Dean Hendricks
First-Time FHA Buyer in Detroit Facing $25K Shortfall—Need Urgent Help & Ideas
19 January 2025 | 4 replies
Otherwise, the deal (and all my earnest money/inspection costs) falls through.Money Spent So FarEarnest Money Deposit: $1,500Appraisal: $750Inspections: $1,050Survey: $580I’ve invested a fair amount already, and I really don’t want to lose this opportunity.Financial SnapshotMonthly Income: $4,500 (increasing to $6,000 by March).Monthly Expenses: About $2,000 total, including $1,000 rent (which I won’t have once I move in).Future Income: By June, I expect even more significant income from my business ventures.Debt-to-Income: Not too high right now, but my credit score is poor, so that limits quick loans or credit card solutions.Condition of the PropertyFull Rehab Needed: The house currently isn’t livable without major repairs.Seller Won’t Negotiate: I’ve already asked for an extension and concessions, but the seller is unwilling to help or budge on anything.Attempts So FarFriends & Family: No one can cover $25K.Down Payment Assistance Programs: I’ve tried multiple; none seem to fit.Co-Signer: Already have a co-signer on the mortgage.Personal Loans / Credit Cards: With my credit score, interest rates are brutal, and I’m worried about jeopardizing my FHA approval.Extensions: We’ve already pushed the closing date back by a month.What I’m Looking ForCreative Financing: Any reputable local lenders, credit unions, or community programs in Detroit that specialize in these types of last-minute shortfalls for buyers with less-than-ideal credit?
Travis Marko
Direct skip and Cold Calling Companies
13 December 2024 | 6 replies
When deciding between them, look for flexible memberships, no high-volume minimum, and customer service to help walk you through the process.
Kris Kempe
URGENT Wholesale question
8 January 2025 | 1 reply
Hey BP family, I'm currently trying to help out a family in need from having to foreclose on there property by taking over subject to, it has a high interest rate although the entry is around 20k I want to wholesale this ultimately Is it possible for me, to disregard my initial assignment fee to get a buyer asap and add a 2nd lien on the property as my fee?
Jonathan Greene
Why You Need a "Deal Killer" In Your Life as a New Investor
2 January 2025 | 37 replies
Keep it simple, paint and carpet, buy a good house in a quality area.
Bryan Zayac
Residential Development Costs
17 January 2025 | 2 replies
, whether there's a high water table that encroaches on any underground utilities or foundations (and does that water table have significant seasonal water level variations), encroachments by roads or other improvements on your property, limitations imposed by easements or rights of way, etc.
William Taylor
[Calc Review] A diamond in the rough? - Metro Detroit Duplex report
12 January 2025 | 6 replies
Also showing almost a 20% CoC return, which in my research I've found to be a highly ideal number for investors.Is there something I could improve on with this report or fix?
Mario Morales
Choosing between a "traditional agent" versus "Redfin Agent"
16 January 2025 | 1 reply
Also, which choice is better for you highly depends on what your real estate goals are and the experience level & skillset of the specific agent.Traditional agent and Redfin Agent could essentially be the same thing in many cases.
Alex Silang
Raising rent again only a month after?
16 December 2024 | 14 replies
When you have high quality tenants you want to keep a balance between appropriate rental increases and tenant satisfaction.
David Robertson
Gas station portfolio
18 January 2025 | 0 replies
Please let me know if you have any on- or off-market deals, preferably in high-traffic areas.