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All Forum Posts by: Michael Allen

Michael Allen has started 11 posts and replied 32 times.

Real Estate News & Current Events

Post: Dearborn Heights Michigan Market conditions

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15
If you are looking for a house in Dearborn Heights, I have a listing there for a great investment or first-time home buyer. Message me for details.
0 Votes
Classifieds

Post: Off Market North Warren Ranch Fix & Flip - Metro Detroit Michigan

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15

Dylan - Please message me as I'm interested in this property. 

0 Votes
Classifieds

Post: Great Rental Opportunity!

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15

Can get $1000-1100/month in rent.

0 Votes
Questions About BiggerPockets & Official Site Announcements

Post: Podcast Episode 232: Using Relationships to Find Deals

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15
Listsource has been mentioned the last two episodes. What's the best way to obtain pre-foreclosures when searching for your criteria? Thanks in advance!
2 Votes
Real Estate Events & Meetups

Post: Expert Design Q & A Panel - [Monthly REIA of Macomb Meetup]

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15

Looking forward to being there on June 29th.

0 Votes
Michigan Real Estate Q&A Discussion Forum

Post: Real Estate Investment Question

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15

Edit: $1800/year

0 Votes
Michigan Real Estate Q&A Discussion Forum

Post: Real Estate Investment Question

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15
Originally posted by @Samuel Coicou:

That's wonderful to hear! This is literally the exact same strategy that I plan on using. I'm saving up to by a house cash, (100% equity) then get an equity loan to buy another property. 

My one confusion is, you say rent is $900 month at the start and then say rent is $1800 when calculating the HELOC. Are you paying an additional $900 to pay off the loan quicker, or am I missing something?

 Hey Samuel,

Just want to inform you, it will be tough to take out equity at 100% on a rental. Please let me know if you find a bank that supports this. Huntington bank offers up to 75% LTV and Fifth Third offers 65% LTV.

Sorry for the confusion, my taxes are roughly $1800/month. 

0 Votes
Michigan Real Estate Q&A Discussion Forum

Post: Real Estate Investment Question

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15
Originally posted by @Anton Bieliauskas:

In my opinion, it's a great idea. I'm trying to find a bank that will grant HELOCs on rentals in Michigan, do you have any referrals? I'd love to do the same strategy.

 Huntington Bank and Fifth Third Bank. If you need any help just DM me! Good luck! 

1 Vote
Michigan Real Estate Q&A Discussion Forum

Post: Real Estate Investment Question

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15
Situation: 
I currently own a rental with 100% equity. Home is valued at $74,000.00 and currently renting the unit out for $900 per month. I would like to obtain a fixed rate HELOC on my rental for 75% LTV. Numbers: 
Home Value: $74,000.00 
HELOC rate: 488.30 - 15 Year 
Taxes: ~$1800.00 
Rent: $10,800.00 
Annual Insurance: ~$790.00 Goals: 
Purchase another rental with equity line of credit. Questions: 
Is this a great way to obtain another rental given the situation?
0 Votes
New Member Introductions

Post: Hello from Birmingham, Michigan

Michael Allen
Agent
Posted
  • Real Estate Agent
  • Troy, MI
  • Posts 44
  • Votes 15
Originally posted by @Emilio Basa:

Welcome @Michael Allen! Glad to meet you and hopefully do some business in the future. Are you looking to flip or buy and hold? 

 Currently looking to both - As long as the number meet!

0 Votes