All Forum Posts by: Bryenne Korte

I'm looking to connect with an investor-friendly lender or mortgage broker in Michigan. I am in the process of looking for my first real estate deal in West Michigan (Muskegon/Grand Haven area) and am trying to determine whether a cash-out refi or a HELOC on my primary residence is a better option to fund the deal. This will likely be my first of many deals and I would love to start a working relationship with a lender or broker sooner than later! Figured BP would be a good place to start. Any advice/comment/insight would be appreciated!!

Thank you so much Lynne Jacob !! So helpful. I thought I'd just refinance for the homes current value i.e I bought it for $179 and now its worth around $220...In addition to the equity, that's a decent amount of cash. But it sounds like a home equity line might be a better option for the reasons you listed below?? What are the parameters with a HAVOC? I'm assuming there's a max percentage or dollar amount you can borrow based on various factors? We'd probably need around $50K to fund our first deal. Again, thanks so much!!!

Hello! My partner and I are actively looking for our first deal in West Michigan. We plan on refinancing my primary residence to finance the deal...the home is worth about 15-20% more than I purchased it for in 2013 and additionally, I have quite a bit of equity. We are hoping to get enough out of the refi to pay cash for a deal. With that said...I'm wondering when I should start the refinancing process? Is it best to do it in advance of finding a deal? Any insight or advice on this process would be much appreciated!!

Hey Brad! I'm not an experienced investor, but do have some thoughts as we currently live in Muskegon and we are also looking to purchase our first property. I honestly wouldn't suggest Muskegon for a few reasons.... 1.) Not a lot of variety when it comes to restaurants, retail, coffee shops, etc. --- I used to live in Royal Oak (Metro Detroit), it is night and day 2.) Schools aren't very sought after 3.) There are a lot of pockets throughout Muskegon that are pretty sketchy/shady and not well maintained...you have to be super particular about where you are buying, which can be tough for someone out of town. 4.) Not an ideal location for Corporate opportunity....most people who do work corporate jobs commute to the city (Grand Rapids) and this significantly affects how property in Muskegon rents (interest, length of stay, type of renter, etc...) Not all of Muskegon is a bust, but the better areas don't often offer good deals, as they are usually $200K+ near or on water. I would suggest looking in Grand Haven, Spring Lake, Rockford and Grand Rapids. Good luck and if you need any more help or insight, let us know!! :)

That's great and very inspiring! Northern Michigan is beautiful, I am not surprised :)