Hello! I'm a local Real Estate agent in Grand Rapids that specializes in investor properties. I'm a HUD HOME local listing broker and I also work with the Kent County Land Bank with their tax foreclosure inventory. I get a lot of inquiries from out of town and even local investors who are looking primarily for 2 things: REO/Foreclosed homes or Multi Family Units.
These types of homes are fairly rare in the area compared to other properties but they do exist. When they do come up, there is a tremendous amount of competition for them. Sometimes the best way to pick up some of these properties is to be in a backup position and when the sale falls through in front of you it triggers your purchase! Occasionally, I also come across OFF MARKET homes that fit these definitions as well. As an investor looking for these types of homes, you need to cover ALL of your basis due to the huge shortage of homes in this area currently.
At a minimum, I recommend you engage a Realtor in the area and have them set up a search portal for you. These portals are like personal webpages that you can track any type of property you wish on a daily basis. Foreclosures, Multi-Family, Homes under $80,000, etc. Anything you wish and almost any parameter you want can be worked in so you only see exactly what you want to buy and be informed the moment it hits the market. You can also track homes under contract and see what they eventually sold/closed for. They are very helpful and I highly recommend them. I can set these up for you if you reach out to me.
If foreclosures are your game, I recommend tracking the auction sites as well. These will kick out homes that not everyone is looking at or will consider and can be a good source of deals. There are risks with these but if you are serious about picking up a home in this area you need to at least stay up to date on what is out there. For all the latest links, you can hit my website and click on the FORECLOSURE tab. I keep all the sites up to date there. (My website is in my signature). I've assisted on many foreclosure acquisitions and can answer questions or offer help if you need it.
If you need further help acquiring these types of properties and want to discuss things further, feel free to reach out to me. Good luck in your searches!!
