hard money michigan: From Charred to Charming
- 11/07/14 09:55 PM
Most lenders and investors will not touch a home that has fire damage. Of course the extent of the damage could limit even an experienced rehabber from taking on this type of project. The fear is not knowing the extent of the damage until you get deep into the work and then you're already committed. In this case, a real estate investor who is also a Realtor brought a burned property to us where it was contained to the kitchen and hadn't burn beyond the drywall. As you can see by the before and after pictures below, this rehab project was … (0 comments)
hard money michigan: Detroit Hard Money: Construction jobs are on the rise!!
- 08/10/11 07:06 AM
The Detroit Free Press reported some good news yesterday when it ran an article stating that construction jobs have reached an 11-year high in the metro Detroit area. In a glimmer of good news on the economy, a major building group, the Associated General Contractors, said Tuesday that the metro area has added 1,800 constructions jobs in the 12 months ending June 30th, AGC said. “It has been too long since we have had news like this to report in Detroit,” said Todd Doenitz, chairman of AGC of Michigan and vice president of the Walled Lake – based firm Fastdecks. “From … (2 comments)
hard money michigan: Hard Money is all about speed.
- 09/26/10 02:52 PM
I received a call from a borrower this past Thursday who was referred to our office by another broker who needed to close on a short sale house purchase by next Wednesday, we only had 6 days to close. Originally the buyer had a partner who was putting up 50% of the money and our client the other 50% but the partner backed out at the last minute and now the buyer needed us to quickly lend the missing 50%. This is why many buyers will call a private (hard money) lender, we can close that quickly. I told the borrower to e-mail me their income documentation … (0 comments)
hard money michigan: Detroit Hard Money is discussed on WJR 760 am on the "Real Estate 411" show
- 08/28/10 12:14 PM
I'll be the special guest on the radio show "Real Estate 411" on Detroit's powerhouse news/talk radio station 760 am - WJR, tonight from 9 pm to 10 pm. Please take a moment to tune into the program if you're around a radio tonight and if you have any questions call in and get yourself on the radio, the phone number is (800) 859-0957. We'll be discussing the Metro Detroit real estate market, how you can take advantage of hard money to expand your ability to invest in more real estate and what the investors need to know before and after they purchase distressed houses as an investment. More … (1 comments)
hard money michigan: Seminar on Using Private Hard Money to Purchase and Rehab Detroit Houses.
- 08/11/10 06:17 AM
Register for this quick one hour seminar for real estate investors on how you can finance your purchase and rehab projects in and around Detroit without jumping through the hoops the banks require by using Private Hard Money loans. Hear from an expert in the Hard Money Lending business with over 20 years of experience. Real estate and Investment professionals are welcome. Seating is limited so please call (248) 547-3006, or e-mail info@metro-mi.com for details. These seminars will be held at the offices of Metro Mortgage Investments, at 26711 Woodward Ave., Suite 301, Huntington Woods, MI 48070, located just south … (0 comments)
hard money michigan: Who would buy a house in Detroit, sight unseen?
- 03/20/10 09:44 AM
The caller says, "Hi, I just bought a property in Detroit for $1,600 cash (yes, sixteen hundred dollars) and need a local hard money lender to lend me money to rehab it, what are your qualifications?" Sounds like a reasonable requests, right? So I ask, "Well, let me ask you a couple of questions about the house." Ready... here comes their response... "I haven't actually seen it, other than the picture in the listing, I live in California but it was too good to pass up!" If I hadn't been side tracked with our conversation about California, (after college I moved to San Diego for 23 years … (6 comments)
hard money michigan: Think Detroit when buying REO's!
- 02/05/10 07:23 AM
If you're looking for the deals in real estate investments, think Detroit! Where else can you purchase a property for less than a used car? If you know what you're buying and have an agent looking in the right places you can buy for under $20,000, put about $10,000 into repairs you can have a house worth up to $80,000 and it'll cash flow. The rents, typically $800 to $900 a month for a 3 bedroom bungalow, a great return on your investment. How do I know? I see it every day in my business. I'm with Metro Mortgage Investments LLC, a private … (2 comments)
hard money michigan: Hard Money Lending Because I Need the Security of Real Estate!
