All Forum Posts by: Nicholas Knaebel

@Nick Bendick did you ever start investing in Mount Clemens?

I have working my butt off building capital, earning a great credit score, and learning the business. And today, I have pre-approved to move forward on obtaining a multi-family unit.

I am scared and excited at the same time. I truly believe that this is the path to financial freedom. Thank you everyone for your continued and combined support.

@John Warren thank you. Do you just perform your own move-in checklist? Also, how do you handle people wanting to see the unit?

Hello BP members!

First off I would like to thank you for reading another post about Cozy.co, I know there are many. Many are older and still leave me with a few questions.

I have read “The book on managing rental properties” and “Landlording on Autopilot.” I would like to make good use of the information found in these books. I would like a platform to help manage properties and use all the proper forms.

So with that being said, here are my questions.

Does Cozy.co offer...

Communication with prospective tenants to allow showings?

Move- in/ Move-out checklists?

Business websites?

Custom documents? (Lease/application/work orders/etc.)

Bookkeeping?

Bi-weekly payments?

Upselling like maid service?

Thank you again for your knowledge and experience. I may be asking a lot for a free site. Does another option offer all of this?

Thank you Daniel. 

I currently have an agent that I just started working with, I will have to ask her what she knows about the property and if she has a background in short sales. If not, that will be a move I need to make.

Is the Registry of Deeds something I can pull up online? What other information can I obtain from it?

Thank you Brett for a quick and decisive answer! 

How do you go about looking at title and recorded notices?

Hello everyone,

Thank you for taking the time to read my question. I am a soon to be investor ( have not made my first deal but working hard at it). I live in the metro Detroit area and looking at a duplex near downtown Mt. Clemens. It is listed on the MLS as "sale to short sale approval!!" for 99,890 and an zestimate of 116,451. I looked the property up on the city assessor website. The owner bought the property in March of 1999 for $117k.

What I do not understand is how he is under water on this house. Maybe he refinanced? According to an amort. excel spreadsheet I have he should owe 71k (with the assumed 7.8 interest rate of 1999).

Is there a way to find out what he owes and is there an opportunity for some creative financing here. He is an 89 year old man, living on his own. I say this because I may be able to help him as it appears he has already moved and probably does not want to deal with tenants anymore ( upstairs unit is occupied).

Can I assume his mortgage and refinance for a lower rate? Am I stuck in attempting a short sale buy? I have money that can be put down but would like to be creative to preserve capital.

Thank you in advance for any responses and if I left any key information out, please let me know.

Thank you for the response. Currently I have only a small cc debt, with no interest, and a small loan. Both of these would of been paid off if it would of brought it to 50%. And yes unfortunately I did not claim enough for all of last year. Is there a certain time frame into this year that can make them look at that? Is there any lenders that would go up to 60%, without real high APR on a cash out?

Hello,

I am new too REI and am having a hard time securing a loan. I am a server and only claimed 24k last year. I was looking to cash out refi my house and use the 25k to buy a duplex in full. I also have enough saved to try and get a baby mortgage but again not enough income. I am currently paying a PMI on my house and the cash out was going to actually lower my monthly payment. I don't want to wait until next year, after claiming more income, to get a property. Please any advice would be great.

Hello, I am new too REI and am having a hard time securing a loan. I am a server and only claimed 24k last year. I was looking to cash out refi my house and use the 25k to buy a duplex in full. I also have enough saved to try and get a baby mortgage but again not enough income. I am currently paying a PMI on my house and the cash out was going to actually lower my monthly payment. I don't want to wait until next year, after claiming more income, to get a property. Please any advice would be great.