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All Forum Posts by: Chauna Gibson

Chauna Gibson has started 2 posts and replied 10 times.

Quote from @Travis Biziorek:
Quote from @Kiki Helland:

Are there any satisfied owners with good property management in Detroit?  Old posts had me go with one that seemed professional. Nice talk, but not the walk.  Is anyone having success at this time with a good property Manager?


 Happy to talk about this offline. I don't make recommendations publicly for several reason.

FWIW, I have 12-doors in Detroit.


 Can you message me who you use??

Post: Looking for a Detroit Property Manager

Chauna GibsonPosted
  • Posts 11
  • Votes 0

I have a multi-family i need help with, no longer want to self manage

Quote from @Bob Stevens:
Quote from @Chauna Gibson:
Quote from @Bob Stevens:
Quote from @Chauna Gibson:
Quote from @Bob Stevens:
Quote from @Chauna Gibson:

Hi all! I'm having the hardest time finding a HML, people don't call back or answer the phone. I need funding for a multi-use property and i'm at a standstill because I can't find anyone that's responsive or doesn't have insane terms. Anyone that can help or recommend someone?


 How many have you done and how much cash do you have ? 


 this is my first one. $100K


Well the 1st issue is no experience., how much is the PP ? You are going to have to have at least 60% DP, as you are new. What about contractors do you have any you can trust 100% ? Do you know the repair costs, what they really should be ? Do you have a property in mind? Do you know the ARV ?

All the best 


Yes my aunt is a developer in the city and her husband is a contractor. Reno will be about 80k. there is a specific property, it's mixed use/vacant . listed for 275k ARV is $450k


 Just go to the local, RE forums, present your deal, You will have to use all of the 100k, but than what about the reno,,,, I suggest connecting with someone doing deals, maybe flip the contract, but work side by side so you learn . This deal needs about 350k, you only have 100k, IMO you are going to need at least 60% down .  I would not lend on these terms as you are new, but thats just me 

All the best 


right i don't have the cash for the purchase/reno that's what the HML would be for. Just curious, what's wrong with it being my first? just for knowledge sake

Quote from @Chauna Gibson:
Quote from @Bob Stevens:
Quote from @Chauna Gibson:
Quote from @Bob Stevens:
Quote from @Chauna Gibson:

Hi all! I'm having the hardest time finding a HML, people don't call back or answer the phone. I need funding for a multi-use property and i'm at a standstill because I can't find anyone that's responsive or doesn't have insane terms. Anyone that can help or recommend someone?


 How many have you done and how much cash do you have ? 


 this is my first one. $100K


Well the 1st issue is no experience., how much is the PP ? You are going to have to have at least 60% DP, as you are new. What about contractors do you have any you can trust 100% ? Do you know the repair costs, what they really should be ? Do you have a property in mind? Do you know the ARV ?

All the best 


Yes my aunt is a developer in the city and her husband is a contractor. Reno will be about 80k. there is a specific property, it's mixed use/vacant . listed for 275k ARV is $450k


 I'm also a licensed realtor. so yes to knowing how to screen tenants/PM is covered.

Quote from @Bob Stevens:
Quote from @Chauna Gibson:
Quote from @Bob Stevens:
Quote from @Chauna Gibson:

Hi all! I'm having the hardest time finding a HML, people don't call back or answer the phone. I need funding for a multi-use property and i'm at a standstill because I can't find anyone that's responsive or doesn't have insane terms. Anyone that can help or recommend someone?


 How many have you done and how much cash do you have ? 


 this is my first one. $100K


Well the 1st issue is no experience., how much is the PP ? You are going to have to have at least 60% DP, as you are new. What about contractors do you have any you can trust 100% ? Do you know the repair costs, what they really should be ? Do you have a property in mind? Do you know the ARV ?

All the best 


Yes my aunt is a developer in the city and her husband is a contractor. Reno will be about 80k. there is a specific property, it's mixed use/vacant . listed for 275k ARV is $450k

Quote from @Scott E.:

Google "hard money lender near me" and call the top 3 results. They will answer the phone. Or if they don't, they will call you back.

Getting a hard money lender to call you back is easy. But getting them to fund a unique mixed-use deal is another story.

You should try to also get in touch with a couple experienced commercial developers in your area. If they like the deal, maybe they will partner with you. If they don't like the deal, it's probably a sign that you shouldn't like it either.


 I guess i shouldve added when I do get a response, they don't work with multi-use that's vacant/not income producing yet

Quote from @Lien Vuong:

Maybe their lack of response is speaking with the value of the deal? While HMLs are hesitating to lend at the moment, I don't know anyone who would turn down a deal that was well priced and an asset that made sense. 


 It's lack of response prior to me even presenting the deal, I would leave a general voicemail or fill out their online app or send a text and they say they will call back but never do

Quote from @Bob Stevens:
Quote from @Chauna Gibson:

Hi all! I'm having the hardest time finding a HML, people don't call back or answer the phone. I need funding for a multi-use property and i'm at a standstill because I can't find anyone that's responsive or doesn't have insane terms. Anyone that can help or recommend someone?


 How many have you done and how much cash do you have ? 


 this is my first one. $100K

yes, its commercial space at the bottom (1100 sqft) and two rental units up top (600 sqft 2 bedroom/900 sqft 1 bedroom)

Hi all! I'm having the hardest time finding a HML, people don't call back or answer the phone. I need funding for a multi-use property and i'm at a standstill because I can't find anyone that's responsive or doesn't have insane terms. Anyone that can help or recommend someone?