All Forum Posts by: Justin Shankus

So I've come upon a package deal of SFH and one 6 unit apartment in Central Michigan. The asking price is $275k, 95% occupied, and has decent cash flow.

The problem, lenders will not touch a deal under $500K w/multiple properties.

My question is this, what are my options to get this (seller financing, another lending institution that will do this deal)?  

Ok. So we evicted a tenant and filed for a judgement against the tenant.

1. Tenant didn't show, default judgment, on both eviction and small claims.

2. Tenant filed for an appeal to dismiss the default, 49 days after the small claims judgment.

3. The tenant was 40 minutes late to her own appeal

4. We were opening the court doors to leave after the judge said the default stands when she walked in, judge still heard her reasons, "car trouble".

5. Now we have to go back to court to redo the whole small claims trial.

Has anyone experienced this sort of bias? It seems as if her appeal time expired, tardy, weak excuses, judging on the matrer and minutes later she reversed her decision. The judge said we didn't attach copies of everything, despite the clerk saying it wasn't needed since it's a default, it seemed like the judge is giving the former tenant every single opportunity and none to us.

What say you, similar experiences with an uphill battle? Tips, suggestions for upcoming trial, anything I should bring that is above and beyond what I'm already bringing?

Where at in metro Detroit?  Those really nice areas are crawling with investors and wholesalers.  

i agree with Matthew, start small.  You are going to learn so much more than holding out.  My cousin did his first flip last year and made some money, moved to a bigger project this year.  

How much knowledge of construction do you have? 

Whats up everyone!  My name is Justin, I'm from Utica, MI.  My background in real estate/rehabs has been full gut job remodeling houses that my parents have lived in as well as remodeling my current home, at one point I was a mortgage loan originator (helps knowing how mortgages/financing works), and I'm currently in the process of getting my home inspection certification to help identify issues for my own benefit was well as generate additional income.  Once I started remodeling my own home it made me realize that all of my experience has built a solid base to begin this real estate investment endeavor. 

I've decided to transition out of the 9-5 cubicle life and begin investing in real estate again, SFH and multi is what i'm mostly interested in. Most of my jobs have been transportation/logistics/supply chain related and I've come to a cross roads of either do it or don't start investing. I'm really hoping to build on my knowledge and hopefully pass on some of what I've learned from an earlier rental fail.

The main reason I joined BP was the massive support of this community!  Everything from the podcasts to the forums has really opened my mind up to all the possibilities of investment opportunities within real estate.  It's really great to see all the support and ambition of the others members.