All Forum Posts by: Mike Carino

10% down for a portfolio loan, No PMI, HELOC opiton, and can title under an LLC!? This i my white unicorn!

I cant get any better than 60% Max with portfolio loans against real estate in Michigan.. hmmmm..

@ Looks like I need to take US Bank seriously on the next deal! What is your Interest Rate and length of loan?

Andrew what a great find.. Keep it up! I have a question out of curiosity. What made you choose a portfolio loan over the traditional fannie mae? Did you put the property an LLC? I have never heard of HELOC under property under portfolio loans before either that's pretty awesome. How were you able to get into an FHA loan if this portfolio loan property is claimed as an owner occupied? Thanks in advance

@Darren Wendroff I invest, flip and wholesale on "Certain blocks" if you dont know the blocks and you dont know the people..... Do waste your time.  You will get burned one way or the other. Work with trusted people that you know and know the areas very well. 

I love Detroit and Metro Detroit. I really depends on your own type of investing strategy. There are plenty of nice and easy safe, and even turn key bets in metro Detroit where you dont have to worry and property management that can withstand the small problems. 

Being an outside investor is hard. So why make it harder? Invest in  the right team on the ground if your going to invest the money in the city... Yes I invest in the city and I am an outside investor.. But I did the time for me to put myself in that position.

@Thelonious Jones 

Great Job! You have what it takes in a particular market that no one can touch unless they know the streets. I have had the same similar successes in my experience with Detroit, by teaming up with people just like you. We should meet sometime. Best of luck and keep grindin ahead of everyone!

@Account Closed is very well seasoned and sums it up very clearly for you. Work on having boots on the ground that know where to go. How do you get it? Advice: Show the money..

Being outside without someone on the inside you will never be first to the deal. Build the team and put the time into finding people you trust and you can do incredible things with the MI market.  If you stick to doing research online,and never experience MI yourself...  You will always be behind local investors that are killing it. Best of luck with your ventures :-)

I also hear about entercaste.com but have not heard anyone investing in the city actually using them. I've heard they are more of an "on call" team when things need to be fixed, so they do not have a dedicated team.

@Richard Haslett

I have built my portfolio and experience with Detroit properties. Property Management will depend on what specific neighborhood you land in. I live  in Suwanee, lets chat sometime soon.

@Chris England I have been through a few in Dearborn and I like it very well. I stay on West Dearborn side close to Ford, and yes they are tougher than other burbs which does hold alot of the investors in check. But I would say they very comparable to Allen Park. Pay attention to the taxes, this indeed keeps "some" investors out of dearborn. Since your local use your advantage and target the West Dearborn Areas that have lower tax rates than Taylor! Best of luck

Thank you Detroit ,

I came to this city with the mindset I wanted to be a real estate investor even though I knew nothing about the city. And with alot of the BP postings that happen on the site it truly feels like its Detroit vs Everybody lol.

I set a goal in mind here to build a team I can trust,  find the right people that know the city street by street, and know the right people to mentor me. Though I was an outsider looking in, everyone was pretty helpful and willing to help and never left me with a dull moment. In a short period of two years of dedication and 20 something different acquisitions, I have found my path that I want to go forward in real estate and its impact it has made in my life and my future vision..

I won’t forget my first day here thinking Dearborn was Detroit … The excitement of my first place costing me a whopping 10k..The numerous occasions of jumping through windows on a foreclosure to see if it was gutted or not... I can go on and on lol..   This city has taught me well with the ins and outs of real estate, the to do and what no to dos. I met many that have made it really big, and many that have lost it all. I have made many mistakes, gotten burned, gotten lucky at times, and won big at times too.. At the end I achieve my goal and am very happy with my experience.

I can now say I am on out of state investor as I have now am looking forward into my next journey in the Atlanta area. Not sure of the outcome will be in Atlanta, but come with the same mindset I had in Detroit. Keep learning, keep questioning, keep grinding.  I will continue to grow my portfolio in Detroit and Metro Detroit, and visit often (not in the winter). I truly support the efforts of the investors, businesses and the people in the community that are truly making a difference. Keep Building!

Erik, taxes kill the deal. I don't even have to look at your evaluation.  That number wont get go any lower for the city of Dearborn.

Will the bank provide a C of O? Dearborn inspectors will get every dollar they can get, if they know its a rental. Trust me, it hurts

Don't worry about an AC unit, Dearborn will get good rent and renters with or without it. The house is not very big, and window units are suffice. 

Good luck with 45k offer, unless your west telegraph/south Michigan or its sorta of a weird layout.  Cant say it cant be done though, never ever hurts to submit the offer in. From experience with West Dearborn homes, you are up against  with high dollar local investors/entreprenuers that are directly attached to the realtors on majority of bank owned and hud homes. 

On a first deal, I see your going very conservative and that's great. But don't shy away from other areas that get you great rent returns, less hassle on inspection, and most importantly lower taxes. You know where to go for that.

 Good job Clint! Now remember don't forget to expand your goal on what to do after you acquire the properties.. who do you need on your team locally? who is your boots on the ground? Who will manage?  Point of contact to get title work cleared up? Who will evict if a tenant doesnt comply?  Who will do rehab even the little things right away? What will you do on vacant properties over the winter? Keep the wheels turning my friend. You are on the right track.