All Forum Posts by: Anthony Stokes

I currently reside in Auburn Hills. I am borderline to Orion Twnshp. I believe Gaylord Mich is several hours away from me. It sounds like a nice road trip if you are driving. I have visited Alabama several times (near Gieger area). I always enjoy the scenery. Do you and your husband own any investment property. Thank you for the feedback.

Hello to all of my fellow investors and entrepreneurs. My name is Anthony Stokes and I am a newbie to BP and REI. I have recently purchased my first property in Detroit,MI in which I will be renting out. I am looking to buy more foreclosed properties for cash (5k-10k), do cosmetic repairs, rent them out for cash flow/and/or, wholesale them to investors, and lease option them to potential buyers. Eventually I would like to own apartment buildings or complexes that would bring in cash flows of at least $20,000 a month. Currently the way the economy is going in Michigan, it is the perfect time to own rental property. A lot of people are losing homes, and relocating. The people who decide to stay in Michigan, would rather rent than buy.

Hello again. Is anyone out there? I really would like some feedback on this question. :help:

Hello Joe, and to everyone else. I just climbed aboard on BiggerPockets and this is my very first thread participation. I reside in Michigan as well (Auburn Hills). I am a newbie to Real Estate investing, but I have done extensive reading for the past few years along with picking the brains of a few seasoned investors. On 11/30/07 me and my wife closed on our first investment property! I am very excited because I have been wanting to do this for a long time. We got the property for zero down and received $19,000 back at closing! I will make cosmetic repairs on it this week and rent it out. I have a question for the experienced investors. If I purchase another property for cash, say $5,000 to $10,000 (I am referring to a bank owned property because Michigan has tons of them for that price). If the property appraises for 50k, 60k, or 70k, would I be able to get a loan against that property or a line of credit? This is the next move that I am considering to establish more capital and to reinvest in more properties. Any advice would be greatly appreciated. :idea: