Buy and Hold investor from the UP of Michigan

[Michael Saberniak]

Hi y'all

I am a self employed landscaper that has managed to save enough seed money to buy a couple duplexes, a vacation rental and complete my first flip. My focus right now is on growing the buy and hold in the central UP ( Escanaba, Gladstone, Marquette, Skandia MI). 

I am always interested in meeting other investors in the area! ..... all five you! 

Michael

[Elizabeth Bassett]

Hello!

My husband and I invest in Marquette County, and I can give you some tips.  Property management is going to be your biggest problem, as there isn't a good full service company.  You might be able to get by with someone, but you'll have to keep a close eye on them.  

Marquette is expensive, and in my opinion, not worth the money.  You'll find a lot cheaper/better deals in Negaunee and Ishpeming, and we don't have any problems renting properties there.  If your feeling adventurous, you can get great deals in KI Sawyer.  There is a ton of money to be made there in rents, but don't count on any appreciation there.  Just remember that you'll need to reject about 90% of applicants, and wait patiently for a good one (they are out there!).  

Negaunee is more desirable than Ishpeming (closer to Marquette, and a perception of better schools).  Ishpeming is better than KI Sawyer (though KI Sawyer will definitely cash flow better). 

When you do find something and secure a manager, make sure that your leases don't end in the winter (if possible).  The end of November to March is pretty slow.  April, May, and June are crazy, as well as August and September.  Make sure your applicants make 3x the rent.  Anyone on the fence should put down first, last, and security deposit.  Last months rent up front isn't common in this area, but we often ask for it (for borderline or lower credit scores), and a serious applicant will provide it.  If they can't....then pass.

If you have a nice rental, it will rent quickly.  Good luck in your search!  This is a great area to invest in ....we do it full time!