I’m looking for some money surplus opportunites. The Michigan market is struggling right now and my reserves are going down. I just have first mortgages on my rentals and I’m a fairly new investor who got into this business just before the meltdown happen. Any ideas?
Money surplus?? Never heard of it. What do you need the money for?
Money for maintanence, utlites, up keep, evictions, reserve for vacancies
The money’s gonna cost you. If cashflow is your problem, taking on more debt won’t help. But if you must, try and get a Home equity line of credit or a personal loan. Just make sure you can make the extra payments. Like I said. Treat the cause of your troubles. Nit the symptoms. If all else fails, sell a property or two and try to get some extra cash that way… Good luck…
You could always look for safe short term investment opportunities, or quick limited partnerships. Of course you should have an attorney and accountant on hand to help you review all of the proposals to ensure they are sensible.
There are also investors that may need credit partnership and could pay you with cash out of there deals. Again it needs to make since so be careful.
What part of Michigan are you in? And where do you normally rent?
Are you looking to hold on to the homes, as cash flow?
I’m in the grand rapids area (west Michigan). With the market the way it is, I want to hold for long term.
How do you do what you suggest?
Can you refi the properties and take some cash out?
What was once appraised for 110k is now reappraised for 90k-- the volume of foreclosure on the market has driven my properties down.