All Forum Posts by: Kyle Manduch

Mike Carino My thought is go portfolio and to grow a relationship with this bank to something bigger, such as commercial, as I find partnerships with people down the road. Thank you for the feedback. What are the advantages? I understand personally I could get up to 10 houses through mortgages, but how do you get bigger? - Kyle

Hello Fellow Michigan BP'ers!

I need some help. I've combed through previous posts and found a few answers to my questions, but I would like to have a collaborative discussions with people successfully either BRRRR, or Portfolio Loans, or Refinancing within the Metro-Detroit area. I have paid cash for all of my properties and it is tied into them. Now I would like to access that equity/cash, and rinse and repeat.

So far, I know of a portfolio loan I would take out against my LLC, on multiple properties with equity. OR, do a cash out refinance, or HELOC through my personal name, as I still have an income paying job. The banks I'm going to talk with are 1) Monroe Bank and Trust, 2) Lake Michigan Credit Union. Are there any other local banks willing to talk with LLC's/partnerships? OR recommended for cash out refi/HELOC?

Are there any other strategies to leverage my properties to access cash? - Areas - Metro Detroit, Ann Arbor, Michigan, Troy, Royal Oak, Oak Park, Downriver, Taylor, Wyandotte, Dearborn, Ypsilanti, Ferndale.

Thank you kindly for your insight, I greatly appreciate it.

Kyle

AF Properties

Hello Welcome to BP!  

I'm invested in Detroit and metro Detroit.  I'm more then happy to help if you need to reach out.  I suggest to get a few goals in mind whether it rehab, buy and hold, wholesale, etc...that way you can pinpoint and create an action plan.

Best,

Kyle

@Christopher Albritton

Welcome to Detroit!  In my opinion, I recommend @Jeff B. post.  

Schools, Grocery stores, Shopping, Security as it is block by block.  It's important to know what you're getting yourself into, before buying a place.  If you need any help with areas, I'd be more than willing to chat.  Best of luck.

Welcome to Biggerpockets! There are a few monthly REI clubs that get together. Check out RenegadeDetroit and MREI Monthly Meetings. If you need more information, PM me and I can send the email/meetup link.

Cheers

Off market.  Mine was based off tax foreclosure auction in Detroit.  Was able to pick up a multifamily for 13k+30k in rehab and paid it off within 2 years.

This was in a neighborhood close to the 'hot' neighborhoods in Detroit, and people are getting pushed out for more affordable rent.

This was a great one, but I've had a few dud's as well.

10x, commercial, automate

@Mike Carino

My property manager has done exceptionally well this year and I would like to get them a thoughtful gift. Other than the typical fruit basket, chocolates or wine. Any suggestions? Thank you kindly and happy holidays!

@Dominick Natoli

If you are starting with 460k and you want to cash flow in Detroit - you could easily buy 10+ houses with a solid team established here and make much more cash flow then in Texas.  The problem is if you want equity/value in these houses - as the typical houses we have been wholesaling range from 15k-55k in the City (ranging from Warrendale - Bagley/UD). 

I would definitely understand what game plan you want to take as there are many different avenues within real estate.

Cheers, and welcome to BP.  Let me know if you have any questions about Detroit.