All Forum Posts by: Jeff Roth

Yes, he does. 

To Your Success!

Hi Emily-

Congratulations and great question!

Yes, you can certainly invest with a HELOC. Remember the rate on that will float up if the fed continues to raise interest rates.

You might ask if you can refi the HELOC into a Home Equity Loan after buying the investment property to keep your interest rate from floating higher.

You can also look into doing a refinance to just have one loan if you buy the property well enough or if enough equity exists to do that.

Sometime there is a period of time from the initial purchase before you can refinance so talk with your lender.

To Your Success!

Congratulations Corinne on your soon to be degree and having money saved at the same time!

Well done.

I would find a good lender and can recommend Shane Oumet at (248) 403-1227. Excellent!

Then, find a good local realtor, preferable one that is an investor themselves, and understands what you are trying to do with the house hack.

If you can remain unemotional about the process and treat the house hunt like market research, I would begin looking at and studying areas now.

To Your Success!

Hi Ronald-

Great question!

The best thing to do is talk to other real estate investors locally or a local property manager and ask their opinion. They would know if the area where your house is located has aggressive enforcement of permitting.

This is what I do.

I usually work with the local property manager to have the required work done so I know we are doing things up to compliance and they act as the general contractor for the work.

To Your Success!

Hi Maite-

I have had good luck with Community Financial Credit Union here in Michigan for HELOCs.

Make sure whichever lender you go with will allow you to refinance or lock the portion of the HELOC you used as a downpayment so the rate does not float higher if the fed keeps raising rates on that balance.

To Your Success!

Hi Dan-

Property taxes are high in most of Detroit.

I personally invest in Lansing, MI.

Similar numbers. Much lower property taxes.

To your success!

Hi Erik-

Congratulations on getting your license.

I think it is a great way to learn the business while making money.

I would think about finding a high volume agent near you that is looking to add someone to their team. You will learn a lot this way and make consitent money. It would help if they have real estate investors in their client pool.

Additionally, start networking with other real estate investors locally and small business owners. Small business owners understand investments and the value of real estate.

To your success!

Hi Ross-

This is a great question.

Congratulations on starting your real estate investing journey.

I would suggest finding a mentor locally. If there are real estate investor meetings, I would attend those and look for people doing what you are thinking about doing and talk with them.

Especially be on the lookout for a Realtor who helps investors and invests themselves to add to your team.

To your success!

Hi Abdul-

I used the University of Michigan Credit Union here in Ann Arbor, Michigan to get a HELOC on one of my rentals.

This was last summer so things may have changed but worth a call.

Happy to help!

To your success.

Hi Brandon-

Great question!

I wish I had started at your age.

I have my license, help others invest in real estate, and use it to help myself buy my own investment properties.

It's a good strategy and way to get in the business and meet other investors and people to add to your team and network.

My number one strategy for you is to work on a high production team and learn as much as possible about sales and real estate in your area.

Then, when you feel you have learned what you need to go out on your own you are ready.

Best way to learn and make money at the same time.

To your success!