All Forum Posts by: Jacques Cyr

BTW: the amount for rehab is almost always "more than you think it will be" build in a buffer amount. 

You could put it under contract and then assign the agreement for a fee to the end buyer. Another option would be to go to local investors with opportunity. (Look on craigslist, local rental agreements, drive by current rehab and chat with flipper, etc...)

Objectively, I'd hold off on the full offer of $450K. Offer lower with additional statement that you'd pay more than other offers by X up to Y amount (find a way to have them show proof of other offers...). Hope this helps.

@Will Peters - personally I'm in agreement with the forums feed. You're the one making the investment and the numbers must work for you. I like the suggestion about attaching spreadsheet outline 'why'; however, wouldn't want to get caught up in the weeds of 'he said / she said'. Though I'm betting the individual that suggested has a plan. And most likely would use in competitive situations, or similar. Here in Grand Rapids, MI, we have one of the lowest vacancy rates in the country, and the out of state investors I work with are willing to work with me to find the right number. I'm an investor, as well as an agent, and recognize each buyer/seller has unique criteria specific to their needs and goals. Personally, it's better to lose the battle, win the war. From my corporate sales days - "100% of no commission is worse than X% of some commission" (within reason - effort and complexity of relationship. I'll "fire" clients for not being reasonable or professional). Keep the conversation flowing... good stuff. 

jacquescyr.com 

Yes... the state does have a few options for estimating your taxes; however, you need to be careful and not identify as "homestead". For initial 'go/no go' calculations I plug in about $1200-1400 for lower end homes (40-60K), and 1800-2400 for mid (around 100K). Again... that's just for rough numbers. 

@David Edwards I currently have a few rentals in K-zoo, sometimes finding off-market subject properties. If it hasn't been mentioned previously, one area that I often advise out-of-state investors is to be aware of the property tax rate for non-homestead, and factoring in the higher tax rate when running your numbers. I do have several contacts within my network who are based in the K-zoo area. Let me know if you need any assistance. Have a good one. Jacques 

@Julie Seger my apologies for not responding sooner to Brie's recommendation; however, looks like you've already connected with @Paul Leason. He and I are both with Berkshire Hathaway here in the Grand Rapids area. Many good benefits to their tools and resources. 

Feel free to reach out with any questions... and welcome to West MI. 

My wife and I also moved back to MI from MA (via Chicago - Ha). We've been in the area for 2.5 years. 

Jacques

Sounds like there's no way to force the appreciation... or is that a possibility? If you put the $10K into the property, etc., what would be a conservative ARV? (the $320K mentioned above? or is that on the high end?)

Thanks for updating! Agree with others: the amount of info is vast, and tools to refine search are welcome. 

Jordan, Looks like you're diving into the GR market with both feet. Nice... It's a good market. Looks like you're over on the East side. I'm with Berkshire Hathaway, and help investors from out of state. We have some rather good tools available. Happy to chat with you about your target subject property(ies). also get some off market properties from time to time . If you'd like feel free to give me a call this week, and I'll help where I can. 617-775-9352 (M)

Have a good one. Jacques

Thanks for sharing your information Randy. 

Welcome to BP.