Michigan Refinancing | How to Buy More Than Four Properties When Investing in Michigan Foreclosures
Published September 6, 2010 | 
How to Buy More Than Four Properties When Investing in Michigan Foreclosures
Michigan foreclosures have pressed down real estate values in Metro Detroit for over 4 years in a row. The silver lining to these skidding values is that investors now recognize that prices for investment properties have never been more attractive.
So how come more investors are not buying these homes while the prices are low?
It’s very discouraging to move forward with plans to build a real estate empire only to discover that if you have 4 mortgages in your name or more, most lenders will not allow you to get another. When translated, this means that you can only have 3 additional mortgages on your credit report if you have one on your primary residence.
You would think that people would go out and get their four properties, maybe even have their spouse get another four too. Instead we see people deciding that if they can’t buy ten next month in their own name, they won’t get involved at all.
I know a lot of people that are buying Michigan Foreclosures and are using creative strategies to work around the 4-property and high-down payment obstacles. Here’s one that works well.
Roll your properties into commercial loans. If the properties were bought right with significant positive cashflow, then it shouldn’t be too difficult to package three rented homes together into one commercial loan. This frees up the funds that were used to acquire the property (either from a line of credit, straight cash, or other sources) so they can be re-invested in purchasing an additional three properties.
Commercial funding is a completely different animal when compared to traditional mortgages. They often come with 10 year amortizations and have to be refinanced every five years and because of that it’s usually best to select the right type of investment homes that have such a high cashflow rate that they can account for it.
This translates into buying very inexpensive properties. Houses that can be bought and fixed up for ,000 or less and will rent for 0-0 per month match up well to being rolled into commercial loans.
This is why smart real estate investors from across the nation are turning to Michigan foreclosures and properties in other areas that can be had for a bargain price. The financing is still there to keep buying more properties while prices are at record lows. Higher priced areas across the nation still have average values well over 5,000 even after year-over-year price drops and are not able to cashflow on a commercial amortization basis.
So if you want to buy a lot of properties at great prices that cashflow well in a short amount of time, then real estate investing in Michigan foreclosures is the way to go.
Michigan foreclosures offer a unequalled amount of equity and when price is compared against area rents it’s easy to see why smart investors from across the nation as well as Europe and Australia are buying houses here while prices are low.
Further more, with new methods to collect rent automatically each month and great property managements companies to take care of the occasional leaky faucet; investing from afar has never been easier.
Do some research and I’m sure you’ll agree that Michigan foreclosures may be just the type of alternative investment you are looking for. It might even be able to help you turn around the losses the stock market had dealt to your other investments and get on track where your finances and retirement goals are concerned.
Brian Kurtz is a licensed Realtor who invests in Michigan real estate and shows people nationwide how they too can take advantage of the unique Michigan foreclosure market without ever leaving their own home town. Sign up for Brian’s Hot List of wholesale investment properties at http://www.PremierRealEstateInvesting.com
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Leave a commentMichigan Refinancing Video | Time For Homeowners to Refinance Mortgages? FOX Interview with Chip Cummings
Published August 15, 2010 |
Real estate mortgage expert Chip Cummings is interviewed on FOX News Morning Show to discuss how & when homeowners should consider refinancing. Interest rates vs. costs and declining values are key factors to consider when refinancing your home. Mike Avery of FOX 17 hosts this segment with real estate mortgage expert Chip Cummings of Grand Rapids, Michigan.
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Posted in michigan refinancing | chip, cummings, Homeowners, Interview, Michigan, mortgages, Refinance, refinancing, time, Video | Leave a commentlocal dentist – How a Thanksgiving Story Made Him $1,476.88 in a Week
Published July 14, 2010 | 
Hello,
We were forwarded this message this morning and it touched us so much we knew we had to share it with you.
His name is John Care. He is a 45 year old native of Kalamazoo Michigan. He was born and raised in Michigan and lived the blue collar lifestyle his entire life. He has three beautiful little girls, and his youngest Katie was in her very first year of school. This is his story….
“I have never been a wealthy man. My life has never been plentiful of material goods and treasures. However, I have always worked extremely hard, waking up at 4:30am six days a week to work long gruelling hours in the plant on Riverview Dr.
My daughters never went without, and my wife Sarah never went a day without knowing she was the love of my life.
This all changed in the month of September. My boss of 18 years pulled me into his office with the signs of stress running down his forehead. As the door shut behind me I knew my time was up.
“John, I am sorry my friend…”
I gave him a nod and left the building for the last time.
I will never forget the drive home that afternoon. It was 1:36 pm and I usually did not walk through my front door until 3:15. Sarah must have been able to see the despair on my face because she immediately put her arms around me and told me “Everything will be okay, John.”
Everything would be okay, I told myself again. I was determined to find work and support my family. Sarah was working part-time answering phones at a local dentist office and asked for more hours until I could get a job. We had a little bit of savings to keep us afloat for a couple of months.
I scoured the classified ads morning after morning. I called every last friend in my address book asking if they knew of anywhere that was hiring. Everyone always wished they could help, but couldn’t.
Where were all the jobs?
Even though I felt alone, I knew that I wasn’t. 31,000,000 people were jobless just like me, with families to feed, houses to keep, and winter hydro bills soon to come.
I knew with this amount of people unemployed and the state of the economy right now, I would have to do something a little bit different. Finding a job wasn’t going to happen.
It was an email titled…
“Lost Your Job? There are no Jobs… What’s the Answer? – The Internet”
I had used the internet of course. I knew how to check emails, send emails, my wife had even got me set up on Facebook. I could Google things here and there. But could I make an income from it?
I decided to open the email and research this.
It spoke about building your Financial Freedom and the growth of the Home Based Business industry online. With 31 Million jobless, there were thousands upon thousands joining every week. The Internet was connecting billions all over the globe and suddenly a light went off in my head and I believed this was the solution I had been waiting for.
I acted on impulse most likely driven by my need to get some kind of income coming in. I purchased my starter kit at $250.00 and was excited to start building my business.
That excitement didn’t seem to last long. Sarah’s face looked tired as I sat her at the kitchen table. I tried to explain the email to her, and how people were making great incomes with their home based businesses. I told her eventually she could quit her job too and how wonderful it would be for us both to be home together with the girls.
“Give your head a shake John. The Internet?!”
This was not the reaction I had expected.
“You need to get a real job. Our money is almost gone, our phone bill is due, and you just spent $250.00 on a SCAM.”
To Read The Rest of John’s Story and How
