Any BRRRR Strategy people in Grand Rapids, MI?

[Jacqueline Coombs]

Hi! I am relatively new to this and want to implement the BRRRR Strategy to build a portfolio of rental properties here in Grand Rapids, MI. In my quest to get educated, I realize I need to network more with other investors to learn more about what works and what doesn't in this area. I have questions regarding: Best areas in town to buy? What class of property to start out with? (Financing for approximately 2 houses at 100k each) Not afraid of doing some fixing! What "rules" to apply to the GR market? 2% rent rule?, cap rate?, 5 year rule ( 60 x rent = Purchase price)?, 80% ARV all-in? Are any of these applicable/realistic? Experienced Buy&Hold investors willing to let me buy you lunch in exchange for letting me pick your brain about the GR rental market? 😃 Thank you, all! I am looking forward to networking with you!! Blessings, Jackie Botham, GR, MI

[Justin Workman]

Welcome Jackie,

Step one is education, learn and network as much as possible.  There are tons of opertunities in grand rapids, the meet up group is a great place to network with a fun and inviting atmosphere.  The RPOA is a great resource for getting started, and offers tons of documents and classes.  I will be teaching a class in April on rehabing for rental and flip profits, that will answer a lot of your questions.  Look for it on the RPOA's site and i hope to see you at the meet up Monday night. 

Justin