HML's in Michigan

Hello everyone

I am new to REI for passive income. My wife and I have purchased homes…lived in them…fixed them up…sold them…and bought a ‘bigger and better house’. Now that we have done this enough and have the house we want to be in for some time I want to continue.

I have read and read and read and read some more on REI.

My question is I am ready to start searching for a property to flip and want to know where to look for HML’s? I know there is the list in the left hand nav of this site but I wanted to get some feedback.

Thanks in advance for all of your posts:)


What is an HML? …Never mind…Figured it out

Hello, I guess that you are not able to get traditional lending. Credit issues? HML should be last resort, but, if that’s the only way to go…

Thanks Chris

Acually I just wasn’t sure what it was for a minute - but would it be good to use it if you need money for a deal really fast?

Do you know anything about “assigning a contract”? Can the person the contract was assigned to get a loan with the original PA and the assignment?

Hello, To work with a HML you would need about 3 weeks tops to secure a loan. As for your other question, each HML has their own criteria. You would need to send a proposal to the lenders and see who would have an interest.

Thanks for replying, Chris - but do you know how “assigning a contract” works…what the process is ? Do you write a PA, then find an investor, then is there certain paperwork that makes it legal, etc…can a person get a mortgage if the contract was assigned to them or does it have to be the original PA to the original person…would this be a time to use hard money type investor?

Any help is appreciated. Thanks again


Hello, My understanding of an assignment of contract is if it is assigned to me, I can do whatever I want with it. For example: If you give me $50, I can go spend it on anything I want. Now the lender may want information about it and then pursue the loan or not. It is up to them. Chris

Is there any paperwork that is specifically designed for assisgning a contract?? Where would I get it?

Hello, I’m sorry, I’m not totally familiar with the process. Maybe there is someone on the postings that can totally explain the process and forms involved. Otherwise, my suggestion is to check with your local realtor and/or title company. That’s what I would do. I would do some research and find the answer. Again, sorry I couldn’t be more helpful. Chris

Thanks, Chris - I will keep researching.