All Forum Posts by: Trent Thompson

@John Princinsky I was born in Saginaw. The lowest lender I found when I was there was frankenmuth credit union. They write mortgages for down to 20k. 80% LTV....atkesst when i was there. Good luck. Message me if you want some insight on good and bad neighborhoods

@Caleb Brown

House hacking is a strong possibility. I'm just exploring all my options. I wanted to do a quick flip and make some money I could take into my next actual residence since I'm in a rental myself until next August. I will continue to look for deals. Thank you

I sold my first house, a mobile home this week. I got 5k in profit. Not a lot I know but possibly a down payment on a new one.

I moved to the detroit area where I'm looking to start BRRRRing. Houses I see are typically 15k to 80k depending on the neighborhood. I'm looking in good neighborhoods or up and coming neighborhoods at least. My question is how do I enter? I have remodeling know how and I'm experienced in budgets since I'm in property management for a living right now. But I dont know the best way to jump in. Is 203K FHA a safe first loan? I'm ready to jump in. Just need to be pointed in the right direction

@Jonathan Lyford

Thank you. Im not giving up. Just need to work harder on saving i guess

@Daniel Haberkost

The first deal falling through was my own lack of effort, but the last one was because i already own a house. The debt to income ratio wasnt great and my credit score wasnt quite high enough to qualify for low interest. It would have been around 10k down which is just unrealistic for me right now. I think im going to try again in a month or two once ive paid down my debts. Haven't had any luck with finding real estate meet ups in my area otherwise id be networking. Just a bit frustrated that i cant seem to save fast enough

So I've missed out on 2 good opportunities so far because i didnt have a ton of money upfront. I just can't seem to break the cycle. How did you get the money for your first deal?

I was born and raised here. I bought my first house this year and the market is so cheap here i just cant resist. I want to jump into land lording asap.

Theres not alot going on but theres a section of down town thats going through a bit of gentrication. I feel like its going to skyrocket in the next 5 years.

I have my first rental house in my sights. Its a 945 sqft single family for 30k. Close to downtown. Another flipper already sort of renovated it but ran out of money so it still needs work. The beautiful thing is they already have it rented and they dont want to be a landlord. The renter wants to stay and theyre paying 600 a month. If im not mistaken, this passes the 2% test. I dont have a ton of money to put down of this property but it feels too good to pass on. Anyone here in the Saginaw market? Opinions? Advice?

Im a young guy in a cheap market. I fell in with a amazing property management company. I do maintenance as of now but i think i can do more. I see opportunity in this city. Im planning on taking over a rental from a previous landlord trying to move to Detroit. Any tips for a first time landlord?