All Forum Posts by: Brandon Oldham

I'm ready to refinance and repeat but I seem to be having trouble with the refinance part of it. I spoke with different companies and it seems to be all over the place with requirements on credit, seasoning, rented or not rented, min loan value, and percentage. Anyone have any solid recommendations for the Detroit area to refinance a BRRR PROJECT.

Thanks!! 

Investment Info:

Single-family residence buy & hold investment in Detroit.

Purchase price: $35,000
Cash invested: $75,000

Picked up a Duplex that I decided to buy and hold. I will rent each unit for $1000 and the property comps at $150 - 185k which allow me to use the BRRRR method. There was a lot of twist and turns along the way with a few new items coming to light as we got started but everything worked out and the lender @FstreetCapital were easy to work with and helped guide me in the right direction.

What made you interested in investing in this type of deal?

I have been looking for a deal to jump in to for a while. I have helped others find deals and have even helped with the rehab and reselling part so I thought it was time to go at it my self.

How did you find this deal and how did you negotiate it?

I looked for owner financed deal on Facebook, the MLS, and Craigslist.

How did you finance this deal?

I setup the deal like I was going to do owners finance and then I asked the seller if he would take less if I gave him cash. He reduced the price and I reached out to a hard money lender to finance the deal.

What was the outcome?

I rehabbed the property and I am currently looking for tenants.

Lessons learned? Challenges?

The biggest things that I learned were more around the different laws for real estate in Michigan. I am an Agent in CA and have done some work in AZ and NV but the process is a lot different in MI. The fact that the water bill is attached to the home and not a person is an issue and slows down the buying process. Also, I dealt with some local title agency's that did not do there job forcing me to follow up and push on them and the seller.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I worked with a hard money lender that goes by F Street Capital and The Money Co. same company. They were solid and fair in there dealings. The fees were a bit high and although they same it will be a hard money loan they needed 14-21 days o close and they acted as a traditional lender through the closing causing a bit of a headache and the seller did not see it as a cash deal at that point.

If you are speaking about Yuma it has about 300k residents in the winter and 150k or so in the summer, I haven’t looked at the last census so don’t quote me. If she will be at the Army bases you will drive about 30-40 min to get to the city but half way there is a smaller city called the foothills by locals which is seeing the most growth by far. The Marine base is on the edge of Yuma headed out to the foothills so living in the foothills is easy access for either bases. There are really a few smaller cities around Yuma as well that most non locals don’t talk about but they are large enough to support there own businesses. You have Somerton, San Luis, Winterhaven (Tech CA), Fortuna Foothills, and Antelope. The biggest economy is Agriculture but the real estate market is strong!! If you have any issues with your realtor let me know and I can recommend a few!! 

@Faisal Rauf did you use castle rock reo?

@Sharre Brooks did you buy from castle rock reo?

Thank you @Jo-Ann Lapin, I will see if I can find them. 

@Hai Loc I have that information but I wasn't trying to shop the deal. PM if you would like to go over the info on it. 

@Kyle Mitchell, are you apart of any groups and would you recommend any certain ones? 

Thanks again everyone/ 

Thank you @Bjorn Ahlblad and @Danny Randazzo, that is helpful. I have a few building projects close o me so that will help. I do need to find a better REI group as the 2 I have connected with are more of an education sales group.

Hi, 

I am a real estate agent in Long Beach, CA and I have been exploring some buy and holds and flips. I haven't done a deal yet but some great deals come across my desk that are hard to pass up but are to expensive to venture out on my own. The most recent deal is a tear down 3/1 SFR up for sale for 600k. The land alone is worth 550k in the area because it is zoned as a four unit. It is the last SFR standing in the neighborhood as all others lots have been converted and comp at $1.8m-$2.2m. Even with knocking the SFR down and the cost to rebuild, the profit will fall in the $500k-$1.1m range. There are a lot of factor when run the actual numbers but I wanted to simplify it but that has me looking for a partner but I do not know where to start. Any advice?

@Samantha Chang with the market booming in the southbay I would consider selling it or pulling out the equity and investing the cash in more popular areas that area fast growing, like Long Beach, Lakewood, or Bellflower. From a rental perspective these home are tend to have a better occupancy rate and they are appreciating at +6% a year. The cost are about $100k more on market but off market you can find some deals around $450k that comp out at $650+. I think it is worth exploring weather you keep it and do a Heloc or sell.

Hey Ruben,

I grew up in Yuma and know a lot of the major players in the market. I am looking to start investing there again so lets connect.