All Forum Posts by: Keyonte Summers

https://www.biggerpockets.com/calculators/shared/8...

Look at the example above for one of my rentals. I look at current market rents in that area using rentometer. I call insurance companies for quotes for insurance. I check the city's assesor office for taxes and I pad a few hundred just incase. If this is a owner occupied house you should be able to do 5% down but confirm with your lender.

@Dale Holder Welcome and good look at getting you feet wet. I'm an local investor that invest in Detroit and the surrounding areas. I would save more to get better properties. 5k you can acquire a property but I dont think 15k is enough to get a home rent ready.  A property around that amount might be in a bad neighborhood where you might look to acquire a few homes on the block and do the same.

 If you feel you can't afford it without someone living in the other-side don't force it and put yourself in a bad situation. If you have have the down-payment and closing cost and steady income go for it. I would look for first time home buyer programs many states and counties offer them but you have to be willing to look for them call them and do the research. many require you to take a 4 hour class on home ownership education. They usually offer up to 7500 in down-payment and closing cost expenses. It could help. 

@Darius Kellar not sure how I even got pulled back into this post but its not what you say its how you say it. Again its how you explained your reasoning and the orientation you posted. I am an active investor and have a few properties in the Detroit and surrounding areas. I'm not new to investing so I don't need the pep talk, I'm helping several out of state investor expand their portfolio the Detroit area.  Out of all the negative flack you got from this not sure why singling me out. 

My point was that there are many routes to the finish line of financial freedom as many or the podcast, educational video and forum post have proved. It's wrong to single someone out and say there way isn't the way when it worked for them. Yes, its a better way to do many of the strategies that we each use but your initial post rubbed many people in the wrong way. As fellow detroiters we need to do more to encourage other people to get in our market to improve the quality of housing, tenant and neighborhoods not give people more reasons to bash Detroit and their investors. I won't speak more on the back and forth of things what she did was excellent and thats all to it.

@Shelby Mathew

I would renew the lease and look to getting a heloc on that rental to use for that multiplex now you would an additional 2-4 doors. If you save that cash flow and also provides some cushion for future deals .

Most of the contractors dont charge but some have small estimate fees usually around 50$ or so.

I would look for small credit unions or huntington bank alot of the banks have loan limits around minimum 50k so  they wont loan on purchases below a certain amount.

We all have different strategies and she did what worked for her. Coming from the same past of being born into poverty and having so much debt throughout my life, I've learned thats not always the best route to go. Besides the recent debt from financing some homes i typically try to us cash when I can. If tenants are covering all her cost and no one call her note I think its worth it. I understand your point of view but just say it was a different way of doing it.  

Yes, i actively invest in Detroit and the surrounding area. I'm speaking with Serena later on this week so she can better understand the market here.

@Brittany King @Serena Ortega i think a partnership would be a great idea. I would be interested also it could increase our chances for obtaining a sizeable multifamily if the numbers make sense.