All Forum Posts by: Brett Lambert

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Grand Rapids.

Purchase price: $160,000
Cash invested: $30,000

Duplex on a peaceful street in NE Grand Rapids. Rehabbing and renting the upstairs and living downstairs. Granite countertops, ripping up carpet and refinishing wood floors, New huge closets, W/D lines and new W/D units and it's on a beautiful half acre lot with awesome trees.

What made you interested in investing in this type of deal?

Building buy & hold rental portfolio.

How did you find this deal and how did you negotiate it?

It had been on the market for a while and was overlooked due to utilities not being split..

How did you finance this deal?

used private money and a home possible loan from The Treadstone mortgage company!

How did you add value to the deal?

Rehabbed the entire upstairs unit - floors, bathroom, countertops, paint, closets, windows, the works!

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

James Marshall is the best investor-style agent in Grand Rapids, MI.

Happy Friday! 

I met a local rockstar investor here in Grand Rapids, MI. He is on his way out of the investing space because he wants to spend more time with his family and less time managing his large portfolio. He's open to selling a few of his small multifamily properties to me using seller financing and/or land contracts. I've been trying to figure out contract terms and structures that will be beneficial for both of us moving forward. I'd love to learn from you all:

1. What are some ways you've framed the land contract/seller financing conversation to set a collaborative tone moving into negotiations?  

2. Contract structure/terms you've used successfully in past deals? 

I just moved from San Francisco to Grand Rapids, MI to buy Rental properties. The amount of Health professionals that live and work near the "Medical Mile", number of colleges with hungry student renters, and Amazon just greenlighted their distribution center here a few months ago. 

Simply put - GR is booming.

Happy to send potential deals your way if you're up for it. Perhaps we could hop on a quick call to catch up this weekend? I'd love to learn more about your goals. 

Thanks,

Brett   

Hi Tim - Welcome to BP! 

I'm a rental property investor who just moved to Grand Rapids from California - so certainly not an expert about flipping, but I'd highly recommend attending local meet ups in GR to chat with folks who have been flipping recently and perhaps they have been finding deals. 

I'm not sure if you're interested in joining, but there are a few around town that seem to be the best bets. Happy to share more info if you'd like. Let me know! 

Brett