All Forum Posts by: Antuan Bell

@Randy Sommers thanks for the information, what's the name of the company that you reference?  

First time RE investor with experience in investing in land, looking to invest in Clinton and Genesee Counties, Michigan. I am very interested in buying homes at auctions, renovating them, and renting them out. I'm trying to figure out what is the best method of financing these deals and what other creative financing options are out there? All recommendations welcome. Would love to hear about your experience as well. 

What is the name of this company?

Hey Wayne... thanks for that... care to elaborate? Never used HM before.

I found a good deal that I'm wanting to pursue, this is BRRR cash opportunity. Private funding, F&F (Friends & Family) are out of the question. I am considering using Hard Money for the purchase & some repairs, and then moving into a conventional mortgage.

I'm sure there tons of people out there that have or currently have used this, any suggestions would be welcome. 

Thanks. 

@Chad Brizendine and @Brian Flint, I would also be interested in this. 

@Grant Rothenburger - Have you personally used any of your recommendations? If so, what was your experience like?

Hello BP community, I'm a long time forum frequenter but I feel that now is probably the best time to put myself out there and say 'hey.' 

Single father of two, working a stable job in education technology, and running & 'kind of' managing a small business consulting company on the side. I am extremely grateful for both jobs and the life that they help me provide for myself and my family... However, I am ready for a change, have been for a while. 

My journey started with buying real estate in Atlanta a few years ago before 07' & 08' and most recently buying, leasing, and selling land. However... I am in a place where I am comfortable holding the land that I have and wish to learn the ways of creative financing real estate property deals, and working on building a rental portfolio of 5-10 doors in areas in and outside of my state.

Eventually, I would love to be in a position to help communities maintain good property values and contribute to community revitalization efforts in underserved areas. 

I would like to meet like minded investors in my area, and in Lansing Michigan. I would love to find a mentor that would be open to assist me in my journey of building my real estate portfolio. 

I am currently working on my first deal, so fingers crossed.  

It sounds like buying it at the 80K price is not a problem for you, it's trying to figure out how to use this property in order to obtain another is the problem. Is that correct? 

Why not just keep it simple? Buy it for 80K, rent it out for a year or two, get your feet wet as a landlord and managing the property. After that initial 1st or 2nd year revisit your plan, sell it, pay it off, or refi. 

At least this way you will learn if being a landlord is for you by managing one property instead of two or three all at once.

Thank you both for replying. 

@Virginia Marphis - Yesterday I went with my agent to review the properties, and discovered my market is hot. Properties are on the market for at least 2-3 days and then they are gone. 

I had a conversation with my credit union and the 'finance guy,' and he told me that an FHA or RD financing will not work with a multi-family and that I would have to go the conventional investment route, with higher rates and more money down. So renting one unit and living in the other would not make much of a difference.

I am kind of bummed. 

@Stephanie P. - I'm thinking house hacking a SFH will be the best option for me at the moment based on the information my 'finance guy' presented yesterday. Not to mention the Duplex will be a total overhaul of both units.

I definitely would like to go units, but in my area multi-family is hard to find unless I go commercial 8+ units. 

Interestingly, I've had two financing guys balk at the FHA 203K idea.

So right now I'm playing with the idea of buying a SFH, planting roots (single father of two), and ... or investing in units outside of my state.