All Forum Posts by: Stephen Meche

I just purchased my first rental property in the downriver area of metro Detroit. I was looking to see if anyone had any recommends for a good real-estate accountant. Any recommendations would be greatly appreciated.

Has anyone rented out in the Taylor, MI?  I have purchased my first rental and am in the process of trying to get a certificate of occupancy.  When the city comes and inspects the property, they are finding very small and in my opinion insignificant items to not give me a certificate of occupancy.  Has anyone had similar issues?  Also, i have a tenant that wants to move in NOW.  Can they move in without a certificate of occupancy even though i have one in the works?  

Any help we be greatly appreciated.

@Josh Mitchell thanks for the input. PMI is something i did not think about. That could change the game. I am good either way from a capital and cashflow side, i was not sure if you just take those opportunities when the arise.

@Al D. i appreciate the incite. Yea i am leaning towards the 20% because that difference in DP does not hurt me long term and it gives me better cash flow. I forgot all about the PMI and do not want to lose extra money to a sunk cost like that. If i was low on capital, then i think 15% would suit me better.

Thanks again guys for your perspectives.

Welcome to the area.  I myself am new at this as well and made my first offer on a house yesterday in the Taylor area.  Good luck and let me know if i can help you out in any way.

I searched the forums and was not able to find what i was looking for so i figured i would ask the community.  I made an offer on my first reaI estate property and was always under the assumption that putting 20% down was the lowest i could do on a conventional load.  Well today, i found out that one of the companies approved me for 15% down.  Which down payment amount would you pick and why?  I think there are pros and cons to each.

@Keith Jourdan, it looks great.  I look forward to working with you in the future on investments in the detroit area.

Thanks for the support.  I look forward to potentially working with you guys in the future.

Hello everyone, my name is Stephen Meche and i just recently moved to the Detroit, MI area from Louisiana where i was transferred with my current job. I am looking to get started in investing from encouragement from a couple of close friends. I was referred to BP and have been listing to many podcast and audio books since. I seem to be very interested in the BRRRR method due to my experience at accidentally flipping an old farm house in Louisiana. My wife is very helpful in the design of the remodel and i just go with what she wants (I know, smart husband). I am looking to get started in my local market first, but eventually expand to other markets. I am excited and very motivated to get started. Looking forward to meeting new friends and making great investments