All Forum Posts by: Jeffrey Edwards
Jeffrey Edwards has started 2 posts and replied 143 times.
Post: Quick Introduction to the Group
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
Welcome! I hope you get lots of information and resources from here.
Post: Property Management Companies for Hazel Park Area
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
Hi Angelina. I'm a Broker in Oakland County (Hazel Park's County) and self-manage all my units. Please feel free to reach out anytime. Very familiar with Hazel Park.
Post: Property Mgmt Co filed Chapter 7 Bankruptcy - What to do now?
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
How many properties do you have in Warren?
I self manage my 10 units. I will manage for others but I don't actively advertise. As long as they are not in Detroit, I'm willing to help. Give me a call if you're interested.
Edit: I personally have 2 rentals in Warren so I have a good relationship with the City and I'm aware of all their requirements.
Post: Any “Real” Investors/Investments
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
I agree with what @Travis Biziorek said. I've gotten many deals through networking and RDI meetup is great and so is Metro Detroit Real Estate Investors Facebook group meeting is great also. Also I've heard REIA of Oakland County is good also. Get out there and network!
Post: Michigan Wholesaling Agreements
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
Quote from @Kim Frantum:
@Jeffrey Edwards - Yes, wholesaling real estate in Michigan is legal. Wholesaling is the act of selling the equitable interest in a purchase agreement - not the actual property itself. Since you are not selling an actual property, many of the laws surrounding licensing requirements do not apply.
I never said it was illegal. Please go back and read my original post.
Post: Buying my first flip with hard money
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
I have found some that I was able to refi after 3 months
Post: Buying my first flip with hard money
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
A good question. I would make sure to call around to all the local banks in your area (portfolio lenders) and see if they have a seasoning period.
Post: How do you finance multiple investment properties
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
There isn't 1 right answer because everyone's situation is going to be different with finances, money, credit, etc.
I think that going conventional mortgages starting off is the way to go until you run out of DTI for the conventional banks to lend. Then possibly find a private lender or commercial lender to keep going or package your existing loans.
Post: Simple and Automated Accounting for multiple properties
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
I'm not sure about STR but I think Stessa is awesome. I use it to manage my rentals - expenses, bills, etc. It imports all the data from my bank account and I can delete the N/A items. Oh yeah....it's free!
Post: How do I get started
- Real Estate Broker
- West Bloomfield, MI
- Posts 147
- Votes 77
Hi Joa. Great seeing young people like yourself interested in real estate.
First thing I would do is read books (BP has so many good books - https://store.biggerpockets.co... is a good one to get started) and the next thing I would do is listen to podcasts. These 2 things can definitely get your blood pumping and excited. From there, find out if your area has a local meetup and start attending and possibly seek out a mentor. Best of luck!