Anyone having luck finding deals in Michigan?

[Drew Denham]

I live in Grand Rapids and finding a deal is very slim. I also invest in East Michigan (Midland) and the market there is getting hot as well. Any cities other than Detroit, Lansing, GR, Kzoo that are worth looking into or other folks have had success with? Grand ledge? Battle Creek? Gaylord? Cadillac? Thx! 😄 Rentals or flips

[Jeremy Scherer]

I just closed on a deal today in Grand Rapids. The other properties I own in GR I bought more or less turn key. I was getting outbid by crazy amounts by retail buyers this spring also. I decided to go in a different direction. The house I bought today needs about $30K in work, but it scared off every retail buyer. I still had to look at it the first day it was on the market and put in an offer the next day to get it.

I paid $92,900 cash (mine and some private money paying interest only), will put $30K into it and should own it after small holding costs for around $125K. ARV based on comps should be about $160K. This means I can wait 12 months (or less depending on the lender) and finance the property. 80% LTV let's me pull out all of my cash and I will be in the deal for $0. Rent will be $2200-$2400 and I should clear well over $1,000 per month.

Not the direction I was planning on going, but you have to take what the market gives you.