All Forum Posts by: Adam Cole

 Hi Jack! I have not heard of that lender but am willing to check anything out at this point!

If you have a direct contact please reach out, I'll check out the site now

Hi Ryan!

I am a Michigan native so I can help a bit with the TC properties you've looked at. 

Biggest thing to find out / pay attention to, is if the city allows new STRs. Not just STRs in general but specifically new purchases to get a STR license. Traverse City as far as I know has a moratorium on STRs in the city, causing potentially the low income that you are seeing.

My 3 STRs are located in Boyne City (about 45 minutes away) and they do much better than I expected! If you want to talk about any "Up North" Michigan properties please feel free to reach out, I have some tips and tricks I'd love to share!

 Hey Jeff! I will reach out directly to see what options we can work with

Hello! 

One of my airbnbs in Boyne, Michigan has around 300-400k in equity locked up right now and I am struggling to get a lender to approve a Heloc. The main sticking points are that it's a second home and it has been used as a vacation rental. Has anyone else experienced this or know of a lender that may be able to help assist?

I appreciate any tips and tricks!

 PenFed, Flagstar, Genisys (currently trying), The One brokerage...and i think a few more i can't remember.

Any suggestions?

Hello! 

I need to find a bank / credit union that operates in Michigan. My second home that I airbnb for 20% of the year has a good chunk of equity built up and I'd like to access it.

Home loan amount: $410k

Home value: ~$750k based on comps

I am looking to get $100k out for improvements and projects I have around the house. 

If you have a good source, please let me know!

Adam

Hello!

I am struggling to find the right option for a HELOC on my second home in Northern Michigan. I currently have about 300k in equity in the home and I want to utilize it.

I AirBNB the property 25% of the year and occupy it 50% of the year. 

Currently I am trying to get through the process with Flagstar but I am hitting a wall with my DTI and they are stating they are unable to use the income from Airbnbing as part of my income even though I report it.

Any help is greatly appreciated!

Adam