All Forum Posts by: Adam Cole
Adam Cole has started 3 posts and replied 7 times.
Post: HELOC Options for 2nd home. Trying to unlock equity!
- Posts 7
- Votes 5
Quote from @Jack Matthias:
Hi Adam,
Have you looked in the All In One Loan (AIO). It works on second homes and investment properties. Let me know if you want to learn more.
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
Post: What am I doing wrong?
- Posts 7
- Votes 5
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!
Post: HELOC Options for 2nd home. Trying to unlock equity!
- Posts 7
- Votes 5
Quote from @Jeff Chisum:
I can help with that!
Hey Jeff! I will reach out directly to see what options we can work with
Post: HELOC Options for 2nd home. Trying to unlock equity!
- Posts 7
- Votes 5
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!
Quote from @Michael Smythe:
@Adam Cole what banks and CUs have you already tried?
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
Post: HELOC options for 2nd home 2024!
- Posts 7
- Votes 5
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