All Forum Posts by: Manuel Prado

Congratulations on getting your first deal under your belt. We are investing in MBS as well increasing our rental portfolio, fix/flipping homes, and wholesaling whenever we are out of our capacity. Let's connect to bounce off some ideas and network 

I look for more durable and good looking products on rentals. On fix/flip intend to find products that are attractive, little more on price, and because they are ore expensive most of the time they are more durable. For example: Rent vs flip materials in that order Flooring: vinyl plank(peel and stick)/tile Bathroom: use existing vanities if possible/replace unless is not needed. If possible use tiles in tin for rental and definitely for flipping Carpet: mid grade/high grade Paint: only one color paint/ between 2-3 Lighting: update if needed/ definitely update with good stuff Landscape: minimal to attract people/do whatever is needed to get that curb appeal Just ideas. Hope that helps

Location is key and the members have drilled on that. I believe your are doing your due diligence and continue doing so you know if it's a good area. I personally would stay away from a D or bellow Thant D area. If it's C, then make sure you put a good 7-10% in the vacancy slot on BP calculator to be on the safe side. Take a good look at the roof and mechanicals so your capex won't be hurt in the short run. Good luck!!

Thanks Brian I will try that one out.

What about if you only put the house under contract with a closing date far out to where you/they think they will be in their new home? Maybe use this strategy to see if they are trying to hide something behind scenes (maybe running late in their mortgage payments and getting close to pre-forclosure) 

If the numbers don't work out for you by letting them stay in the house while they find a new place then is like renting to tenants at a price that doesn't fit your needs, which I don't think is what we look for. As good or as bad as you want this deal to put under your belt, make sure the numbers work out for you and not for them.

Hello fellow Michigan Investors. I am currently investing in the Mid-Michigan area and am finding great deals in the $10k-30K purchase price with $10k-30K rehab budget. The problem that I am running into is that the hard money lenders/crowdfunding companies that I have talked to (Realty Shares, Lendinghome, Lending 1, Lima One Capital) can only do a minimum of $75K type of loans, that is purchase price plus rehab budget. There was one deal that I basically had to take an extra $7k out of the rehab budget to meet that line and get the funds. I was fine on paying a little in interest on money that I didn't need for that specific deal, but just to make it work it was worth it. 

Could you guys help me out in trying to find other hard money lender and/or other sources of private money, or whatever idea you may have that could help me take advantage of this $10k-30k deals that I am getting under contract?

Thanks,

Manny

Any investors looking for solid borrowers to lend cash. Our team has over a decade of experience in real estate.

We have a solid deal under contract in the city of Midland, MI. It is a 3 bedroom, 1 bath ranch home that needs minor TLC. It has great equity. We are looking for investors that would like to fund this deal.

For more information please contact me.

Ranch home with 3 bedrooms and 1 full bathroom. Features include an open floor plan, vaulted ceilings, fenced yard, deck off back of home, enclosed porch, newer furnace, and new roof. Convenient location! Excellent property to keep as a rental.

The following two links have detailed information about the property such as: description, pictures, video, rental projections, cash analysis, financed analysis:

- Financed Analysis with 20% down payment: https://drive.google.com/open?id=0B6VZEVI4P9Sgel96...

- Cash Analysis: https://drive.google.com/open?id=0B6VZEVI4P9SgYTFl...