All Forum Posts by: Jamiel Strickland

Hey BP!!

It is a guy that I met who is using credit cards from his business to put for a downpayment for multi-family purchasing mixed in with seller financing and private partners. Doesn't affect his personal credit since it is all in his business. 

He would take money from around let's say 30 business credit cards, he would maybe bring in a couple partners, and he would get some seller financing with it. He would then after maybe 2 years refi out credit card debt and partners. He would have successfully used none of his own money to buy a small multi-family home.

Has anyone ever done something like this before?

@Greater Alexander, 

When you get the volunteer days to help clean, I can come and volunteer. That would be awesome to come and help with a good motive behind it. 

@Greater Alexander

This is really cool! Detroit has been embracing the arts and it helps build a good name for the city. Thank you for doing this! 

@Tasia Larri ,

I understand the restriction to because of the DTI but I do not understand the first time home buyer that should not matter. I would try to see what I can get approved for using FHA maybe its close to enough. If you can't get approved, that would be a good option too as far as the rehab loan just rehabs can be long but you can do it!

Hey @Tasia Larri

Another way is to use FHA 3.5% down to buy 2-4 unit and house hack and it is fewer restrictions on where it must be located. I do not know everything about the Baltimore area but in Detroit there are many 2-4 homes. I would not do foreclosure or bank-owned. You want the first investment to be as easy as you can.

I have a spreadsheet that runs multi-family numbers you can use. Also, I may be able to show you some contractors that can help. 

Would you manage this property by yourself?

@Adrian Orgill,

Thanks!!!! Detroit is on fire lol

Many investors from out of the country and out of state are investing here in Detroit. Knowing the areas and having a team here has helped me more than me doing anything myself. Sure! I can do that! 

@Bala A. 

Thanks! 

It is located on the West side of Detroit and a duplex (upper has 1bd/1bth and down 2b/2bth) since the home is now owned by the investor and not under contract do not know if I can put the address but its close to Dearborn. 

@Andrew Combs,

Bagley and University are nice places but it comes with a price because many are aware now and investors are running there. Now not to say if you find a deal there not to buy, you buy in those areas (they are hot areas for a reason lol)! Bagley and University District have been on fire but it's a lot of other small pocket areas in Detroit that still has potential and lower priced. 

Hey @Michael Brown ,

Love to talk about the Detroit area! And thanks!