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All Forum Posts by: Troy DeLong

Troy DeLong has started 10 posts and replied 132 times.

@Christopher Rubio  I may be biased, but Lansing, MI would be a great market to look at. You can definitely find a property here that fits your criteria.

Most of my clients are out-of-state investors, with the majority of them being from California. I'd love the opportunity to chat with you and see if this is something we could work together on. Feel free to reach out whenever! 
 

Post: Looking for multi family property investments in Michigan

Troy DeLongPosted
  • Real Estate Agent
  • Lansing, MI
  • Posts 138
  • Votes 77

@Uday Anand   Happy Friday to you! I may be a little biased, but Lansing would be a great area to start and establish some rentals. Ann Arbor is great as well, just a much higher price point.

Not sure who you will be meeting as far as a real estate agent goes when you're in town, but I would love the opportunity to buy you a coffee and chat about our market / experience. Just a simple meetup.

I'm an investor myself and a majority of my clients are out-of-state investors. Also, our team hosts the local REI meetups in Lansing. Please reach out if that would be of interest to you.

@Paulina Le  This will depend on what your lease states. Whether you can show it to potential new renters before your current tenant moves out. 

Any minor repairs shouldn't scare a potential new tenant away, but I would hold off if there are major repairs needed. 

For showings while it's still occupied, you could do one or two 'Open House' style showings with your agent before your current renter moves out. That would be the most efficient for your current tenant and agent. 

Hope this helps! 

Post: Out of state cash flowing rental markets

Troy DeLongPosted
  • Real Estate Agent
  • Lansing, MI
  • Posts 138
  • Votes 77

@Avani Bhakta I may be a little biased, but I highly recommend you look into Lansing, MI as an affordable, cash flowing market. State Capital, two major hospitals, near Michigan State University, two General Motors manufacturing facilities, new Amazon distribution center, etc. This is where we are stationed out of and I have half a dozen OOS investors from California who have purchased rental properties here. 

Would be more than happy to do a 30-60 minute call with you to chat when you're ready! 

Post: Doing a deal with wholesaler

Troy DeLongPosted
  • Real Estate Agent
  • Lansing, MI
  • Posts 138
  • Votes 77

@Cameron Porter As long as you have an Exclusive Buyer Agency Agreement with this buyer, then you technically can't be "cut out of the deal". As an agent myself, I suggest to my buyers that they be on the lookout for ANY kind of deal, even Wholesale deals, with the understanding that if the Seller / Listing Broker isn't offering any Buyer compensation then they (Buyer) would need to pay for that out of their pocket. 

As far as Title work goes, most Wholesale transactions still go through a Title Company. Your Buyer is simply purchasing the Wholesaler's contract (Purchase Agreement with the Seller) for a markup fee (Wholesale fee). So the original PA is what maters most. 

Get good at ALL things real estate (Wholesaling being one of them) and sell yourself as an expert agent who can advise your buyers on those transactions. For your Buyer Agent Fee of course. 

I see you're in Detroit. Our team is in Lansing and we deal with these all the time. Happy to hop on a call if you'd like! 

Post: How to find handyman

Troy DeLongPosted
  • Real Estate Agent
  • Lansing, MI
  • Posts 138
  • Votes 77

@Lauren Adair  Did you use a local Real Estate Agent to purchase those properties with? A good agent will always have connections. As an agent, I pride myself in being well networked in my area and being able to refer good contractors / handymen to my OOS clients. 

If not, then I would recommend joining local REI groups on FB in your market and asking there.

Post: New Investor - Next Step ?

Troy DeLongPosted
  • Real Estate Agent
  • Lansing, MI
  • Posts 138
  • Votes 77

@Brady Pretzlaff  Solid work Brady. My suggestion would be to find a 2-4 unit around the area that has some value add opportunity, live in one of the units while you fix it up, move to another unit, rent out the one you just fixed up and then repeat until you've got a fully fixed up and rented 2-4 unit. 

You'll get much better financing and you'll have an easier time managing the property as you'll be on-site. 

Just my thoughts! 

Post: 1st time Investment

Troy DeLongPosted
  • Real Estate Agent
  • Lansing, MI
  • Posts 138
  • Votes 77

@Keegan Mraz 

Welcome! With little cash to invest, I highly suggest you purchase a multi-family property and House-Hack. You'll get much better terms on a loan and can get in for 3.5%-5% down. Plus, you'll be on-site to learn the ins and outs of property management and can even work on improvements while you live there. 

Then, when you're ready for another one, you'll have more cash to purchase with a traditional investment loan, OR, you do the house-hack thing all over again. 

Post: Advice for Win-Win Deals - Investor has 10% Preferred Return

Troy DeLongPosted
  • Real Estate Agent
  • Lansing, MI
  • Posts 138
  • Votes 77

@Alec Perron 

That's awesome that you have a PML partner like this! There are tons of ways to structure this, but to keep it simple, here are my thoughts. 

* 10% return is a good return for a money lender. If they are ok with that, don't complicate it with also adding a profit share. If they want a profit share, then maybe discuss lowering your 'Preferred Return' and then including a separate profit share. 

*If you're going to offer a true 'Preferred Return' and possible profit split, you should really have an attorney whip up your lending docs. If your investor is fine with a simple Promissory Note at a simple interest (Monthly I/O payments or Accumulating) then you can find some fairly standard Promissory Note templates online.

* I would stick with LOCAL investments if you're the active investor. Just my opinion. I consider local within a 30 minute drive. 

If you haven't before, you should really stop into one of our Lansing REI meetups that we hold twice a month. Tons of knowledge in the room. You can find the group on FB at 'Achieve Real Estate Investors' (Picture is the monopoly houses).

Post: New investor looking into commercial real estate

Troy DeLongPosted
  • Real Estate Agent
  • Lansing, MI
  • Posts 138
  • Votes 77

@Dino Dziljaj If you're saying that you've got $70k to throw into a real estate purchase and not just in your savings, then I'd say you can get something decent in Lansing. Sounds like you've got good W2 income and if you've got a good credit score to go with it, I'd stick with a conventional loan (generally 20-25% down) to jump into your first property. DSCR won't have as good of terms and it's really only for when people can't support a conventional loan with their credit or DTI.

Lansing has a local credit union (Consumers Credit Union) that was offering a 10% down investment loan (at higher interest) last year to non-owner occupants. You could reach out to them and see if that's still an option. 

Also, I'm an agent / investor out of Lansing, MI and would be more than happy to chat with you about our local market if you'd like. Let me know! 

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