All Forum Posts by: Michael Vallee

In similar sitch Stephanie Potter please connect with me

Ian Walsh have you or how does one "cross-collateralize"? Im at the stage where residential lending is confused - how could I leverage existing Properties? Any thoughts? Thx in advance. Michael

Seeking Investor for a loan on a 4plex I own that appraises at 230k I have 80k 1st and seeking loan of 100k 2nd at 5.5% secured against property.

Property gross rent is $2450/mo to my current mortgage payment of $600.

$568 payment
$204,404 total loan value

Can be run though a servicing company. Leases are available. Proof of deposits. You can visit the property.

My loan fees (points) will be that I will pay any set up fees and attorney fees, recording fees to document arrangement.

$ is needed to fund other real estate projects. Willing to consider involving the right partner on future deals.

Thank you for considering

Congratulations! Nice Work @Sean Autry...interested in this answer as well. 

If you can do 1 you can do MANY.

Thank you @Bill Gulley 

I will be sure to be careful on this and run it past my RE Attorney..bring up your input.

Similar to Anthony - I purchased a 4plex 3 yrs ago north Phoenix (north of bell on cave creek road) cash flows very well. I've been trying to replicate this same deal for 3yrs and challenging to find multiplex that is not surrounded by a bunch of other multi family (zoning) or in a sketchy area of town. Cash flow good - actual comps are challenging. Also have a duplex - 12th street and northern in phx that cash flows well - $1k/mo per 2br. Several rental units being built in Phoenix and Scottsdale currently. I'd be glad to share what I know about the market or any particular areas.

Thank you Guys for the feedback and input...I'm pleasantly surprised and appreciative of the collaboration here on this BP forum. 

@Sandy Uhlmann I just just purchased my primary home, although a HELOC is a good option, I'm not quite there on equity yet..but thank you. The property is a 4plex (non-owner occupy) I'm looking to put the note on as a 2nd lien..has a 1st of 80k and is worth maybe $230k., so, thinking there has to be about $100k or so, that I could reinvest elsewhere.

@Rich Baer Thank you for your input, I think the concensus is that I should get in touch with my RE attorney, which I will...To clarify I am seeking to borrow money...using my property's equity as collateral..(never thought of this until I've started listening to the Bigger Pocket Podcasts) it's brilliant, if it will work. Property is in an LLC...as well.

@Dion DePaoli Thank you for your concern...I need that coaching as well..yet, this is me "borrowing" $ using property as collateral...nothing fraudulent here.. (I try not to use the "F" word) ; )  

If this works, I have another property this could happen on..

Again..thank you all for your input..woke up amazed that my request didn't fall on deaf ears!

Best!

Michael

4808485780

Can I create a note against my own property and sell that somewhere? I'm trying to convert some equity to liquidity. How would I set this up and where is there a marketplace for this paper? For someone who has cash - could be a great deal and very secure against a low leveraged property. Best, Michael Vallee

New to BP. Buy and Hold strategy with 10 doors - looking for partners and contacts to take business to next level. Would like to incorporate fix and flips into the mix. Best, Michael Vallee