All Forum Posts by: Chad Harter

I have a rental property in West Bloomfield, MI and I need some foundation work done. Looking for help connecting with a reliable company who can assist. Any help is much appreciated.

@Markos Gerges just to confirm. Your home was in an LLC or in your name?

@Markos Gerges thanks. So they allowed it in an LLC? What ltv did they go to?

Does anyone know a lender that offers HELOCs on investment property's in Michigan that are titled in an LLC?

Anyone have a solid basement guy in Royal Oak area?  Specifically basement waterproofing?  Thanks

Any conforming loan product is going to hit those losses against the rental income you claim. However, certain loses can be added back in. Depreciation is a big one that you can add back. With two properties total I would assume the bigger question is whether or not your main source of income can support the additional property.

I am wondering if anyone knows some specific lenders that will write a mortgage for low loan amounts on investment properties in Michigan? Specifically, if I buy a house in Southfield, Berkley, or Ferndale using the BRRRR method, what's lenders can help with the refinance part when the rehabbed home is only worth 50k? Most lenders will lend 80% cash out, but in this example that makes it a 40k loan. I haven't found anyone going less than 60k for a loan amount. Any ideas?

Someone has to get hit with the transaction fees when you use a credit card, and I doubt your contractor is willing to absorb that. You could, for example, use the app 'square cash' to transfer funds using your credit card, but it will hit you with a 3%, one time transaction fee. It also typically limits you to $2500 total transfer per week. Although, maybe the one time 3% is worth it if you are going to ride out a 0% offer after that. Depends on your situation.

Work is transferring me out there to open an office in Southfield 

Originally posted by @Richard Dunlop:

Originally posted by @Chad Harter:

Show me the way @Richard Dunlap.  I'm moving there in a few months and I'd love contribute some ground work to your operation in exchange for some tribal knowledge.  Let me know.  

Sure. What brings you to Michigan?