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Description of Investing in Detroit, with Jason Cole

FAR 030 Topics: Remote flipping Infrastructure Local Investors Realtors Closing Personnel Contractors Local private investors Wholesale - get with local investors Retail - build a strong team. Emails: Henry from Ocala FL, “I’m not a realtor so I don’t have access to the MLS. How can I come up with the ARV?” Welcome our new affiliate near Ocala, 97.7. The Villages. Research… InvestorCompsOnline.com Tyler from Milwaukee. I have a great deal on a 4/2.5 in a desirable area and want to get your thoughts. The owner is asking 325,000. They want 10% down and will finance the rest to me at 6%. My payment including taxes and insurance would be just over 2000. I can rent the house out for $3200. It’s in a great area with great schools. It would appraise today at about 340. Comment on owner financing. Michelle from Las Vegas. I have an opportunity to buy a house that needs serious updating. I plan to move in and make repairs as I go. Can you recommend a hard money lender out here in Vegas? The house is selling for $265,000, but it would be worth nearly $600,000 when I get all the work done. It will take about $120k to do everything I want to do, but I also plan to live here several years. I make good money and could qualify for a loan up to about 400,000, but the lender I spoke with won’t loan money to make the repairs. Dodd-Frank prohibits HM lenders. Conforming lenders are limited when repairs are needed. FHA requires finished floors, for example.   Go conventional, make repairs as you can with cash. OR get a HELOC and make repairs. Clay from Atlanta, I sold a business and have some cash. A local investor wants me to partner with him by putting up some cash for a downpayment on one of the properties he wants to buy. He’s done a few hundred flips and I’ve known him awhile. I trust him but I still want to make sure I’m protected. What should I do? Interview Guests: Jason Cole, REIA of Detroit

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