All Forum Posts by: Antonio Folkes

I’m looking for some information and guidance in the right direction. I currently have 3 properties plus my primary residence (that I have a mortgage on) which equals four. The other 3 are rentals that are paid completely off. Now here’s the question how do I go about leveraging my rentals for more capital to buy more rentals? I’m really interested in the Heloc because I don’t have to instantly start paying on it until I use the money but today what I was told today by Pedfed credit union today that I would not be able to get a Heloc on any of my properties because I’ve been grouped in a category of having 4 or more properties. Which puts me as a higher risk and disqualified me to get a Heloc. I was also informed that another option I had was a cash refi but I need to know is there any other route I can go or the refi is my best option. If so why, and how should I go about continuing to expand my real estate portfolio. Thanks in advance!

@Greg Scott I am very interested in moving to apartment buildings. I'm also looking for a mentor in the metro-Detroit area. Is it possible if I could take you out for coffee sometime?

Hello, I looking for advice or any information to steering me in the right direction. I am currently located in Detroit and I'm looking to make most of my investments in the Detroit area. I currently own 4 properties, 3 which are free and clear (rented), 1 with a mortgage. I bought all the properties at the right times and prices which in retire they've all greatly appreciated. I am now actively look for a apartment building 10+ units. I've came across a 27 unit for a great price but it will definitely need to be rehabbed. I'm ok with that because due to the price I'll be buying at I will be still making out on top. (Looking to buy and hold the apartment building) My question is how do I go about financing for this apartment building? I have a limited amount of cash, not enough for a down payment for a commercial investment property. I have been looking into a HELOC for one of my investments properties that I can probably pull out 80k-85k which would cover more than enough for the down payment and could cover some of the rehab. Is this the right way to go? Fico: 748