All Forum Posts by: Michael Allen

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?

Hello BP, My name is Michael Allen. I'm a licensed Realtor in the state of Michigan and also a real estate investor. I was born and raised in Metro Detroit and have a life-long passion for my hometown. I'm extremely proud of the revitalization it has experienced over the years. I look forward to learning and answering questions along the way!