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Updated about 10 hours ago,
Newbie Plan. Thoughts?
I currently own a home but I’m looking to move and rent out my current home. My mortgage rate is 2.875% so I don’t plan on refi to get equity out. I have 100k in equity in this house and plan on using a home equity loan to get about 65k in equity out as a down payment for my next primary residence. New primary mortgage will be about $2500 a month, old house that I will rent out long term is $1000 a month. Plus about $600 a month for Home equity loan payment. I expect to get $2,200 a month for rent and will manage it myself. That takes roughly $600 a month off of my new mortgage.
I also have money saved up for a down payment on another property. I’d like to get started with a Airbnb/short term rental in northern Michigan. I have about $20k saved up there but I do have a partner who is also willing to go in 50%
what are your thoughts?? Good plan? Things to look out for? Things you would do differently? Also if there are other investors in the Detroit metro area looking to work together I’m interested in at least having a conversation!!!