All Forum Posts by: Andrew DeBlock

Looking for feedback/referrals for property management companies in East Lansing MI.  Anyone with experience in this market please reach out! Thank you.

Michael,

Best course of action is to buy a rental property that has an existing license. If the property doesn't have a license, it has to next be an address that isn't deed restricted. There are neighborhoods close to campus that do not allow rentals, for various reasons. When properties are listed on the MLS in EL, they always clearly state whether they can be rented and what class rental. There are multiple classes based on size and layout of property. If the home does not have a current rental license and it isn't in a deed restricted zone, you can apply for one through the city, typically takes 3-6 months to get approval that isn't always guaranteed. Website below is a great tool, as well as have them call the office and speak to the team that handles this. They are always very helpful. Let me know if there are other questions.

https://www.cityofeastlansing....

Ha, I agree on the OSU dig, I'm living in it down here in Columbus!  As far as the rental license piece, I'm sure its a zoning deal.  The city only only wants to have so many rental homes in the area.  If you go on the city website, it will tell you those areas that do not allow rental licenses.  My advice would be to look for a property as close to the Grand River as you can get.  Downtown EL is where all the bars/restaurants are and it puts you closest to the university as well.  There is a ton of new building going on right on Grand River, but those come at a much higher price point to the students. Parking is also at a premium, so if you can pick up something with adequate parking that will be of value also. Go green!

Darian,

MSU grad here and EL investor.  Just make sure if you are looking for a property you can rent that it has a rental license already on it.  If you buy a property that doesn't have a current rental license it will be much more difficult to then get the city of el to allow you to purchase one.  The city of East Lansing has some good resources on their website and all of the people in the housing office are great about answering any questions you may have.  

I live in Columbus OH but have multiple rentals in EL, MSU grad.  Need to make sure whatever you purchase has an existing rental license through the city.  There are zoning restrictions in certain neighborhoods next to the university and if the property doesn’t have one currently it will be tough to get.  Obviously closer you can buy towards campus, and downtown EL, will ensure lower vacancy and command higher rents.  Feel free to shoot me any questions, would be happy to help .

Appreciate the feedback guys. Jake thanks for the post, I read and it makes sense.

To reduce risk, looking at options around forming an LLC. Would be interested in any feedback from anyone that has gone through the process. More specifically, at what number of units did you move properties into one. Thanks!

Thanks for the responses. Seems like with the addition to the convention center as well as the growth downtown, Airbnb may be more lucrative than rentals.

Anyone who owns property in Columbus OH downtown, Short North area with any feedback on rental market or Airbnb market?