All Forum Posts by: Randy Charboneau

Welcome to BP!  Foreclosures are a great source for Buy/Hold.  They usually come with built in equity even after repairs.  I deal with these all the time, so when you're ready to acquire give me a shout and I'll turn you on to the latest opportunities.  I also deal with the Kent County Land Bank Authority and they have off-the-market properties they move around as well.   Hope you enjoy the site and find what you need!

Well I think its very likely other areas will benefit.  People have to live / rent somewhere.  If nothing is available in GR and they need to be close to GR, it would make sense those people are going to look in the outskirts.  The problem is the outskirts of GR are suburbs and its pricey there and we're running out of homes there too.   Holland, Muskegon, Ionia, and Other communities that surround GR within a 45 minute drive will likely be a good place to put your money.

Just a note on this.....Grand Rapids was featured in Forbes in January 2016 as the #1 place in the entire USA to invest in real estate. No one in the Midwest was in the top 10 but GR. It caused some serious foreign and domestic money to come pouring in to the Grand Rapids area and we are currently in a housing (and rental) shortage of historical proportions. Investors looking for turn-key properties are hitting brick walls. Nothing out there. If you are a flipper, there are still some opportunities. I handle HUD Homes and Land Bank foreclosures and there are still some of those around. Muskegon on the other hand has a good inventory still, so if you have limited cash and want to build up a portfolio of turnkey properties that area has opportunities, but the renter quality is lower as Bryenne pointed out. I'll be happy to lend any assistance I can if you have more questions.

Hello!  My name is Randy Charboneau.  I'm the listing agent for the Kent County Land Bank.  If you have questions about the process, I'm probably the best one to ask.

The Land Bank was created to eliminate blight in the Kent County area and specifically Grand Rapids.  It was quite a problem back when it was created.   Even in this hot market, blight still exists throughout Grand Rapids for various reasons.   It is the Land Bank's mission to clean this up.

In order to accomplish these goals, the Lank Bank has restrictions and qualifications on who buys their homes.  You can imagine if you sell a home for $15,000 to someone who only has that much cash what little will actually be done to the home in the near future.  It is this process that they make sure the buyers and investors who purchase these homes have a good renovation plan and the resources available to ensure the homes become an asset for the neighborhood.

Here is how the process works:

1.  Each offer must include a renovation plan detailing your plans to restore the property and your financial investment.   They have a form you can fill out to show this.

2.  You must have experience renovating properties or have access to someone who will help you

3.  You must have CASH to buy it, CASH to fix it, and prove this.  Non-owner occupied loans aren't possible on most of these homes due to the poor shape and condition.

4. Owner Occupants can apply to a bank for renovation financing. You must qualify for the price of the home plus the repairs (Repairs will be over $20,000 usually). Lake Michigan Credit Union offers a renovation loan. Most banks also offer FHA 203K which is also a renovation loan.

5.  The property must be on the market for 20 days before they can review any bids. All bids will be reviewed after the 20 days and evaluated then.   This gives everyone time to view the home and put their renovation plan together.

I will be happy to answer any other questions and assist you anyway I can.  Feel free to contact me (hit my profile for contact info).   Thank you!

Hello all! My name is Randy Charboneau. I'm a Real Estate Broker serving the West Michigan area in and around the Grand Rapids Metro areas over to the Lake Shore. I have been a realtor since 1990 and have closed thousands of transactions. I am currently a HUD Local Listing Broker for West Michigan and am the Listing Agent for the Kent County Land Bank in West Michigan. I have worked with hundreds of buyers and investors over the years and would be happy to assist you with any transactions or questions you might have. Feel free to contact me anytime here or on my cell or email. Good to meet all of you!