Private lenders for Michigan properties ?

Question

Hi my name is Jay Jones, I’m a wholesaler in the Metro Detroit market. I’m looking to expand into buying assets to build passive income. I want  to use the BRRRR method to buy my first property, I prefer to get a duplex but not canceling out single family properties. I’m looking to buy in the suburbs (Southfield, Oak park, Warren, Sterling Heights, Redford etc.) . Not interested in the Detroit market unless it’s in the historic areas.

I would like to know what private lenders are on BiggerPockets? Also what there ending criteria is?

Annette Hibbler · Answer

I'm a licensed Realtor and investor residing in Livingston Cty and work with investors as well. We've used a number of lenders for our Michigan rentals and my husband is now a broker for one of them. What sort of value are you looking at? The property has to be valued at a minimum of $75K. They do up to 4 units and the rate is based on credit but they don't look at your finances or require any bank or tax details. They focused exclusively on the value of the property.  Let me know if you'd like more info.

Saravanan Saravanan · Answer

@Jerrel Jones

There are commercial and hard money lenders nation wide.   You can also meet some private lenders in local REIA meet up groups.

Banks and credit unions can also lend based on type of property, location, loan amount, debt income ratio tc.

We are lenders local in michigan and can be one of your possible tool for consideration.

Quaeshun Ross · Answer

@Annette Hibbler are you still current on this information? If so I would love to connect as I am currently looking for an private investor.

Salvatore Lentini · Answer

I work with a number of private lenders and national investor friendly lenders to grow my own portfolio.  No tax returns or W2s required.  Loans based on the property not the borrower.  That's how I was able to get to 127 rental units in 5 years.  First few loans were with traditional banks but then I wasn't able to qualify anymore due to each of the rentals being viewed as liabilities instead of assets.

Frank Grumeretz · Answer

@Annette Hibbler is your husband still a broker for the lender you mentioned above? I'd be interested in connecting with him if he is. Thanks.

Jay Jonez · Answer

@Annette Hibbler I’m looking to invest in the Oakland county and Macomb County areas. If I can find duplexes in those area that would be great but not shying away from single family.

Private lenders for Michigan properties ?

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