All Forum Posts by: Michael Allen
Michael Allen has started 11 posts and replied 32 times.
Post: Dearborn Heights Michigan Market conditions
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Post: Off Market North Warren Ranch Fix & Flip - Metro Detroit Michigan
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Dylan - Please message me as I'm interested in this property.
Post: Great Rental Opportunity!
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Can get $1000-1100/month in rent.
Post: Podcast Episode 232: Using Relationships to Find Deals
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Post: Expert Design Q & A Panel - [Monthly REIA of Macomb Meetup]
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Looking forward to being there on June 29th.
Post: Real Estate Investment Question
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Edit: $1800/year
Post: Real Estate Investment Question
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Originally posted by @Samuel Coicou:
That's wonderful to hear! This is literally the exact same strategy that I plan on using. I'm saving up to by a house cash, (100% equity) then get an equity loan to buy another property.
My one confusion is, you say rent is $900 month at the start and then say rent is $1800 when calculating the HELOC. Are you paying an additional $900 to pay off the loan quicker, or am I missing something?
Hey Samuel,
Just want to inform you, it will be tough to take out equity at 100% on a rental. Please let me know if you find a bank that supports this. Huntington bank offers up to 75% LTV and Fifth Third offers 65% LTV.
Sorry for the confusion, my taxes are roughly $1800/month.
Post: Real Estate Investment Question
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Originally posted by @Anton Bieliauskas:
In my opinion, it's a great idea. I'm trying to find a bank that will grant HELOCs on rentals in Michigan, do you have any referrals? I'd love to do the same strategy.
Huntington Bank and Fifth Third Bank. If you need any help just DM me! Good luck!
Post: Real Estate Investment Question
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Post: Hello from Birmingham, Michigan
- Real Estate Agent
- Troy, MI
- Posts 44
- Votes 15
Originally posted by @Emilio Basa:
Welcome @Michael Allen! Glad to meet you and hopefully do some business in the future. Are you looking to flip or buy and hold?
Currently looking to both - As long as the number meet!