Skip to content
×
Pro Members Get Full Access
Succeed in real estate investing with proven toolkits that have helped thousands of aspiring and existing investors achieve financial freedom.
$0 TODAY
$32.50/month, billed annually after your 7-day trial.
Cancel anytime
Find the right properties and ace your analysis
Market Finder with key investor metrics for all US markets, plus a list of recommended markets.
Deal Finder with investor-focused filters and notifications for new properties
Unlimited access to 9+ rental analysis calculators and rent estimator tools
Off-market deal finding software from Invelo ($638 value)
Supercharge your network
Pro profile badge
Pro exclusive community forums and threads
Build your landlord command center
All-in-one property management software from RentRedi ($240 value)
Portfolio monitoring and accounting from Stessa
Lawyer-approved lease agreement packages for all 50-states ($4,950 value) *annual subscribers only
Shortcut the learning curve
Live Q&A sessions with experts
Webinar replay archive
50% off investing courses ($290 value)
Already a Pro Member? Sign in here
Starting Out

User Stats

2
Posts
0
Votes
Olga Buchonina
0
Votes |
2
Posts

I need some loans for rehab/remodel and bring up to code

Olga Buchonina
Posted Dec 21 2022, 13:54

I am new to this forum. I would like to find someone who can help me to find a loan/investor to do rehab/loan/inverstor on two houses I own in Detroit. Where should I start. 

User Stats

2,875
Posts
2,317
Votes
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
2,317
Votes |
2,875
Posts
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
Replied Dec 21 2022, 13:59

Value of each home as is; what work needs to be done to bring to code and to make it more rentable; cost of the rehab; time frame to finish; have you done this before; do you have a contractor; what supplies you need and how long will that take; do you plan to rent or flip them; completed value; your FICO; own them and want a refinance it is in your name?...

User Stats

2
Posts
0
Votes
Olga Buchonina
0
Votes |
2
Posts
Olga Buchonina
Replied Dec 21 2022, 14:04

Value if fully flipped is about 75K. Most of repairs will be about 25K per house. I do have a contractor and I have done my own houses before, time to finish - ASAP. Most likely it will take 3 months - 6 months depending on weather in Detroit ( winter time). I plan to rent it out, flip is also possible. FICO I will not disclose on forum. I own both, no need to refinance.

BiggerPockets logo
Find, Vet and Invest in Syndications
|
BiggerPockets
PassivePockets will help you find sponsors, evaluate deals, and learn how to invest with confidence.

User Stats

739
Posts
409
Votes
Andrew Garcia
  • Lender
  • Charlotte, NC
409
Votes |
739
Posts
Andrew Garcia
  • Lender
  • Charlotte, NC
Replied Dec 21 2022, 14:10

Hi @Olga Buchonina, more information would be needed but thank you for providing a few more pieces of information. I can refer you to a lender that can help if you would like.

Feel free to reach out and I will get you connected.

User Stats

7,451
Posts
4,019
Votes
Drew Sygit
Property Manager
Agent
#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
4,019
Votes |
7,451
Posts
Drew Sygit
Property Manager
Agent
#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied Dec 26 2022, 17:54

how much and are they in the City of Detroit?