All Forum Posts by: Wes Emert

Hi Caitlin, the Baxter area continues to transform in a positive way. There are a number of larger scale mixed use projects scheduled for areas bordering Baxter neighborhood. I am consulting with a developer seeking to add approx 60 units of new construction apartments and 6k sqft of retail in that regard. As property managers we've experienced double digit rent increases for some of our clients who own 1-4 unit property in the Baxter neighborhood. 

Hi David, 

 The Hudsonville, Grandville, Jenison and Allendale markets each represent good long and short term opportunities, we'd be happy to send you a detailed rent analysis for each market which will help you validate and project rents in your current portfolio as well as those units you have coming on line. It would be great to make your acquaintance, please contact me at your earliest convenience. 

Hi Bryan,

Regarding fixed expense, taxes and insurance will always be a factor in calculating cap rate. Vacancy, property repairs and owner paid utilities are additional required factors but can fluctuate throughout any given year based on market conditions, property age and configuration and tenant mix. Variable expenses such as property management and capital repair allowance should also be a part of a realistic calculation leading to Net Operating Income which forms the basis for calculating cap rate. 

Once rehab and lease up is complete, some of the difficulty investors are experiencing is the inability to get a cash out refi done unless you have a connect at a local bank willing to get behind that activity. 

Perdro, try Sun Title Agency. We've been with them for years and they've always went the extra mile. They have attorneys on staff and can handle the more complex transaction types. 

Are you purchasing / whokesaling addituonal property in Grand Rapids? 

Find a local agent who understands your objectives and how that relates to the current investment landscape opportunities. 

Quicken Loans, based in Detroit, has an investor product, easy online application. 

Honesty and transparency in property cost is paramount to long term success. The process of "exacting" cash flows puts the project on a firm foundation and dramatically increases the height to which it will succeed or fail. 

More here ~~> http://goo.gl/bEle44

When it comes to Detroit and the various outlooks that real estate Investors harbor in regard to whether or not to deploy capital, I am neither advocate, activist or torch bearer for the city. 

I will however submit that when a billionaire takes a 1.3 billion dollar CASH position in real estate over the course of four years leading right up to here in 2014 in a "dying" city, it might cause one to entertain a possible rethink about our beloved Motor City and the future it may hold. 

After all, as 2013 Census data will indicate, the metro Detroit area is still ranked as the 15th largest in the nation with 4+million folks residing, ranked just below a very favored yet crowded Phoenix Az investing market. 

Do your homework and give it some thought. Here's something to read whilst thinking...

 http://www.forbes.com/sites/joannmuller/2014/09/29...