All Forum Posts by: Evan DeVisser

Welcome to the forums Craig. BP is an awesome community to both learn from and bounce ideas around in. 

There are many factors in small multi family that can really juice up the deal; however, there are also many that kill the deals cashflow as well. Which of the two options do you prefer and why?

Option 1. Buying a single family home that was made into a duplex built in the early 1900's for $175,000. 

Option 2: Buying a true duplex built in the late 1970's for $225,000. 

My experience has been that a 100-120 year old home has been cobbled together 5 different times by 5 different contractors over the years so any repairs turn into major projects. I just wanted to see what seasoned investors had to say about long term headaches for the two scenarios and long term cash flow.

Thanks in advance.

Nice work Will. Way to keep your money working for you. FHA is one of the best kept secrets to house hacking.

Hi Amit, it depends on what your are looking for in Grand Rapids. Kentwood has a ton of small multi family many of them being built in the late 1970's. There is a lot of opportunity to BRRR there.

If you are looking strictly for cashflow the south east side is where most people go. Many of those "multifamies" are chopped up houses though. I hope this helps. Feel free to DM me if you are looking for more info.

Hi Brandon, I may have an option or two that could work. However are you looking for someone to be a general contractor and run the entire project and all the subcontractors or are you planning to being the general and you just need a builder to take care of the framing, trimming, and the punch list at the end?

Thank you so much for the detailed response Joseph. I really appreciate it and you did a great job explaining it. 

Just one question. Would you do that partnership all over again? If not what would you do differently?

I am 75% of the way done with my first ever flip house in Grand Rapids Michigan and based on the numbers it should be a profitable investment; however, I am not by any stretch of the imagination a good general contractor despite me doing the majority of the work\scheduling myself. I am strongly considering partnering with a reliable contractor I know in the future, as I feel he is great at all the things I am bad at and visa versa. I am just curious if anyone has any experience in this type of partnership, and if so how was the partnership structured? Any advise would be extremely helpful. Thanks in advance. 

Evan DeVisser|Greenridge Realty

@Steve Wilmers I do not have much experience with this exact scenario; however, I do know of a new construction 4 unit that was completed recently. DM me if you would like me do a little more digging on this as I would be happy to track down the builder/owner and put him in contact with you. 

Regards,

Evan DeVisser | Greenridge Realty

@Denver Borst Welcome to Grand Rapids. I have owned both multi-family and single family in Grand Rapids on the West side of GR. The west side seems to be where people are gravitating to as the city continues to grow. I would recommend staying close to US 131 (within 4 minutes) and within 10 minutes of downtown. Those areas have seen significant appreciation as well as increased rents year over year. That is just my two cents. You can DM me if you wanted to discuss this further. 

Regards,

Evan DeVisser | Greenridge Realty

Wow! That is an impressive flip Jake. How did you find this particular deal?