Six Unit in Michigan Under Contract

[Ryan Kuja]

Hi BPers!

I've been a member here for a while and actually live down the street from the man, the myth, the legend, Mr Brandon Turner himself in the wonderful albeit very strange town of Aberdeen, WA. My wife and I moved here from Seattle on New Year's Eve last year. We bought a HUD foreclosure what was in really good shape: 2,000 sf plus finished basement, 3/2.5 with a bonus room for $80,000. We are doing all the requisite cosmetic fixes and hope to sell next year for a good profit, through the market is soft so we may need to rent for a year and see if it starts to improve. Anyway, I've been scouring the MLS for months looking at possible rental properties (mainly 2-4 unit and some SFR) in the area and nothing has worked out thus far. My wife is from West Michigan, and so about a month ago we decided to re-focus our search in the Kalamazoo, Grand Rapids, Battle Creek area. Just yesterday we went under contract on a 6 unit in Kalamazoo. The units are 2/1 and rent for between 550-600 month and is fully occupied. We are both filled with excitement and fear as we havent seen the property (but have a good friend who is going to go to the inspection next week and check it out. He is an investor so we trust his thoughts, as well as what the inspection report reveals....hopefully not much). To be honest, I hope I never even see the property, just provide a good, safe living situation for the tenants and collect some solid cash flow each month.

All that being said, anyone have any tips for out of state investors? Anyone else invest in Kalamazoo?

Thanks!