Updated about 5 years ago on . Most recent reply
Financing in Ann Arbor
Hello! I am a new real estate agent and designer in Ann Arbor. I have family members and contacts with 10+ years experience investing in real estate. Because Ann Arbor isn't the $100k or less housing market, I'm wondering the best way to finance $300k-400k homes with $50-70k of investment funds from fam and friends. Other ideas? It seems conventional lenders want the property mortgaged in the investors names and that's not something anyone is interested in doing. Would appreciate any direction in financing rehab/investing opportunities here. Thanks!
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You're a real estate agent, so I'm not telling you anything you don't know, but I think you're going to find it incredibly difficult to find a cash flowing property in Ann Arbor let alone one that cash flows, pays a decent return to investors, and pays you something. Just so competitive there.
I'm starting to look in areas where Ann Arbor growth is going to spill to like Whitmore Lake, South Lyon, Brighton, etc.