Anyone else excited about the Grand Rapids market like I am?

Question

Exciting things are happening in Grand Rapids with the medical development, and the GVSU college area.  Not to mention all our new breweries.  This town is hopping!!

I have several success stories involving our investors in this area but and just concluded the remodel on another large project that I wanted to share.

One of our new investors purchased a few properties in the HOT GVSU student zone in the last three months.  We just completed one  property that was purchase for 39,900  with $50,000 invested into the remodel project.  This property includes all new windows, siding, insulation, down to the studs remodel, HVAC, Central air, 2 full bathrooms and new kitchen, and 5 bedrooms. This property was rented to the first person that saw it before completion for $1995.00 (they pay all utilities).  These numbers are GREAT, and this house will be a long term, low maintenance property.

There are still these deals out there.  If you need help identifying properties or even advise of remodeling them let me know.  I have a steady stream of leads coming in, that I pass along to our owners.

Whats your most recent success story?

Michael Lerch · Answer

@Tim VandenToorn  @Flavio Zanetti

I laughed when he asked you to refer a reputable management company. Guess it's his lucky day, huh?

Tim's management company is one of the best (if not THE best) in Grand Rapids. They have a high standard for the properties they manage and they don't like to get junk properties to offer their clients... ask me how I know, he's even turned down some of my lower end wholesale deals haha. But it just speaks to their integrity as a business. I also know his dad (Russ) who works the business together with Tim and he's REALLY smart when it comes to rentals and serves on the local REIA board. Russ always says not to work with anyone until you get a couple referrals first so I'm happy to throw mine out there.

Account Closed · Answer

Hi @Tim VandenToorn,

Can you please elaborate on how you are helping investors in Grand Rapids?  Is this for turnkey investments or purchasing fixers for cash flow/flip?

Thank you Tim.

Tim VandenToorn · Answer

Thanks for adding to the post @Brian Hamrick.  United Properties has worked closely with Brain for several years, and he is a great example of a successful Grand Rapids investor. Brian is a wealth of knowledge on what is happening in our city and has a remarkable story of his journey into becoming a full time investor  www.higinvestor.com for more information!

Nick Bellmore · Answer

Grand Rapids Metro is such an exiting and thriving market. I am shocked at how large the demand for quality rental properties is here. I fantastic place to work and live. Tim fantastic topic. I am also excited about the market here.

Brian Hamrick · Answer

@Tim VandenToorn

Great thread about Grand Rapids Tim.

Even though the population of Grand Rapids is under 200,000, our Metropolitan Statistical Area (MSA) is over 1 Million.  That's part of the reason we're seeing all of this new development, and why businesses like Trader Joe's are now opening in the area.

The 1 Million MSA population's effect on Grand Rapids shouldn't be underestimated.  A few years ago Grand Rapids would have been considered a smaller 'tertiary' market, now with all of our growth we're increasingly being considered as a 'secondary' market, behind cities like Chicago, New York, LA, which are 'primary' markets.

In addition, Grand Rapids ranks 3rd in the nation for economic growth, behind only Denver and Houston.  Among the world's cities, the Grand Rapids/Wyoming region's economy is ranked 69th, Kent County (including Grand Rapids) is leading the U.S.'s employment recovery, and we have the lowest rental vacancy rate in the country.

I have links to articles about these statistics on  my website at www.higinvestor.com.  Just click on the news & blog tab at the top.

Tim VandenToorn · Answer

@John Weidner

@Richard Dunlop

Wow I miss spoke there for sure!!  Yes just under 200,000 residents.  We are definitely a small growing city.

Richard Dunlop · Answer

200,000

Metro area slightly >1,000,000

John Weidner · Answer

@Tim VandenToorn

2 millions residents in Grand Rapids? Never realized it was so big.  Been through several times on my way to Cadillac snowmobiling figured it was a few hundred thousand

So what's driving the growth?  I get Detroit because Automotive industry

Also what classifies a D property in Grand Rapids?  Just turn over and price?

Tim VandenToorn · Answer

Mike, I would encourage you to look very closely at it.  I don't have any home-run deals right now, but I am previewing a few this week.  The development that is happening is mind blowing, especially for a city with just under 2 million residents.  I have a few available in the 8-10% range that I would be happy to pass along.

Anyone else excited about the Grand Rapids market like I am?

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