All Forum Posts by: Alan E.

@Scott Passman Simple answer is to find a good Realtor, their full time job is to know the market. Grand rapids will be hard to find something cash flowing from MLS from what I've heard. I'm currently looking there for a house hack myself. Every good price on the MLS will have multiple offers day one. Good luck on your hunt.

@Jim K. How would the shower tower be cheaper than a traditional faucet head? I'm still an armchair investor so I have no experience with this yet

@Paul Leason Thanks for commenting. I'm looking to house hack something when I move there in spring of next year. Which is why I did 3.5% down. I guess I'm forecasting long term what would happen, after I move out and keep it as a rental property. The insurance number I just guessed. What numbers have you found typically for investment properties? The property tax I got straight from the MLS listing. Thanks for the tip, I'll use that website next time Also I did 10% for capex, does that sound reasonable to you?

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*This link comes directly from our calculators, based on information input by the member who posted.

Can someone familiar with the Grand Rapids MIchigan market tell me if the numbers that I am using for the estimated costs are accurate?

Welcome to the forums and good luck with your investing journey

Welcome to the forums and good luck with your investing journey

Congratulations on the success. How did you find your new realtor?

Househacking is how a lot of people get started in Real Estate Investing.

Basically you rent out rooms of your single family or you live in one unit of a duplex or triplex and rent out the others. $40k sounds like enough for a downpayment on a new house. Watch some youtube videos on calculating how much you should be paying for an investment property. 

But basically network and educate yourself.

@Patti Robertson

Great advice, any tips on how to find buy and hold properties which will make good investments? What metrics do you use when deciding to buy a property?

The first step is to set a very specific goal, or the next step on your goal toward that journey. 

Then start asking around for help on how to achieve that goal. "Can someone with direct mail marketing experience help me find a property to buy that will be a good investment?" Then the relationship will build from there.

Others have mentioned REIAs, which are great. But nowadays there are also Facebook Groups and this website which can help you connect with someone who might be willing to share some advice.

Also share your goal with people you already know, maybe one of them will know your future mentor.