All Forum Posts by: Steve Wilmers

@Jason Mak That's a very good point, and something that didn't even cross my mind.  I guess it builds in a little extra security in case the partners' relationship goes down the tubes later on.

@Account Closed One of those issues is what i'm looking to solve by potentially joining forces with another partner in the Grand Rapids market.  Some of the properties that I've been looking at are in prime locations, but the higher price reflects that.

It's good to know there are some success stories out there, thanks everyone for the feedback!

@Hai Loc Hai, what kept you from purchasing the semi turnkey on your own w/o a partner?

@Hattie Dizmond I like your perspective Hattie, and I agree.  It definitely seems like there is a greater chance in buy & holds for you and your partner to develop differences of opinion over time, which creates some additional risk there. I guess the trait I would look for the most in an investor is one that (within reason) maintains the property meticulously to ensure the long-term value, even if cash flow takes a hit because of it.

@Teal Lambert Teal, where did you find your investing partners? I work with a few guys interested in real estate, but any suggestions for branching out in addition to here on BP? I seem to hear many more stories about partnerships gone bad than successful ones in all different aspects of REI.

Looking through the forums, it seems that most of the partnerships that I read about are typically involved with flips instead of buy & hold properties.  

Has anyone considered joining forces with a partner to purchase a larger buy & hold compared to purchasing a smaller property on your own?  I'm hoping to purchase a two or three unit in the next couple of months before the snow hits, and could really take advantage of a nicer property in a better location if I were to join forces with another investor.

Looking forward to hearing both the good and the bad!

Hey all, I'm curious to see what everybody thinks about the location of a property vs the cash flow it produces. A property I'm currently looking at could be considered the nicest house on the block, especially with the interior finishes. The cash flow is there, considerably higher than higher quality neighborhoods nearby. However, it's in an investor heavy area where many of the cheap houses are being gutted and turned into higher end finish rentals. The number of low income properties still substantially outweighs the refinished properties in the area. What risks are there in buying in lower income areas where redevelopment is slow, but still apparent? Thanks, Steve

thanks everyone. Looking forward to making some good connections on here.

Hello all,

I'm the process of turning my first house in to a rental property (SFR on the SE side here in Grand Rapids). I have experience underwriting local developments on the lending side, but hoping to get more involved investing in multi-family in the next year or so.

Any advice is greatly appreciated!

-Steve