All Forum Posts by: Frank Boenzi

Interesting article I came across for West Michigan. What is everyone's prediction for the markets the invest in?

https://www.rejournals.com/colliers-forecast-chances-for-recession-in-west-michigan-are-slim-20190204 

David I am currently in the same boat. I bought a duplex FHA three years ago and have about 60k equity built into it (bought in Grand Rapids MI at a great time). From what I understand I can refinance my property to a conventional and then go buy another one FHA and live in it. Outside of that you need 20% down for single families and 25% down for multi family properties. My next step I believe is exploring the hard money option to flip properties. Building up a 20%-25% amount off my profits and buying the next one that way. I know here in Michigan there are some lenders who have a loan for investors where there is no income verification. Still have to have 25% down and the interest rate is 10%. Not the best option but it is there. Another option is finding distressed properties that are behind on taxes. I just came across a gentleman who got is "$1" cash offer accepted on a property and it has $1200 in back taxes. I will be following this thread to see the other input. Best of luck!

My family and I are newer to investing in real estate. My mother and I are both realtors in different states. We currently own three rental properties and have done 3 flips in the last two years. We want to explore the option of using hard money for our upcoming flip projects. From what I understand most hard money lenders want 25% down. That is possible for us but I wanted to reach out to see if there are any hard money lenders who are willing to fund the full project and rehab with a greater return on the back end. Does this exist or is this just a pipe dream? Any help/referrals/insight is appreciated! Thank you! 

Hello, in regards to what you should rent for you have to figure out if it would be better to drop the price and get it rented right away for less or take the chance and get a higher rental rate. If you feel it will rent right away at $1,700 i would drop it and get it rented. If you lose a month of rental income from it not being rented you will lose $1,749 or $1700. If you rent it at 1700 and get it rented right away you run the risk of only losing $552 for the year. This imo is better than losing a full month. 

I ran into this problem with one of my unit and i dropped the price. Allowed pets but charged a $300 non refundable pet deposit and charge a $50 a month pet fee (please verify with your laws). Essentially i got less for the rental but ended up getting more in the long run with the deposit and the monthly pet fee.  If you are able to do this in your state I would drop the price and make it up in the pet fee. 

Just my 2 cents. 

@Robert VanZee I am a Realtor and investor here in Grand Rapids. I work with multiple investors. I just got one of my clients a duplex under contract and in the process was able to connect with the listing agent. He expressed to me that his group of investors is unloading their properties and they will have 8 properties to sell. All 3/4 bedroom homes with long terms tenants. None of these properties have hit the market yet. Please let me know if this is something you would be interested in exploring further! 

Thanks,

Frank Boenzi

Does anyone else invest in Grand Rapids, Michigan? Being a Realtor and Investor here I have my own opinions on the home prices and rent prices but wanted to see what everyone else thinks about this competitive market. 

@Joshua Poitras any chance you could send me your contact information as well?

@Joshua Poitras Josh, It is nice to meet you! If I am able I would be more than happy to send you referrals. I will send you my contact information right now.

Thank you

Frank Boenzi 

@Kati Ross I recently just made a switch over to Keller Williams not to long ago and I am currently happy. I would love to connect with you and do coffee sometime though! 

Thank you! @Jacqueline Coombs As of right now, I am looking to do both! I bought a duplex on the west side of Grand Rapids about a year ago and I am currently working on my next investment.