All Forum Posts by: Luke Diem

I am currently looking at a duplex to start house hacking. I would be looking to get it at a low enough price, along with the home improvements done after purchase (also with 15%-20% down) to take out a home equity line of credit. I would use that line of credit for the rehab on my first fix and flip. My end goal is to have a large portfolio of buy and hold rentals for a nice passive income. In order to get to that point I think I need to start by fix and flipping to raise enough capital to buy more than just one rental home. My question is, does this sound like a good idea? Or are there some issues I may be looking over? I am very new to RE investing and am looking to get started very soon. Any and all help would be greatly appreciated. Thank you in advance!

Hello local investor friends! I have been reading through posts from local investors, you guys seem to have a lot of knowledge in the RE investing world. I am very new to the game. Currently in the process of analyzing my first few possible deals. The first one I started with will no longer be consider after the inspection was finished. Im a little discouraged after all the time and effort I put forth on that first deal to come up with nothing due to the fact that the property needed far to much work. Right now I am looking to start off doing fix and flips and buy and hold rentals. I would greatly appreciate it if anyone would be willing to offer any advice to a new investor. I feel this whole thing will get a lot easier after I get my first few deals going, I am just struggling to get to that point. If anyone would be willing to share their knowledge and in return I would be willing to help in anyway possible. Anyway I could gain knowledge and experience would be awesome! Thanks, Luke Diem!

@ David Zheng the purchase price is $51,700 and I am good on everything you listed.

I would be willing to work with the tenants as far as bumping the rent goes. I would be willing to give them plenty of time to make arrangements. I would also be willing to hold off on bumping the rent if they couldn't afford it. By no means do I want to anger my tenants or give them the idea I am greedy. I am just trying to get the property profiting as much as it should be. This is the first property I am looking to purchase. I am still looking for a mortgage officer that can make a deal work for me and I would love to have a similar plan as you Steve once I get the ball rolling. I have considered getting a loan from a private lender, but like I said I am very green in the real estate investing business. I am not sure how to go about finding one and showing them that I have a deal that can also benefit them financially.

Each bank I've spoken with said they do not lend money for rental properties, only for traditional mortgages. One lender said they would only finance a property if it was over $55,000 ( with my down payment of 20% it would be to small of a loan). I have called every bank in the area and no luck. I have looked into seller financing, but since the owner is looking to get all cash as soon as possible he is asking $10,000 more for the property through seller financing. I believe I am getting the property for a steal if I can get financed through a bank.  

Hello, looking to start real estate investing in Michigan in the Genesee county area. More specifically looking to start in Montrose, Clio, Flushing and Birchrun. I have found a duplex in Montrose and have ran the numbers on it. It currently is fully occupied with cash flow. there are a few changes that can be made to increase the cash flow that the current owner is not doing (Charging tenants for the water bill, increasing the rent a bit and updating the units a little. The only issue is I can not find a bank to lend the money, even with offering 20% down. would greatly appreciate any advice!