All Forum Posts by: Brad T.

Hi @Haley London, I agree that a house that is already updated is a good first one to get some experience. 

I have 3 others in Waterford and 1 in Madison Heights.  I also just acquired a 12 unit apartment in Monroe. 

You said you have some experience in commercial business, what did you used to do?

Welcome to the residential side!

Brad

Hi @Haley London, Clarkston is a great rental area.  I have one there also and it is very easy to find tenants.  $900 seems low to me if the house is in decent shape.  I would expect over $1,000 for it.  Good luck!

Brad

Welcome @David Calme!  I am from your area (White Lake).  Are you just starting into real estate, or do you already have some properties?

My favorite books are below.

- Multi-Family Millions by David Lindahl

- Mastering Real Estate by Frank Gallinelli

- Investing in Apartment Buildings by Mathew Martinez

- The ABCs of Real Estate Investing by Ken McElroy

- As others mentioned, Buying and Selling Apartment Buildings by Steve Berges

- The Millionaire Real Estate Investor by Gary Keller

These are all great books with a different spin on real estate investing.

Hi Pat,

  Sounds like an interesting deal.  What is your main goal for this investment, cash flow or capital gains?  The big question would be are you planning to keep it long term or get it stabilized and then sell it.

Best of luck!

Brad

What year were these units built?  Is there a lot of potential cap ex needed?

Welcome, @Daniel Moen !! There are a lot of great local (and non-local) people on this site that are more than willing to help you in your investing.

Lifestyles Unlimited has a great podcast and 2 day webinar focused on single family and apartment investing.

I would try to work with a good local mortgage broker for the cash out refi.  I agree that this might be difficult.  I have heard of several people struggle with this in my area also.  

Is Wells Fargo good with your multifamily loan once you get the down payment figured out?  How long do you have to close on this deal?

Were you able to complete the cash out refi?  Just trying to figure out if you have 2 separate problems, or just the financing of the multifamily.