All Forum Posts by: Nikki Closser

Definitely check with credit unions and smaller local banks! 

Ann Arbor is great! Where are you in FL? We are looking for an Airbnb and I’ve considered FL, but I feel overwhelmed with all of the options. Maybe we could help each other out! 

I put a couple offers on homes to Airbnb in AZ, but haven’t been able to get one yet. I’ve been having my agent do a zoom walk through. If I were to get one, I would fly out during the inspection period. For primary home, I would definitely want to see it in person unless I had already mailed down a neighborhood and knew exactly what I wanted. 

@Stephanie Wells Hi! There is so much to write 🤣 So much depends on what you are looking for. Do you want small town? Somewhere with a downtown? Near or on a lake? City? Do you need to be near a Target 😆 Some areas are pricey and some aren’t. My two apartment buildings (I bought an 11 unit since I made this post) are small town and we live just outside of Ann Arbor and have a lake house about an hour west of Ann Arbor. Both areas work great for our family. I’ve lived in Plymouth, Canton, Ypsilanti, Royal Oak and all were good for different reasons—and things I didn’t love about each place! I have realtors in both metro Detroit and northern MI. To calculate cash flow, I use the mortgage calculator and subtract all of the expenses including my property manager’s fees. Nothing fancy! I always overestimate. Always. 

@Huong T Nguyen that’s a better rate than what I got! Mine was 5% at 20 years. Although, I got the 80 ltv 

@Huong T Nguyen I have that option on a new purchase. I’m looking specifically for a cash out refi. Curious, what rate did you get? 

@Tory Sheffer thanks. That was on a refi or on an initial purchase?

@Tory Sheffer do you mean 80% wasn't anywhere to be found? Or did you only get 70% ltv? My credit union is Genisys and they use Michigan Business Connection to handle it all. They gave us 80% LTV on our 475K 11 unit. They said if I was initially purchasing it, I could get 80% again. But 70-75% since it's a "refi".

Hi! I purchased a 6 unit 7 months ago via seller financing and we already forced the appreciation on it significantly. I'm looking to do a cash out refi (not sure if this is what it technically is since I purchased the building on seller financing), but my credit union will only go up to 75% LTV and we are hoping to get 80%--if this is even possible. My credit union recently did 80% LTV on an 11 unit we purchased, but that was because it was a new purchase.

I searched the forums, but I'm not finding anything recent on commercial loans. Has anyone gotten 80% LTV on a cash out refi in the last year? If we are stuck with 75%, I don't want to keep searching and calling banks. Oh, and this is in Michigan.

Thanks!

@Joseph Cacciapaglia we are still in the inspection period. Ok, that’s what I’m thinking. Thanks! 

I'm under contract on an 11 unit apartment building. The title company wants to know if I will accept a standard policy without standard exceptions, which will not require a survey. Sounds like a survey would potentially delay closing. Has anyone ever done this?