All Forum Posts by: Tim Bee

It might not be worth it.  You'll be eating away significant portions of your net profit when you take on investors.  Plus you'll likely have to deal with arguments and complaints and other issues from your investor/s.

Detroit is the 5th most violent crime cities of it's size in ALL of America.  Be ware!

You'd save a ton of money transferring the property to your name, getting a low rate mortgage and then transferring it back in to your corporation. Loan depot lets you do that. No need to waste money on DSCR unless your personal income is too low to qualify you.

Try loan depot.  They are a little less restrictive and you might save a quarter point or so when compared with the major banks.

For mom and pop or single investors: After all payments/fees/taxes/repairs/vacancies / mortgages if any, etc. how much does your entire real estate portfolio NET you per month?

Buy an eviction package from a legal office.  Just bite the bullet and evict.

Submit a 3 day.  Then submit and eviction notice.  It's just what has to be done sometimes.

Stick to regular tenants.  You're going to have too many people coming and going and as a landlord you are responsible for general wear and tear.

Bottom line, it doesn't even meet the 1% rule. Skip it.  You don't even have to throw out any more numbers or data about the deal.  It's NOT a good one. There are plenty of 1% deals out there.  Even today!  

175K purchase and 1600/mo rental income isn't really a great deal. I'd personally keep looking.  There are plenty of houses in decent neighborhoods that will rent out for 1% of the purchase price.  Don't settle for anything less.