All Forum Posts by: Michael Mudrey

this is awesome. The one thing to be wary of is the balance of the lake house truly being an investment versus personal use. They have very strict rules on this and given what you stated in terms of renting it out on the weeks you don’t use it, you’ll be triggering s big tax payment due. Now if you’re up there “working on it” each time you use it, you should be fine.

2 weeks plus there are rules on the percentage of time it’s used as a rental versus personal use.

Hey All, After a few successful single family, I’m going to be making an offer on a small multi family (7 units) next. My question: What rates / terms should I use when running the numbers? I’ve run a few scenarios and have begun reaching out to bankers but I’m wondering if you have typical rules of thumb in terms of down payment required, rate, amortization period, term, principal or interest only, etc??? I have enough cash for 20-25% down. Great credit. What rate and terms should I expect? Thanks in advance!

Love it! I’m on EL, so let me know if you’d like any help or recommendations.

Hey All, I’m looking at a small multi family (8 units) as my next investment, after a few recent single family homes. This is a bit new to me but I’m really excited about the opportunity. My big question I’m hoping I could pick everyone’s brain on is financing... At this point, I probably have enough cash available for 10-15% down. I’m wondering what my financing options are, where to start, etc? I’d love any suggestions as I look to take the next big step! Thanks in advance!

Go green!

If you're seriously considering, I'd be interested in putting a deal together with anyone else interested in these (or others) in the Lansing area.

Also happy to chat with you on this.

Mike

@Samson C. I'm newer to the Lansing area as well. Just closed on my first Lansing area property this week. Would LOVE to get involved in the meetup.

Mike

I'm interested in additional recommendations too!

Bao Nguyen Tons of great advice! I'm also in the Lansing area - moved here a few weeks ago and looking to get things ramped up in real estate up here. I've been spending time driving around, attempting to get a feel for different parts of town. It seems like there is a ton of opportunity, but it's hard to tell the really bad areas from those that are safe to invest in. Do you have any advice or recommendations? Where have you been investing and where do you source your deals from? Seems like there are good opportunities just on MLS, but again I could be looking at bad areas. Would love any tips you could offer on the area as well as any connections. Thanks in advance!

@Rylie Hendren - Welcome to East Lansing and Go Green!

I like you're thinking, if you can make it happen. Rental licenses in the city of East Lansing can be very difficult and very pricey, so be sure to do all of your diligence before jumping into anything. Depending on the circumstances, I'm happy to meet up and potentially work together.

Congrats on the scholarship!