All Forum Posts by: Benjamin Palasek

Welcome to Grand Rapids!! Our city is striving to be a mini Chicago ;) There is a good meet-up every month at Buffalo Wild Wings. I always try to make it. Hope to see you around.

Hello BP members, I have a dishwasher going out in one of my rentals. I don't need to buy anything fancy but I don't want to buy junk either. What are your recommendations for solid, well built but simple appliances.

@Raymond B. 

thank you! ;)

That class sounds very interesting @micheal lerch. The link that was posted expired in October. Are they having another class?

Hello BP! I have a tenant that pays every month but never on time. He pays the late fee's and is otherwise trouble free. Do I let this go?

Hello BP members,

I bought my first rental property and I've had some trouble lately with finding a good insurance company. The unit is in the Grand Rapids area any suggestions would be great.

Yes Drew, the property is on Fuller.

Hello BP members. I've been waiting for the right single family property for my first investment purchase for awhile now. I finally pulled the trigger on one last week. The seller has accepted my offer of 78K on a 3bed 2.5bath home in Grand Rapids, MI. This home was listed for 90K. Comps are about 105k. Home is centrally located in a up and coming area. Close to farmers market, colleges, and etc.. I put 20% down. Closing costs are about 4K repairs are about 4K. Here are my expense's:

$183 property taxes

$55 Insurance

$340 mortgage

$84 Repairs

$120 Management

$85 cap expenditures

$120 Vacancy Rate

So $987 every month in expenses. Houses around here rent for 1200-1400 a month. Is $213 a month is cash flow good? Seems like my ROI is at about 6%

I have been interested in real estate investing for half a decade now. Took the leap last week and put an offer in on my first single family rental property. Any wisdom or advice for a new landlord would be greatly appreciated!