All Forum Posts by: Rodolfo Goncalves

I am an investor in Washtenaw and Wayne counties. I would be interested in buying whatever you have for sale.

I easily get mortgages for investment properties in Michigan with 20% down as long as you have a good credit report / score and a steady W2 job. However, my broker is limiting anything under 100k now. Royal Oak is pretty sought-after and I am not familiar with Roseville, but a quick search on Zillow can give you an idea of what is in the market. 

Thanks @Jessica A.. It makes sense and this is exactly what I was wondering about. There is always a reason why outdated MF homes are dumped on the market at low prices. I personally am used to strict rental laws, but since I use BRRRR as my main strategy, ARV values are a must.

I am also curious to hear what others have to say in this post. I invest in the Ann Arbor and Detroit areas and have been following the Kalamazoo market for a while due to the high number of MF properties available. However, I am skeptical to start investing there due to the low prices of the MF properties compared to other areas in Michigan. I don't see any fully renovated properties in the market, so I wonder if it is worth it investing there at all. All I see are dated old large houses chopped into smaller apartments. Central Michigan University must bring a lot of renters to the city and there is a cool downtown area with many breweries and trendy restaurants. 

If the house is worth it rehabbing, if you can refinance it to cash out your investment, and if your rent after rehab would give you the cashflow you want, I would do it. 

Hi Carlos. I have investment properties in Ypsilanti and Inkster.

@Philip L. Mark Copland from Mortgage One. Just Google him since I can't post his email here. I closed 6 mortgages at least with him in the last 2 years and everything always went smooth.

I have been looking for a decent multifamily in the region for a while and found nothing that fits the bill so far. It depends on your price range and the amenities you are looking for. Usually you you find a house that has been converted to a duplex; live with the family in the first floor and rent the apartment in the second floor. If you are looking for a A/B area I would look in Canton and Plymouth as Ujwal suggested, but deals don't come by often and be prepared to spend $$$. Dearborn is a good option also. Most of the houses in Inkster, Wayne and Westland are 1000 sq ft ranches. With kids you will need to worry about schools too. I can give you some insight if you want, send me a PM.

I use Guardian Tree Experts in Ann Arbor. Not cheap but they have the right equipment for tricky jobs. 

I have done one successful BRRRR and am just starting working on my second. I can't say it is easy, but I was able to succeed without any practical experience. I paid $110k cash, invested $20k in repairs, found good tenants, and refinanced it. The house appraised at $170k and I put $127k back in my pocket. It is rented for $1500/month and my cash flow is about $600/month.