All Forum Posts by: Greg Zunich

@Erickson Sainval because the property is a bit unique, comp sales are hard to find and I am not sure they would support that selling price, but I am very confident it would sell at that price.

I have a duplex-like property (2 house on one lot) that I bought as a primary residence back in 2017 using 3% down I purchased for less than 10K down. I lived in one house and renovated the entire place during this time. My fiancé and I now purchased a primary residence which we will be staying in for the foreseeable future and we are determining if selling the 2 houses on one lot or renting the other unit.

Selling around 240K will put 60K in my pocket after everything is said and done including taxes from deprecation and all fees. I have about 20K in cash into the property from renovations, 30K total with down payment. The house has almost doubled in value over the last 4 years. 

Rents will be about 2200/ month and putting money aside for cap-ex, vacancy, and repairs, cash flow will be around $400/month. My property management company does a fantastic job handling everything, so its essentially mailbox money.

Since I have lived in the property up until June 2020, I can avoid capital gains, so my window is open until June 2023. I will either hold for a very long time (has always been the plan since purchasing) or sell during that period

Option 1: Hold and continue to rent the houses for years and years to come. PM company ruins the day-day, and I see a gradual rent growth as well.

Option 2: Sell, take the gains and use as my down payment (20%) on a property in the 300K range. It is slightly more it value than the current property, but take home rents will be similar or less than the existing property

Option 3: Sell in a year or two hoping the housing market continues as it has 

Option 4: Sell, hold the cash on the sidelines waiting for a market correction, looking for buying opportunities.

How would you all handle a situation like this? I have run all sorts of numbers on these ideas and there is not a clear winner in any direction. I am leaning towards option 3 and if the market turns in the other direction, I will just hold long term and rent.

@Joe Bourguignon I am looking for the same thing? @Charles Kao and @Account Closed please message me if you have any recommendations!

Will this be a reoccurring event? Where is it at? Let me know any information you have!

Would you partner with or use private money from someone who is involved in the medical marijuana business? I am in Michigan where it is legal, and if entities involved filed all necessary paperwork, paid taxes, and did everything correctly what would you do? I know people in the field have money they need to do something with, and I was questioning the risks of working with someone in one capacity or another. Anyone have suggestions on if this money can be put to use legally and what are true risks?

@Dave Van Horn Thank you for your input and keeping me focused on my goal. I will continue to be patient and wait for the right property. This is exactly what i was looking to hear from someone so thank you so much!

@Louise A. this was my concern with the whole experience. After hearing @Jessie Niu talk about just keep looking for the property, this is what I will continue to do.

Thanks for the help everyone!

I have been looking to buy my first house and want to find a 2-4 unit to house hack with. Everything I have found thus far will cash flow when I rent it out when I move out and will be about break even, some loss, if I self manage while I live there.

It has been difficult to find a property and it got me thinking about any other potential options out there. 

My question to everyone is what is a better way to live for near-free; House hack by buying a 2-4 unit and living in one of the units or find a property to live-in flip?

I have very quickly run some numbers and it seems that you can make money with a live-in flip if done correctly but I see much more risk from a beginner rehabber's perspective. Can anyone speak from experience with either method?

@Tim VandenToorn @Kati Ross @Account Closed Thank you all for the support, I greatly appreciate it! I look forward to connecting with you all in the near future.

Hello Everyone! My name is Greg and I am a 25 year old newbie looking to invest in the Grand Rapids market. I have spent the last year or so listening to all the BP podcasts, reading the recommended books, attending webinars, and spending countless hours reading on the forums. Unfortunately I have made many excuses as to why not take the plunge initially but the time has come to start really taking action. 

A little bit about me, I graduated college with a Chemical Engineering degree and have been working as a Project Engineer in the automotive industry for almost two years now. I have been living and working on the east side of Michigan in Troy, but will soon be making my way to the Grand Rapids area. I have created an interesting opportunity at work that will allow me to start working in West Michigan part time in January and slowly transitioning to be there near full time. This gives me about 2-5 months to find the right place to start investing.

My plan is to house hack by buying a 2-4 unit house in Grand Rapids. I am looking to connect with any realtors, wholesalers, and anyone else in the area. I know there is a meetup at BW3s once a month but like I said, I am currently working on the other side of the state during the week. I do however spend most of my weekends in the Grand Rapids area.

I look forward to learning and growing with the Grand Rapids, West Michigan, and Bigger Pockets community as a whole!