All Forum Posts by: Mike Carino

Hi @Katherine Sherrit and fellow Detroit investor. Welcome to BP.  I am exploring wholesale as of late and considering flipping some of the lead. I could use a solid Realtor and investor partner!

Hi @James Park, and fellow new neighbor in Suwanee, 

 Im learning my way through the North Atlanta market getting very familiar with the North Gwinnett and South Forsyth areas.. Thanks for sharing this knowledge to us, it is very informative as a resident as well..  Are you seeing developers still building at a record high to keep up with demand, Or are you seeing it starting level off ? Thanks

 PM me about Bagley. Are you looking for rehab or turnkey?

Hey Michiganders I'm looking into Rebo Gateway to source new leads for Macomb, Oakland, Wayne, Washtenaw counties in Michigan. Anyone out there use them or have experience with them to source leads? I would like to know how it compares to Listsource for my particular area. The annual  affordable subsciption to pull unlimited data has caught my attention

Thanks Guys

+1 for Detroit and Metro Detroit Areas. Alot of other will vouch the same for Michigan statewide

@Kwame Searcy where or what neighborhoods specifically are you looking in Detroit?

IF your property is in Detroit,  

1)Be happy to pay the $50 monthly bill and collect the guaranteed check.

2)Be happy its only $50. 

3)Be sure to learn from your mistake and put it in next tenants monthly contract

If your confident to resolve the issue with the tenant, Great! take the best course of action. There is a reason they are on a fixed income and living in a certain part of town. Putting those in harder positions will only make it harder to the point its your problem

Financing out pretty easily out of Metro Detroit is pretty standard even if its under 50k. My experience is I have had to wait out 12 months but heard you can cash out in 6 under appraisal (not purchase price). I have yet to find that lender to do it after 6, but I know their out there.This is any suburb area I have invested in that doesn't say Detroit. As for Detroit there have been guys been able to portfolio loan but have a hefty portfolio, mostly performing commercial apts.

@Danny Akkerman you're gonna have to search for local banks that will supply a portfolio loan against the LLC. Danny without any history of real estate and history of owning the LLC they will want a personal guarantee.. And if that's the case dont think its gonna get any better rates and terms than a mortgage.. So whats the difference...

Look Danny, your mortgage guy will only offer you options that he can sell you on.. Your gonna have to dig in deeper if you want to explore other routes than traditonal lending

Your gonna have to get over the "scared" part of  mortgaging or taking liens against your name. You will only get as far as what you think in this game

This is just my opinion but ROI in bigger cities than Detroit can achieve this, and they have the economy to support it. If your not at 12% for you and your investment partners in "better" neighborhoods of Detroit, managing yourself, and only putting 20% down on multiunits.. You need to be digging in deeper into the surrounding detroit market and finding deals off the MLS..

 Unless your exclusively focused in the "A" suburb neighborhoods outside (west of 275 and north of 696)  that mostly are populated with high paying jobs that the auto industry supplies the city.. And we all know that roller coaster that happens in that industry