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Updated over 9 years ago on . Most recent reply

Michael Allen's profile image
Michael Allen's profile image
Michael Allen
  • Real Estate Agent
  • from Troy, MI
  • Member since Jan 18, 2017
  • Posts 44
  • Votes 15
  • Experience 11 Yrs
  • Investments 4

User Stats

44
Posts
15
Votes
Michael Allen's profile image
Michael Allen's profile image
Michael Allen
  • Real Estate Agent
  • from Troy, MI
  • Member since Jan 18, 2017
  • Posts 44
  • Votes 15
  • Experience 11 Yrs
  • Investments 4
Michael Allen
  • Real Estate Agent
  • Troy, MI
15
Votes |
44
Posts
Michigan Real Estate Q&A Discussion Forum

Real Estate Investment Question

Michael Allen
  • Real Estate Agent
  • Troy, MI
Posted
Situation: 
I currently own a rental with 100% equity. Home is valued at $74,000.00 and currently renting the unit out for $900 per month. I would like to obtain a fixed rate HELOC on my rental for 75% LTV. Numbers: 
Home Value: $74,000.00 
HELOC rate: 488.30 - 15 Year 
Taxes: ~$1800.00 
Rent: $10,800.00 
Annual Insurance: ~$790.00 Goals: 
Purchase another rental with equity line of credit. Questions: 
Is this a great way to obtain another rental given the situation?
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