All Forum Posts by: Matthew Harrison

@Timothy Maloney Thank you.  I will certainly hit you up.  I think a loan of that type is going to be what i need since i hope to start another very soon.  I will pm you and we can chat about a few more details I am curious about. 

Hello BP...i am just finishing my first complete rehab of a home. Purchase for 15k, put 12k into the reno and beleive the ARV to be around 40k. My plan A is to try and pull a mortgage out of it, 30k, and recoup my investment and retain the rental. However, every time I read or talk about it there seems to be a low point for lending at 50k. Is there anyone that can refer me to a bank or private lender that would provide a mortgage of this size for a property in Redford? My last resort would be to sell because my end goal is to acquire rentals, but in this instance I need to recoup the investment amount at the least. Thanks for any and all feedback!

this would be our first flip and my partner thinks that granite is un heard of in redford for a house below 100k

flipping on this one... Don't think I would ever do granite in a rental around here, surprised to hear you say otherwise.

thanks for the feedback... I really liked my agent in the past but I'm worried she's getting antsy and trying to push a sale...Joe v, that is the exact size home I'm looking at, brick ranch and actually has a 3car garage. Wondering if you can tell me what type of finishes in the kitchen you would expect for those prices? Is granite wasted money in redford do you think?

zillow has proven to be inaccurate (houses we bought our selves showing for the wrong price). I have the question sent to a realtor, just thought BP would be another source to compare

I am wondering if anyone can tell me the price per sqft that homes in redford have been selling for after being fixed up. Specifically the north east corner of five Mile and beech Daly. One agent is telling me $100 and it is just hard for me to believe. Can I get a second opinion? Thank you!

ide live to hear any banks that you have had luck with George. They house is in Redford actually, that's where all of ours are. Near claude alison park if your familiar

thanks darin, ill be in touch

Hello all. I am looking into my options for financing my first rental without my fathers borrowing power. I am purchasing a home from a motivated seller for 15k and plan to put another 10k in. I have the cash to do this and would like to refinance out afterwards. Is it easier to qualify for a refinance than a conventional mortgage? Will I be looking at the same hurdles? (Ie only 30k claimed as income this year). Are there any lenders from Wayne county that could help evaluate my options? Thanks in advance!