All Forum Posts by: Michael Caruso

@Rodney Buford he also posted in a Chicago meetup group. I’m actually doubting he’s a real person and is more so an alias for an organization

Thanks everyone! I will be in contact...

Hey there!

Does anyone have any referrals for good mortgage brokers who work primarily with investors? They don't necessarily need to be local if they are highly recommended.

Thanks!

Mike

@Anthony Dooley That's fair- in all honesty this is one of the first we have looked at so you are probably right. However, we would likely get it for 40k below market value and only need about 10-15k in repairs. After all expenses we figure we will still cashflow around $300 monthly before refinance and $200 a month after the refinance. In your opinion, does this sound like a better deal?

@Donald D Michna That's good- we need to take a closer look at the comps to determine exactly what the ARV will be...

@Stephanie P. It's looking like the ARV would be closer to 110k.. I'm sorry- I read your post a few times over but I'm not quite sure I understand. I think we are ok keeping around 10k in the property after the refinance- though what do you mean when you say that we may get expenses rather than cash out? Are closing costs for the refinance similar to the initial closing costs? We are planning on taking a traditional mortgage out for the initial purchase- and refinancing with another traditional mortgage.

Thanks again.

@Stephanie P. Thanks for the advice... I think I may be a little confused. We are looking at a property with an ARV of between $100k & $130k. We can possibly purchase the property for $65k and may actually need to put $15,000 of repairs.

Rent in the area is approximately $1,100 a month. Based on my calculations, after refinancing we would still be about $15,000 into the property. From what I've heard, many who are doing the BRRRR method are able to pull all of their capital back out from the property with the refinance? Am I doing something incorrectly?

@Michael Ealy Thanks for the heads up- that's great to know!

Hey all! 

I'm hoping to make my first BRRRR investment soon- though while looking through available properties I'm struggling with one thing.

I've found properties that can use improvement, one in particular I'll be able to get for about $40k below market value. This property, however, needs about $30,000 of repairs. I would like to repair this property using a line of credit, then refinance once the repairs are complete. However, my new mortgage payment after the refinance would put my cashflow amount in the negative. 

I've heard that banks will generally give the owner about 70% of the ARV- though is there a way for us to refinance and only receive from the bank a certain percentage that would keep our mortgage payments lower but still give us a majority of our repair capital back?

I'd like to get as much capital back from this investment so I can quickly do it again on another.

Thanks for your time! I would definitely appreciate any tips/advice!

Hey all!

Can anyone recommend a whole seller who targets the suburbs surrounding Detroit? Specifically Southfield, Oak Park, Farmington/Farmington Hills and Livonia.

Thanks!

Mike

@Saravanan Saravanan

Exactly. And the property is located in a nearby suburb to Detroit.

Hey there fellow Detroit investors!

My partner and I are looking to start investing in Detroit from our base in Chicago. Right now we have one property in particular we are looking to perform a BRRR on but are in need of some contact recommendations. I plan on calling and interviewing many of the Michigan hard money lenders listed on the BP database, though I also wanted to hear first hand of any good experiences.

For this particular property we are also searching for a Foundation/concrete contractor as well as a general contractor for interior work. Do any of you have any recommendations? 

As a bonus, we will be looking for a handyman/property manager down the line as well- do any of you have any good recommendations for those?

Thanks for your time and looking forward to getting to know your city better!

Mike