All Forum Posts by: Brandon Koster

Any low-cost, mid-size, high-amenities market where remote-workers will continue to move to from high-price mega-cities is where to be.  Think Grand Rapids, Louisville, Huntsville, Indianapolis, Pittsburgh, Columbus, etc.  Basically cities that are low-cost but also very cool places to be.

I should have also mentioned - with foreclosures and eviction bans most likely to be extended to September - the overall economy will be in a far better place at that point because everyone who wants to be vaccinated will be.  I believe there will be massive short-term economic growth at that point and huge positive sentiment in the real estate market.  Will the un-freezing of the market in September and the flood of inventory be enough to counter-act those positive forces?  That's the million dollar question.

I too would like to buy during a possible coming crash - but I think the crash is slightly less likely than it seems on the surface.  More likely is the government prints a ton of new money and inflation happens instead of a crash.  In that case - people are going to desperately wish they had kept buying.  Owning real assets is the best hedge against inflation.  It just all depends on that the government does.  I would not turn down any good deals now in hopes of a crash, but I would also be very selective and only buy where I can get really high rates of cashflow.

Thanks @Drew Sygit and @Jay Hinrichs!

To all - has it been your experience that all lenders wait until a property has been rented for at least a year before they actually give you credit for that income when applying for a new conventional mortgage?  

Hello All!  I was trying to find this topic in the forums but I could not find a clear thread on it.

Getting 20 Fannie Mae loans (10 in each spouse's name) seems to be a goal a lot of married investors have, but I have not seen it discussed in a clear way so far.  Hopefully we can have that discussion here!

We live in Michigan (not a community property state).  Our one rental and our personal home are both in my name, both the loan and the deed (title).  We are in escrow on our first rental with a loan in my wife's name.  I want some reassurance that I can put both of our names on the deed (title).  This will make management a lot easier since hopefully we can have one account with property management in just one name and not have to have multiple account with same property manager.   The end goal is 20 properties, 10 loans in each name, each property with both of our names on the deed.

Also - I would like to request that we steer clear of the "what if you get divorced" rabbithole.  I understand that this strategy is only applicable to folks who have very traditional views on marriage; where divorce is not an option and all income flows into one pot.  I know there are plenty of folks like that out there though who do benefit from this strategy and I would like to see if we can put together a bit of a roadmap.

Thanks!

-Brandon

Thanks Todd! 

We actually just put a deal under contract in the city of Muskegon.  For management I have reached out to Westshore, Lighthouse, and United Properties and Westshore is the only one that has responded promptly.

Anyone else have any insights on getting good management in Muskegon?

I drove for dollars in Muskegon today and was very impressed.  It is much nicer than it was a few years ago; they have some nice momentum going.  I plan to focus my future efforts out that way.  As more money and remote workers pour into GR over the next year, renters will be to be willing to commute 40 min for affordability.  I think we are close to an inflection point.

Thanks Evan.  I actually just learned I am dead in the water on this because City of GR property size records turned out to be incorrect.  Obviously I am pretty upset at the city about this, but I do not really have any recourse.  At least the property is still a good deal as a single family rental!  

Also considering MKG and also hearing this is an issue. It seems like there is a gap in the market. If someone went out there and did a great job they would get a flood of business. I use PMI West Michigan in GR and they are amazing.

Hello!  This is probably a long shot, but does anyone have any recommendations for home builders that would take a small rental house on as a project?  Builder financing would be a plus.  

I own a house in John Ball Park (Grand Rapids) neighborhood that has a large enough lot to add a second house.  This would turn it into a “detached duplex” in they eyes of the city and my extra large lot complies with the code for that.  I believe I can get 2K rent a month for a 4 bed, 2.5 bath 1350 sq ft in my location for a new build.  

Most custom home builders focus on very high end, large, $200 plus per sq ft work.  I am looking to spend $140 per sq ft or less on this build.

Best!

-Brandon