Metro Detroit Investor Friendly Banks
Hello Fellow Michigan BP'ers!
I need some help. I've combed through previous posts and found a few answers to my questions, but I would like to have a collaborative discussions with people successfully either BRRRR, or Portfolio Loans, or Refinancing within the Metro-Detroit area. I have paid cash for all of my properties and it is tied into them. Now I would like to access that equity/cash, and rinse and repeat.
So far, I know of a portfolio loan I would take out against my LLC, on multiple properties with equity. OR, do a cash out refinance, or HELOC through my personal name, as I still have an income paying job. The banks I'm going to talk with are 1) Monroe Bank and Trust, 2) Lake Michigan Credit Union. Are there any other local banks willing to talk with LLC's/partnerships? OR recommended for cash out refi/HELOC?
Are there any other strategies to leverage my properties to access cash? - Areas - Metro Detroit, Ann Arbor, Michigan, Troy, Royal Oak, Oak Park, Downriver, Taylor, Wyandotte, Dearborn, Ypsilanti, Ferndale.
Thank you kindly for your insight, I greatly appreciate it.
Kyle
AF Properties
Most Popular Reply
#5 All Forums Contributor
- Plymouth, MI
@Mike Carino Maybe, on the 10 converts to one to free up 10 more. Not all lenders are the same, both on the singles and the 10's.
No, on the conventional rule first. Well, that's not completely true. The first time I did this, it was, but if (actual when) I start new (each time), I don't use either route. This is because the most important thing I learnt the first time through, is that the conventional route is slow, slower and incredibly slooooow...and not efficient in time or money.
What I learnt was how money works. What I've developed since then, is:
1 - a core system...
2 - that doesn't require any traditional funding...ever...
3 - that also only requires a one time funding...
4 - ...and, the initial cost of that funding is immaterial since the system, if designed correctly (and not deviated from)...
5 - will eliminate the impact of the cost of that one time funding because the system...
6 - doesn't focus on paying off the funding, but rather...
7 - focuses on "managing" the funds, thus...
8 - allows me to "use the funds" an unlimited number of times, but ...
9 - only pay for it once...
In other words,...
10 - I learnt how "Money works".