Grand rapids Market

[Lydia Bar]

Hi everyone,

We are real estate investors who reside in NJ. We own a single family in PA and a multi-family in Albany, NY. We have family in Grand Rapids and we Lately  started looking at Grand Rapids market since we have connections to the area and sorta familiar with it. I know there have been a lot of predictions regarding Grand Rapids market over the last 2 years or so. But I noticed that rent prices  are still pretty low compared to the rest of the country. Meanwhile property prices seem to have caught up. So really running numbers on any property i come across have not been working. I am looking at multifamily specifically as I doubt numbers would work for single family there ( but would do that as well if it works). My questions to those who has been investing there, how do you make the numbers work? Did you purchase a while back while purchase prices were still low? Are you purchasing in the hopes that rent prices will catch up? 

my understanding that there is rent control as well and can not increase rents more than 7% a year for the same tenant.

Just trying to see if there is a possibility to enter this market at this time

TIA