- 01/23/10 02:43 AM
Over the years I have received numerous calls from stock brokers and the like asking me to look into their latest and greatest. My response has always been, "Truthfully, I don't invest in anything other than private hard money mortgages because that's my business, I've worked in hard money lending and real estate for the past 23 years and I understand it. I use my Self-Directed IRA to purchase 1st Mortgage Notes and I'm not interested in putting my money into something that is not secured by a tangible asset and I require real estate." Unless I hang up first, that's … (6 comments)
hard money michigan: Hard Money Investing 101
- 12/19/09 06:40 AM
An investment not mentioned often enough is Hard Money Notes, and I would suggest sticking with individual 1st Mortgage Notes secured by real estate (not a pool or fractionalized interest, I'll explain why in my next article). Many Mortgage Note investors have been real estate investors in their past lives but are now looking for a more passive real estate investment. Purchasing the right Mortgage Note is the trick. Do you want high returns with a security feature such as an investment property? If so, then Hard Money 1st Mortgage Notes are what you should consider. You can find individual Notes as small as $15,000, … (0 comments)
hard money michigan: Using your ROTH IRA to buy investment property.
- 12/03/09 04:24 AM
Did you know you, or your buyers can buy real estate through a ROTH IRA? First you'll have to use a Self-Directed IRA, your typical broker controlled IRA won't be set-up to accomplish your investment plan. There are several custodians across the country who are truly Self-Directed, such as Pensco Trust Company, Equity Trust Company, Entrust Administration and more than I can mention here. It's a fairly simple process and can be done with a couple of phone calls and downloads from the company web sites, check them out. This will not be a taxable event, you're just transferring from one IRA … (2 comments)
hard money michigan: Good news in Detroit real estate numbers
- 11/25/09 04:01 AM
As reported in the Wall Street Journal this morning, although home prices were down 9.4% from a year ago, nine out the 20 metropolitan areas in the S&P/Case-Shiller home price index reported monthly increases. Detroit and Minneapolis had the largest monthly increases of 1.8%. Read into these figures any way you want but Detroit needs all the good news we can find, be it a one month increase or a one day increase, we'll take it and run with it. One thing you'll find with most Michiganders, we're tough and resilient, we have to be, to bare the winters, ups and downs of our local economy and auto industry (and … (2 comments)
hard money michigan: Detroit needs longer term real estate investors.
- 09/30/09 11:58 AM
I have buyers calling me from all across the country because of the housing prices here in the Detroit area. At some point, and it's probably going to take a couple of years, prices will be back and all of these real estate investors who took a chance on Detroit are going to cash in. Okay, maybe not like the boom years but until then their properties will cash flow nicely and when the prices increase, and it will be slowly, they can sell for a profit. The big problem Detroit is facing right now is the deflated prices due to … (0 comments)
hard money michigan: Detroit Hard Money for Purchase and Rehab of Residential Property
- 12/14/08 10:31 AM
Hard Money for Detroit area Residential Investment Properties. Perfect for Real Estate Investors buying bank-owned houses requiring rehab in Detroit. House must be: Brick Minumum 3 bedrooms Basement Neighborhood must show Pride-of-Ownership Borrower qualifications: Minimum Credit Score 600 (case-by-case) Provable Income Must pay 10% towards closing costs Qualify for a conventional refinance within 12 months Loan Terms: 13 Month Interest Only Balloon Note Maximim 50% LTV based on ARV (After-Repair-Value) Minimum ARV $50,000 Maximum Loan Amount $100,000 (case-by-case) Call for details (877) 854-0602 ask for Trent Dalrymple, Director-Investor Relations, Metro Mortgage Investments LLC. More Information at: www.HardMoneyMi.com … (0 comments)
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Trent Dalrymple (248) 854-0625
Allowing Mortgage Professionals to Lend Nationwide
Most lenders and investors will not touch a home that has fire damage. Of course the extent of the damage could limit even an experienced rehabber from taking on this type of project. The fear is not knowing the extent of the damage until you get deep into the work and then you're already committed. In this case, a real estate investor who is also a Realtor brought a burned property to us where it was contained to the kitchen and hadn't burn beyond the drywall. As you can see by the before and after pictures below, this rehab project was … (0 comments)
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