All Forum Posts by: Jacob Greenhoe

I've had great luck in the past reaching out to this community.  I'm seeing if anyone within this community has a great tax professional that they've been working with.  I've always done my taxes myself through TurboTax and while I could imagine I was possibly leaving a few dollars on the table going at it alone, my taxes were simple enough that I always went that route.  Now however, my taxes are becoming a bit more complex with rental income from another state along with employer income not coming from Michigan and just purchased a new home along with looking to acquire another rental within the next six months.  I short, it's time to do the smart thing and lean on a professional. If anyone has any recommendations I sure would appreciate it.  Thank you in advance!

@Aaron Kite Thank you!  I was able to find the property on the assessor website and thankfully it's far less than what's showing on the fee worksheet.  

Hello all, I will get an answer on this tomorrow from my lender but this community never surprises me when it comes to being helpful with questions so thought I'd try getting a little more immediate clarity.  I'm in the process of purchasing a property in Lansing, MI and just got my fee worksheet back from the lender.  The amount listed for Real Estate Taxes as a line item in the monthly estimate is $250/mo.  Yikes!  I'm very new to all of this, so I'm hoping that the fee worksheet is indeed just an estimate.  To give some insight on the property, It's 2 br single family 48915 zip code with a purchase price under 50K, so it's not as if it's in a pricey area.  Anyone with some knowledge of the Lansing area that has an idea, I'd more than appreciate your thoughts.  Thank you!

@jaysenmedhurst I reached out to PenFed right away and got confirmation that they would do a HELOC on my rental property. Thank you!!

Hello. I'm hoping the community here might be able to give me a recommendation on a bank or credit union in the Kansas City area that would do a HELOC on an existing rental property. The rental is completely paid off but I would like to access around 15-20k for a primary residence. I checked with Mazuma as they originally held the mortgage on my rental but they will only allow HELOC in an owner occupied residence. Please any help would go a long way. Thank you!!

@Patrick Snyder  @Alex Corrion  Thank you both for such good advice.  I'll be looking more in depth at the regulatory measures that Lansing has in place over the weekend, and make sure I have a sound business plan going into a new market.  

@Patrick Snyder  That's such helpful information on that neighborhood near Potter Park, thank you!  I completely agree about how much a difference a block makes in Lansing.  I'm thinking that area would not make an ideal fit as I wouldn't be close enough to manage it properly.  It's funny that you mentioned the property on Forest, I've had it saved on here for a few weeks.  

Yes, I'd only be living there for roughly 3 months as I'd be able to work remotely, then I would like to have it rented out.  I'm just starting out in rental properties and have been managing the one that I currently have here in Kansas City.  That property is paid off and for me being able to pay this next one off in a 12-18 month time period is the most ideal situation for me and what I'm comfortable with.  My goal is to hopefully do that 2-3 times and then I will be more comfortable concentrating on leveraging my money and growing my business at a faster clip at that time.  I've even seen 620-770 sq ft 1-2 br homes in Moores Park/Greencroft that have sold 30k-40k throughout the calendar year and I feel like that might work for what I'm trying to do.   

@Alex Corrion  @Patrick Snyder  I agree with you guys on the multi-unit idea.  I've noticed a handful of properties in the Lansing area since I've been looking that have really attractive numbers as well as many of them being move-in ready or just light cosmetic updating.  I do have a question in regards to a certain neighborhood.  I'm seeing homes over this calendar year in the neighborhood that is directly north of Potter Park and south of Welsh Park.  I have a reasonably good understanding of the Lansing area, there's some areas that I can find properties in that 37K-50K  that I would consider to be ok, there's also some areas in that same price range that I wouldn't want much anything to do with.  An example was when I was home last summer the Moores Park/Greencroft/Old Everett areas people seemed to take care of their property, yards were kept for the most part, etc.  When I drove through Old Oakland neighborhood, with similar prices, there was a stark contrast to the condition of that area.  Sorry this is quite lengthy, but if you're familiar with that area mentioned, north of Potter Park would love to hear your thoughts as that's the one spot I'm unfamiliar with myself.  

Thank you everyone for the suggestions and references, this is becoming very helpful!  

@Patrick Snyder  A lot of the properties have been concentrated in Old Everett, Moores Park, Greencroft Park neighborhoods.  I'll be visiting family for a week in July and plan to do additional scouting of neighborhoods at that time. 

@James Wise  Thank you for the help, James!!  I'll make sure look into those three lenders.