All Forum Posts by: Troy DeLong

@Gregory Schwartz

If you're not worried about Property Management tracking, and more so looking to keep tabs on your personal/business progress, I highly recommend Monday.com. 

I work for a GC and we started using Monday.com after the new year. It's very user-friendly, low cost and allows the option to add team members to projects and tasks. Very clean format. 

@Ashley LaVigne Being your property, you'll have to have the rental license in your name and not the PM's, but most management companies take care of the registration. If not, at least guide you.

Being that tenants are already there, shouldn't there already be a license in place? If there is, then all you need to do is submit your 'Transfer of Ownership' form to the City and you'll be good to go. 

If there is no license in place, then I would question who you are purchasing from. If you need to file as a new rental, then as long as you have APPLIED for a new rental license, you can put/keep tenants in the building. That is my personal experience with the City of Lansing. 

Hope this helps! 

@Chad Keilen There are definitely agents in the area who are way more involved in this than I am, but I've helped clients close on five investment properties in the last year and am continuing to learn and move in that direction everyday. I'd be more than happy to meetup with you when you get back to Lansing and discuss potential moves you could make. Let me know! 

Hey Chad, welcome back to Lansing. 

I'm not aware of any particular brokerage that is KNOWN for being "investor friendly", but each brokerage usually has an agent or two who is well versed in investments. I'll stay fairly neutral here and suggest you search for investment properties online (Active and Sold) and keep a tally of which agents are buying/selling the most investment properties and see if you can't interview with them when you get in town. 

Best of luck! 

@Brandon Paisley Landon Allen (Above) would be an awesome one to connect with to talk about Wholesaling & house hacking. I'd be more than happy to chat with you and answer any questions you have related to on-market properties and maybe even get in to see a few. Tagging along to the Lansing investor meetups is also a great way to network and connect. 

@Alex Roter Yes, that part about the 'Initial Distribution' does help a ton! Thanks Alex. 

@Alex Roter Would the grand total rehab loan (Purchase and rehab) be for the ARV of the building? Is there anyway I could accomplish the rehab under budget and pull more money out of the loan than keeping 20% in? If that makes sense... My goal is to KEEP as little money into the deal as possible.

@Michael Temple I had given some Lease Option, Seller Financing and Sub-To strategies some thought but couldn't get past the road block of 1) Having to put about $40k of MY own money in the place, and 2) How would I get that $40k back out of the deal? Or would I have to leave it in the property for years? 

I'm just concerned about putting that much money into a property that I don't own. 

@Julian Wyer Do you own the house out-right (ie. No mortgage)? Or do you still make monthly payments on it? 

Either way, when in the BP calculator, I would input $0 for your PURCHASE PRICE, 0$ for CLOSING COSTS and select 'Cash Purchase' under the LOAN DETAILS. 

Then, if you are not making any monthly mortgage payments and the house is paid off, there is nothing else to do to "Manipulate" the BP Calculator. If you are making monthly mortgage payments still, scroll to the bottom of the BP Calculator under EXPENSES, select 'Other' and input your monthly payment mortgage as a 'Mortgage Payment' expense.

Hope this helps! 

@Allan Pilapil I'm a local agent/contractor and soon to be (fingers crossed) investor out of the Lansing area. Would love to chat to see what you're after and answer any questions I can about the Mid-Michigan area. I've worked with several out-of-state investors now, all whom I've met through here on BP. 

Also, Joe (above) has a WEALTH of knowledge and is a great one to chat with. 

If your HELOC loan is big enough for the purchase and rehab, I highly recommend you do it! 100%.

A HELOC is essentially a high limit credit card that you pay yourself interest on. No sense in paying interest to someone else at much higher rates and fees. When it comes time to writing your offer, a HELOC is considered cash. Hard Money is NOT cash, but still just a loan/mortgage when writing your offer.

Plus, any HML will want to do inspection draws (depending on size of rehab) and will just slow you down. I would argue that the only difference between HELOC and a HML (or Private Money) is 'who is the bank' and 'what are the fees/interest'. Risk on the purchase and rehab doesn't change.