Newbie in Mid-Michigan

2 Replies

Here's my situation:

We bought a duplex in Mt. Pleasant, MI in July of this year and will begin house hacking in October. The other half of the duplex will be a short-term rental. I want to learn more about HELOCs and refinancing options on the duplex to fund the next deal. I also want to a tax professional to help with my duplex and future plans. I have multiple options to fund future deals, but not sure which path to take, so I’ll be reaching out for advice on that soon.

Goals:

I am still developing ideas to reach our goal, but I have a couple paths in mind. One path I am considering is doing a combination of BRRR/flipping vacation cottages in NW Michigan, while also operating a vacation rental property management company. I would also like to BRRR a minimum 20-door multifamily. Both paths are currently ideas a a whiteboard.

Learning to analyze deals is my next step after the renovation of the duplex is complete.

Finding BP

I found BP while researching mortgage information after we closed on the duplex. If I had found BP a month earlier, I would have done things massively different!!! We still got a great deal on the duplex using a conventional mortgage with 5% down and no closing costs.

My Background

I’m employed full time as a Project Manager. I’ve recently moved back to the USA after 3.5 years living and working in the UK. I was sent by my employer to open a subsidiary NW of London. The struggle of starting a new business in a different country by myself was an amazing challenge. Over time, I was able to build a great team and create systems to support the business without the need for me to run the day-to-day. Working myself out of a job took time, but I was able to hand the business over the British team and my wife and I moved back to Michigan. This also gave me insight to the commercial side of property rental.

Updated almost 2 years ago

Here's my situation: We bought a duplex in Mt. Pleasant, MI in July of this year and will begin house hacking in October. The other half of the duplex will be a short-term rental. I want to learn more about HELOCs and refinancing options on the duplex to fund the next deal. I also want to a tax professional to help with my duplex and future plans. I have multiple options to fund future deals, but not sure which path to take, so I’ll be reaching out for advice on that soon. Goals: I am still developing ideas to reach our goal, but I have a couple paths in mind. One path I am considering is doing a combination of BRRR/flipping vacation cottages in NW Michigan, while also operating a vacation rental property management company. I would also like to BRRR a minimum 20-door multifamily. Both paths are currently ideas a a whiteboard. Learning to analyze deals is my next step after the renovation of the duplex is complete. Finding BP I found BP while researching mortgage information after we closed on the duplex. If I had found BP a month earlier, I would have done things massively different!!! We still got a great deal on the duplex using a conventional mortgage with 5% down and no closing costs.

Frank Ross downtown Mount Pleasant has experience working with real estate investors and has owned a rental property himself I just started using him this last year but he has been super helpful and is okay with calling occasionally with questions without a cost (probably because I did my taxes there).  

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