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All Forum Posts by: Saravanan Saravanan

Saravanan Saravanan has started 0 posts and replied 408 times.

@Hans Driesen Welcome to bigger pockets. I am from your area as well.

There are lots of folks in the area; who attend local meet up groups on real estate to network.

Feel free to reach out to me.

Post: Market in Michigan ?

Saravanan SaravananPosted
  • Lender
  • Troy, MI
  • Posts 432
  • Votes 147

@Luis Magnus

There are plenty of folks invest in all kinds of real estate investment types.  

There are probably dozens of real estate meet up groups in different parts of the Metro Detroit area; where you can network, learn and grow your business.

Welcome to Michigan.

Saravanan

Post: Hard money recommendations

Saravanan SaravananPosted
  • Lender
  • Troy, MI
  • Posts 432
  • Votes 147

@Brian Brusich

There would be local lenders who can support your business. There are lenders like us; who can look into your zone; with different LTV formula.

You can also attend REIA meetup groups in a 50-mile radius; to build a relationship with possible hard and private lenders.

Good luck

Saravanan

Post: New Investor out of Northville, MI

Saravanan SaravananPosted
  • Lender
  • Troy, MI
  • Posts 432
  • Votes 147

@Vincent Egan

Welcome to looking into real estate in addition to your mechanical engineering field.  There are meet up groups in the area; where you can network and connect with people.  You can attend a few different ones based on your availability; then can you stick with a handful that would suit your needs.

Good luck.

Post: New To BiggerPockets

Saravanan SaravananPosted
  • Lender
  • Troy, MI
  • Posts 432
  • Votes 147

@Justin Pingston

Additionally, when you go to meet up group website; there are other real estate events in the metro Detroit area.  Some are pure networking and some have local or national speakers on a monthly basis.

This can be of help; based on where you are during that day/evening and the topics.

@Nick K.

Getting HELOC on rentals; when there is an existing mortgage is tough. When there is no other mortgages; then there are select institutions who does these HELOCs.

There are some private and hard money lenders; if you are willing to pay more compared to regular banks/ credit unions; can do HELOC on rentals.

Post: New Member from SE Michigan

Saravanan SaravananPosted
  • Lender
  • Troy, MI
  • Posts 432
  • Votes 147

@Ryan Scully

Congratulations on your journey in real estate.  Like any other field of endeavor; sometimes time, persistence and patience brings more growth and success.

Keep moving forward with two sources of income: Day job and Part time in real estate.  

Success may come faster than you think.  Keep rocking.

Post: Property Manager- Farmington Hills, Michigan

Saravanan SaravananPosted
  • Lender
  • Troy, MI
  • Posts 432
  • Votes 147

@Dan Hedges It is good to get couple of contacts and talk to them before you decide.  Some points to consider..

  1. General vacancy rate in their portfolio?
  2. Eviction rates and time to evict?
  3. General costs for property maintenance?

      Post: Getting Real Estate License to Pair with Builders License

      Saravanan SaravananPosted
      • Lender
      • Troy, MI
      • Posts 432
      • Votes 147

      @Joseph E.

      If you have time to spare; you can get realtor license and use the value mentioned by @Greg Dickerson through brokers what @Sarah Lorenz has in mind.

      You can list your properties for sale and use your license to purchase as well.

      If any friends and family wanted to list or buy houses; based on your time availability; you can serve as realtors for them.

      Post: Do I need an LLC per house or just one LLC?

      Saravanan SaravananPosted
      • Lender
      • Troy, MI
      • Posts 432
      • Votes 147

      @Mary Blanco In big picture, you do the right things and careful on what you do with due diligence at all stages of investing; then the chances of getting into trouble is lower.  Still there is a small percentage like any insurance would get you.

      You can even go with 1 LLC per property to say upto 5 properties. Then start to balance out to have same asset value to have multiple properties into that LLC.

      Umbrella insurance is good to have possibly twice your network with 1 Million minimum.  

      Also, fixed term life insurance to cover twice the outstanding loan balance in case something happens to you; your family can pay off the debts and have some funds for business purposes.

      Disclaimer: I am not a licensed financial or legal professional and this information is for entertainment purposes only.