All Forum Posts by: Philip L.

@Drew Sygit thanks I'll checkout that credit union 

I've recently been viewing a number of properties that belong to a very large portfolio, the seller is doing much bigger deals now and wants to offload his smaller rental properties. At minimum there are two SF houses I want to buy but maybe five or six.

The houses average around $100,000 each

What would be the best way to move forward with purchasing as many as I can?
I currently only have 1 mortgage in my name, In January I should have $135,000 cash from a refinance

Can I do all five in one go with a conventional fixed mortgage lender?
Do I need to find a portfolio lender who can do similar rates as a convectional loan?
Anyone have a recommendation for a portfolio lender in Michigan?

I know I can get hard money lenders but the rates and fees are so high it's hard to make the numbers work.

@Jennifer Schelkopf I purchased two sfh in michigan

1, sfh 3 bed 2 bath 1000sqft purchase price $110,000 did a seller finance deal with $40,000 down and $70,000 at 5% for 3 years.

Did a rent to own with a sale price of $135,000

$1200 a month rent and $3000 down

2, sfh 3 bed 1 bath 1500 sqft purchased at auction $108,000 including one year's taxes and auction fees.

Put $35,000 into the rehab now at is $190,000

Did rent to own with sale price $190,000 $1500 a month rent and $5000 down.

In the process of cash out refinance for $135,000

Hey @Carlos Kishek I'm in Michigan in the St Clari County area 

@Greg Scott I've spoken to mortgage one and they only do personal mortgages, how are you able to scale past the mortgage limit and grow your portfolio?

 One

@Rodolfo Goncalves thanks i'll contact him today

@Kulin Dakwala - did you manage to find a lender who would do the refinance? if so would you mind giving me the contract details thanks

Hey @Rodolfo Goncalves - Can I ask who you refinanced the property with? I'm also in MI and looking to find a lender for my own Refi.

Hey @Xavier Begerow I'm also in Michigan I would like to connect and talk message me

I'm currently looking at buying a 5 unit apartment building, the numbers seems to work, however there are some concerns.

1. It's got a water well that feeds into all five apartments, I have no experience with water wells, I've educated myself a little but my knowledge is limited. The owner said it is possible to connect to the city water as it runs along the main road however that is 150 feet from the main rd.
I am concerned about, maintenance, the well running dry, quality of water and my lack of experience in regards to wells.
If connecting to the city water is possible I am concerned about the total costs and time to get it in place.

2. Gas and electric - both are connected to the grid/city however they are all on one account so I am wondering the cost of getting each apartment connected individually with there own meters. 

Any help would be appreciated thanks