All Forum Posts by: Richard Ball

@Joel Owens What are they considering the nice areas? I am sure Downtown and Mid Town fall in there, anywhere else? North West Detroit?

@Marybeth K. I just sent you a PM

@Derek D. I highly doubt it, but you can renegotiate the terms of the deal and I would. What you are buying is a performing asset that you were led to believe performed one way and now you have found out it is performing another way. Have your agent go back to the seller and ask them what they are willing to do for you to get this deal done. If this is not your first deal it may be more beneficial for everyone if you offered them a deal where you evicted the current tenant for a substantially reduced purchase price.

@Ericka G. Hello! First stop talking to big banks and start talking to the Commercial Department of local banks in the area you are going to buy. You will probably have to call a few before you find the right one. They are going to want to see a Personal Finance Statement, it doesn't have to be anything fancy. Below is a link to a template of the one I use, fill it out and show them you know what you are doing. Most importantly, generally like the person at the bank so that you can have a good relationship with them, people do business with people they like.

www.BetterDaysRealEstate.com/Forms/Personal_Financ...

Any Commercial Investors buying in Detroit?

@Levi Painter Well keep looking, your first one typically takes the longest. After that you start to get a system on what works and doesn't work and improve your skills. Before you know it you'll be able to find 1 a day if you wanted :D

What is your projected rent $900? Sounds to expensive, look for something closer to 55K even if you have to pay more to get into it.

http://www.affinitygm.com/ - @Hilary Hageman That is the insurance broker I use, they set me up with a policy through Lloyd's of London.

I own similar homes to the one you described and my monthly payment is $35 a month.

@Levi Painter how did it go?

@Fjori Narazani Hello! Welcome to BP!