All Forum Posts by: Saravanan Saravanan

@Jamil Mitchell

To my knowledge, there is no city by the name of Harper Park in Michigan.  I also checked here
https://www.michigan.gov/som/0,4669,7-192-29701_31713_31714-97070--,00.html

Good luck in investing

Saravanan

@Adriano Tos

There is local meet up groups for real estate investors.  These events and meet-ups help a lot for networking and meet other investors in the area.

Based on the type of work involved; it is a good idea to get permits from the city as well; so that the work is cleared by the city.  This helps for resale and for tenants as well.

@Margeaux Appold

Even before purchase; it is important to call the city to get a violation list.  Some cities; already have them if the property was vacant for some time.

For the safety of the tenant and avoid any risks between landlord-tenant; it is critical to get a Certificate of Occupancy and Landlord certificate; before the rental agreement is signed.  Also, some cities need landlord certification every year and some do every other year.

@Angela Salvant

Some lenders fund for properties in City of Detroit and some do only suburbs. Few might need experience before they fund their loans.  Select lenders do part of purchase and part of rehab; as work gets done.

There are local REIA groups and networking events; that meet up with informal settings; which gives opportunity to meet fellow investors in the area

Good luck and enjoy the journey

@Ed Berlo

Are you living in Florida and wanting to do a real estate deal in Michigan?

Normally HMLs have there documents set in stone; do  you want someone to review and comment on the documents?

Best wishes

@Nigel Ford

Detroit is highly location based and prices changes with every handful of blocks.  There are higher risks with someone outside and not knowing the location very well.

@Keyonte Summers @Rafie Ahmed shares their experiences well.  It is important that until you have property under contract; not to disclose address.

@Howard Johnston

How about you or your son try to do this as fix and flip?  May be opportunity to learn and use this experience to expand into as future real estate investment model.

@Jeffrey Emery

The profit under $5000 (smaller deals) and / or 5% of sale price (for larger deals); assignment of contract generally goes through between buyer and seller.  The buyer/seller sees the profit in settlement statement.

For larger profit size; transactional funding is a good option; so buyer and seller; does not know the profit you make; until it goes to recording at counting; after closing is done.

There are lenders like us; who can give POF letters and also transactional funding.

Keep succeeding

Saravanan

@Terrez Jarrett

The local REIA groups might have investors who can support funding for wholesaling, rentals, fix-flip etc..

There are lenders like us; who gives proof of funds and do funding for double closing / transactional funding nation wide.

Good luck

Saravanan

@Ray Hollins

Glad that you are settling down in Utah and getting back into real estate game.  RE is a business that suites various life style of people and can be started-stopped-get back any time in our life.

Wishing the very best.

There are lenders like us who offers transactional funding for wholesale deals.