All Forum Posts by: Matt Brechting

The terms of your loan are that you are also supposed to live in the FHA home for 12 months, if you are planning to try to get another FHA loan, it says you are only allowed to get one if you haven't gotten one in 3 years.

Michigan investor (in Ypsilanti and Grand Rapids but recently moved to Detroit suburbs) and in Detroit proper and some of the closer suburbs there are good and bad areas, very much pocket by pocket. Definitely want an agent or broker experienced in the specific suburb. Initially I would want to see the specific house as you learn the area then the next couple you could go off what you learned. Let me know if you need anyone to help or partner up in the area.

Thanks!! Tracking it down. May have already made it into the foreclosure process. But I may still find it on the other end.

I have a rental property and was mowing the lawn today. A guy from next door started talking to me. He is working for the bank to change locks, mow lawn, etc. the bank foreclosed after the owner died. I got the full tour. The house is potentially incredible, but roof leaking and black mold and the place is trashed. How do I find the bank that owns it? Who would I talk to to buy it? Can anyone help?

Great podcast, thanks Dave!

Welcome from one to another Grand Rapids investor.

Josie Allott at Howard Hanna is a fantastic lender located in the Ann Arbor area, tell her I sent you. Also for lenders doesn’t make a huge deal to where they are located in my experience. Not like a realtor at least.

If you are hiring a property management company then it is a contracted service/expense. Depending on the property management companies structure the individual manager is a W2 or contract employee to them.

Welcome to bigger pockets from another part time engineer part time investor. PM me if you want to talk or are looking for contacts. Also Jeremy Richmond is a sharp CPA if you are looking for one.

Way to get involved and find a deal to analyze. That’s a good first step. I have a house in neighboring Ypsilanti, first warning is make sure you aren’t using homestead taxes, I made that mistake originally. Washtenaw county has the highest taxes in the date and I would assume Ann Arbor’s are the worst in that bad category. You are really cutting that deal close, why are you so set on AA? Maybe look elsewhere in the area, are you looking there for your ease and near your job? Maybe try Ypsilanti and Eastern Michigan or dexter or other communities nearby. Keri Middaugh is a good contact in ypsi! Third the already expressed FHA problem, you’ve got to live in it, otherwise you’re committing mortgage fraud. If you have more questions about the area send me a note!