I invest heavily in Detroit and evictions are 3-4 months on average (was faster pre-COVID).Property taxes are high on a percentage basis but increases are capped at the rate of inflation with a max annual increase of 5%. 

I can refinance this deal to increase cash flow and help with property management costs when the $5,000 is gone.

A beautiful long term property with an increasing equity in a nice neighborhood with tons of rental potential and or good opportunity for selling due to aesthetics and location.

A beautiful long term property with an increasing equity in a nice neighborhood with tons of rental potential and or good opportunity for selling due to aesthetics and location.

Increase your income, reduce your expenses, save consistently until you build up enough to invest.

Details below...We need a FAST cash-out loan product that requires only the personal guarantee of my business partner (60% ownership) to be used for: completing the remaining rehab and getting the 1st house rent ready, paying off revolving credit accounts to get her credit score up, and funding the other projects we have in the works.To help bring you up to speed on what's transpired over the 11 weeks we've been in business...We started our business on Dec 1, 2023, leveraged our "then" good credit/high w2 incomes to bootstrap the startup, assembled a rehab team, and are now about 2 weeks out from the completion of our 1st rehabbed property.We've closed on 3 properties, all owned free/clear, and have paid for renovations with personal funds/credit.My credit score was 810, but is now 592, due to excessive debt but 100% on-time payments, therefore can't personally guarantee a loan.My business partner's score is currently in the 700s, but likely wont be for long, due to her revolving credit % continuously increasing, as we push towards the completion of the first rehab utilizing her remaining credit on her CCs.Recently, I started researching the underwriting timeline for DSCR loans. 

To those who self-manage luxury rentals and are not licensed real estate professionals, are you concerned about your listing (listed by owner) attracting scammers?

Its like 55-60% Commercial....but there is a lot of space to increase the residential  square footage  (such as a laundry room).

If you are looking to scale your portfolio, it would make sense to use leverage and increase your return on equity.

Set your rent a little below market to attract more applicants.