All Forum Posts by: Saravanan Saravanan

@Melody Stevens

Welcome to the world of real estate and congratulations with your focus to move forward towards the future.

Working with $4000 for investment might be considered as risk by hard money or private lenders.  You can consider partnering with some who can provide equity share or other options to provide higher return.

@Scott Schultz 

Good to see your success in smaller towns.  I like your concept of low debt levage. Personally seen 3 downturns in my life time and I it is sad to see how the highly leveraged investors go out of business.  

It is not the quantity, but quality of investments with lower risk factor wins over long haul.

@Ashley Griffith

There are handful of private and hard money lenders in Michigan. When you attend local REIA clubs and meetings; you can network with more contacts.

Lenders may have different interest rates and costs; based on property type, location, experience of the borrower, risk factors based on their past experiences etc.

Good luck on your investing operations. 

We are also one of the local lenders who support Michigan investors.

@Jay Jonez

There are commercial and hard money lenders nation wide. You can also meet some private lenders in local REIA meet up groups.

Banks and credit unions can also lend based on type of property, location, loan amount, debt income ratio tc.

We are lenders local in michigan and can be one of your possible tool for consideration.

@Trevor Wolski

There are few lenders like us in Michigan who can lend on an investment property; based on factors like:

• Location of the property
• Nature of the renovation  / Current Condition of the property
• Your real estate experience
• Downpayment on your side for the property
• Time line for the funds to be paid back to lender. 1 day? 1 year? 3 years? 

@Eli Gur

Different hard money lenders work differently.

Some needs atleast 20% downpayment and some may need more or less; based on experience.

You may pay 0% to 3% points as loan fees; then 10% to 15% in yearly interest. There might be other costs like appraisal / BPO, property inspection etc.

Few lenders give 50% of construction costs are post reimbursements in draws and few does higher percentage of coverage on renovation costs.

Ask around and see what works best for your situation

@Robert Zenon

It is a good read to know more not only family tree; but also like place of work etc.

You have be careful with disqualified member. 

@Mark Bondurant

You can fund this through the title company handling the closing; so they can record this mortgage.  Also, add your self to additional insured for the property insurance.  So, in case of insurance claims; you have opportunity to cover your share of investment.

Another option is to be part of the investor and have equity position holder in that entity.

Talk with attorney to go with local laws and attorney can draft documents accordingly whichever option you go with.

@Amauri Martinez

In general it is easier to have say 20% down payment on purchase and finance the rest through hard money.  This way there are more options from various lenders.  You can compare the rates with terms and make decision who works best for situation.

There could be local REIA group; where investors who knows the market well could potentially invest 100% with profit sharing options.

See what works best in your case.

@Jimmy Elbert

There are meet ups in Troy, Michigan and might be less than an hour drive from flint.

There are other real estate get together you can find through google search.