All Forum Posts by: Nader Hachem

I've been seeing some recent news on 40-year mortgages. I'm not sure if they even apply to investment properties, but i'm going to assume they do. Would this actually make more sense for Investment properties? Especially in a high interest market? Will this make things easier to get into a first rental property?

Now, one of the biggest cash-flow killers is the high interest rates, i.e. - high monthly mortgage. Would 40-year mortgages make it easier to get into long-term investment properties? I'm speaking on lower cost properties around 150-250K. I know this will also prolong the loan and in the end you end up paying more total for the property. 

My thought is that 40 year will allow you to get into these properties easier, since payment is lower which in turn allows for cash flow.. then maybe down the line you could refinance into a shorter loan.

Just some thoughts, i'd like to hear others thoughts too.

Looking at a few properties, i've run into situations where these properties are on main roads such as 5 Mile, 7 Mile (Metro Detroit), etc.. 

What are the pros and cons of having houses on main roads? Are these something to avoid? Harder to rent out? Just thinking from the renter's perspective, I'd hate to live on a main road... difficulties of parking, difficulties backing in and out of drive-way, noisy.. but i may be missing something

thoughts?

 Awesome to know! It seems like there's advantages and disadvantages in both the winter and summer. Definitely going to go out and get that first property

I've heard previously that it's difficult to fill vacancies in rentals during the winter, especially in Michigan, because of the harsh weather and no one really wants to move during these times. Is this enough to postpone buying the first rental until weather warms up or is this difficulty not really an issue? Is it really that much more difficult to fill a SFH in the winter because the weather?

There's always the option to purchase and inherit a tenant, but i'd be hesitant on that due to things like- not sure how good of a tenant they are, what the lease consists of (can always take a look before purchasing), etc.

 Hey Joe, Are the specific areas that are the "good" areas and ones that are worse than others? I've heard from some people you usually want to stay North of 9 Mile, etc. 

Hey all, i'm in the Metro Detroit area and currently i've been looking in the Redford, Dearborn and Dearborn Heights areas. I'm most familiar with Dearborn and Dearborn Heights because that's where i grew up - but it's terribly expensive in Dearborn due to taxes and already high prices. 

I've been seeing a lot about Warren but i'm not too familiar with Warren, MI. Does anyone invest there currently? Buying deals there now? I've talked to a few who have rentals there but would love to connect with more investors in the area who already invest there. It'll help me learn the area. 

 Are they able to provide closing costs/interest rates without pulling credit? I feel like I usually get the answer that they need my total information and credit report

Hey all, 

I closed on my primary back in June and I’m looking to move into buying my first rental. My credit score is great right now, just opened a credit card earlier this week and I know there’s a 14 period where I could pull credit multiple times without harming my credit.

Being in this position, I want to get preapproved for the rental but not sure if I should wait out a bit 

Anything I should be aware of before?