas off of.

Mike

Charles,

Welcome to the community! I am a newer investor also and this site has already been a tremendous help to me. If you ever want to connect or bounce ideas back and forth - send me a colleague request. 

Sounds like you've got a good head on your shoulders - you'll do great!

Mike