All Forum Posts by: Hani Yaqo

Hi All,

I am a state licensed lead inspector/risk assessor. Based on my experience the last couple years, the average Detroit home (bungalow built in the 50/60s) has up to a couple dozen components/surfaces that contain lead based paint (LBP). Most of these components are exterior; think exterior fascia, soffits, trim around the windows, windows themselves (if they are original wood windows) and door jambs/casings/stops, milk chutes, etc. There's a good chance that if any exterior component of a home built before 1960 is the original wood, the paint on it will contain LBP. So you'll want to ensure all those painted surfaces are intact (not peeling, not cracking, not flaking). There's a chance this 1950/60s home has interior leaded surfaces but it's not as common. To be extra cautious and increase your chances of passing the first time around, you'll want to ensure all interior painted surfaces/components are also intact. Lastly, clean the interior window sills and troughs before the inspector comes out as dust samples are taken from those areas. 

My firm's fees start at $450 for your average bungalow. Clearance inspection are typically 150-200. 

@Austin Fruechting My scenario is similar in that each one of my rental properties (SFH) is a separate LLC. What loan terms are you obtaining these days? Some of my properties that I've recently refinanced with a local credit union are 5 year terms, ~5% interest, ~70% LTV and 20 year amortization. These are essentially commercial loans to the LLC with a personal guarantee. From my discussions with a mortgage banker, you get better terms putting the loan (mortgage) in your personal name as you can lock in a 30 year mortgage. However, you lose the legal protections from having the home in the LLC.

We are considering refinancing our 4 unit multi-family in Detroit. Before we move forward and spend ~$1,800 on an appraisal, I'd like to hear people's experiences with appraising homes and multi-families in the desirable areas of Detroit (Corktown, Downtown, Midtown, New Center, etc). My concern is that the building we will be appraising will only be a fraction of what we hope due to the unique market in Detroit. 

Also, interested to learn about banks that are willing to finance investment properties in Detroit. Thanks!

Hello. I'm looking to insure a 4 unit multi family building in Detroit. Does anyone know any agents or insurance companies that can help? I've gotten one quote and it was almost 6k/year which is ridiculous. I'm hoping to find a more reasonable quote.