All Forum Posts by: Saravanan Saravanan

@Nick Thomas Once you start building to a reasonable asset value; they holding LLC, that becomes a parent for your current LLCs could be some value. Have one LLC per state to hold multiple properties in each state it resides in, makes sense. Again you have to balance the need for more LLCs based on the net worth.

You may have to keep good liability insurance for your properties also.

@Maria Taylor The operating agreement is a private document that is used when a transaction is done. A couple of examples of the transaction when it is needed: Opening a Bank Account, buy-sell a real estate property...  

Operating Agreement can be simple or complex; depending on how many people are owner, agents, managers etc for the entity. You can create this document with people who are knowledgeable and expertize.

Disclaimer: This is for information and entertainment purposes only; I am not giving any legal advice.

@Travis JohnsonThere are a mix of private lenders and hard money lenders, who can fund based on experience, property value, amount of down payment among other factors.

Once you start building with the first property, then relationship and success bring in more funding for you.

You can use funds for flips and for rentals towards renovations. Once you get the tenant in for renovation, then you can refinance with commercial institutions for the long term.

Good luck

@James Gill We used in having many in-person meetups before COVID and some has been halted altogether. There are a few online real estate gatherings in Detriot suburbs.  Try to engage in some, as you would gain valuable insights on happenings in Michigan area.

Congratulations @Sam Amin

@Paris Scroggins

There are local lenders in Michigan in addition to national lenders who support Michigan business.  Different folks have various requirements in terms of length of financing, % of down payment requirement, upfront fees and points, minimum or maximum funding they do, the experience of the borrower etc.

Shop around and see, what is the best match for your situation. 

There are other private lenders like us, who are local in Michigan; who can support investors like you.

There are local REIA meet up groups for networking, that can also a source for private lenders.

@Dave H.  Have been very active in Michigan for many years and investing in real estate for almost 3 decades now.  There are profits to be made in Michigan.  20% to  30% is still possible per year. However, when someone works as a lender; we should consider the folks who are borrowing to make half that money or more than that.  This is the way there is a win-win for the active work bees and passive investing who supports with capital.

@Joshuah Mundy Friends, Family and Acquaintances are the initial sources of private funding.  However, care should be taken so that they know what they are investing in and know the risks before investing to have a healthy long term relationship.  

There are other private lenders like us, who are local in Michigan; who can support investors like you.

There are local REIA meet up groups for networking, that can also a source for private lenders.

@Tanner Williams

Welcome to the world of Real estate investing.  Limitless opportunities abound. 

Network with local REIA meet up groups of different kind. Soak up and make Year 2020 count for you and your family.

Hope we get a chance to meet in one of the meet ups!

@Shawn Courtney Are there local REIA groups where you can get recommendations? There are online services which rate contractors, but might be bit higher price due to better quality work. Sometimes local ACE Hardware has bulleting boards with contractors info too.