All Forum Posts by: Mike Musarra

I'm purchasing a home in a suburb of Cleveland with Hard Money.  My original intention was to flip the property and use the proceeds to help purchase a small multi-family home but am now considering holding the Single Family property as a rental.  

The Hardmoney lender will need ballooned out at 91k in 12 months.  I will not be able to do a cashout refi with a conventional lender for 12 months, and although Fannie and Freddie require a 12 month seasoning period for cashout refi's, it seems most convetional lenders, even in a straight out refinance (with no cash out) require 12 months as a policy.

Does anyone have any recommendations for long term lenders that will balloon me out on a long term loan?

ARV for the property will be about 150k - possibly 170k if converted to a 3 bedroom which is an option I'm exploring.

As they say, Thanks in advance.

Quote from @Travis Biziorek:

Quote from @Miguel Suarez:

Quote from @Travis Biziorek:

Hey Miguel, I'm also in California but my rental portfolio is in Detroit (12-doors). 

I'm a big advocate of that market and still believe it offers the best risk-adjusted returns today.

Lots of folks are still writing off Detroit but more and more are waking up to the opportunity there. The city is undergoing massive revitalization and investment.

 Hi Travis,
That is amazing! I was looking into Detroit as well, any specific areas in Detroit that I should look to invest in and which areas I should avoid? Do you know of any real estates agents that can help me to find homes that I could invest in?

I also read that you are self-managing all the properties you have. 100% props to you. I would love to do the same thing when I get to your level.
Miguel Suarez

 Hey Miguel, thanks man! Yes, I have answers to all of this but they are for too lengthy for a forum post. Happy to talk and point you to some resources if you're looking in the Detroit market.

I am a fairly new REI in NE Ohio with 2 SFH Rentals.  I am looking to expand my horizon a bit more and looking at more areas midwest.  What kind of class neighborhoods do you have your investments in Detroit?  I'm looking to invest in C+ / B class neighborhoods.