All Forum Posts by: Jake Thomas

It's legal in GR but you have to have a class B business license. We are currently getting ours for a property right now as it allows us to rent 1 bedroom as a short-term rental. Feel free to reach out if you have any more questions. The city is cracking down really hard right now so I would just get apply for the license before you list it on any of the platforms. 

Welcome, @Zac Kucharek. I know how student loans can hold you back. After I paid mine off my investing skyrocketed. My first property was a house hack as well but it is not a fit for everyone.  If you have any specific questions regarding the W. Michigan market feel free to reach out, I have several properties in the area and would be more than happy to help.  

We own STR's on inland lakes close to Grand Rapids and they are very popular. The warmer months (May-October) are where you will make the bulk of the income for the year in MI unless you focus on winter rentals further up north. I would focus on inland lakes, cabins in wooded areas with property or houses in vacation towns up and down the coast of Lake Michigan. I can't say much for the other side of the state as I have no experience there. If you need more specific help reach out and I can point you in the right direction. Otherwise, I think it is a good long-term strategy to own STR's in popular destinations.

United Realty. Check them out 

@Kerry Pangan send me a message and I can get you in contact with a lender I know. He also just confirmed the 6 months with me but it will depend on other factors as well. 

@Kerry Pangan What is the 24-month requirement if you want to use FHA? I am not a lender but 6 months on a new job is the minimum for most lenders I work with. You may want to talk to some other lenders to see if you can move faster than 19 months from now. Also, @Sean Sloop is a great resource for learning about house hacking and finding properties locally here in West Michigan. Good luck in your search. 

@Crispin Wong

This is a little old but read this. 

https://www.biggerpockets.com/...

@Michael Davey I have been having off-markets under $200K as of lately. If you want some help please reach out and I will see what I can do to help. Once I have them they don't last 2 days as the local market is crazy! Good luck

@Rick Sheldon Do you already have end buyers for anything you get under contract or have you not even started mailing yet? I am always looking for more leads for my extensive buyer's list in the GR area. 

@Michael J. Lemus I don't follow the population data but I have lived here since 2006 and been investing since 2011 or so and can tell you GR has seen nothing but real estate development and growth in the last decade. For example, Perrigo is moving their HQ to the downtown area (currently 45min away) because of all the talent GR has to offer. Amazon opened a warehouse in the area as well in the last 12 months. Large companies keep moving here because we have so many colleges in the area with lots of college grads to employ. I have considered other markets in the past but this area has so much to offer and we have seen consistent appreciation in home values and rents. I sell to investors and retail clients and it is rare to sell a house for someone that is moving out of the area. Most people are staying in the local area and just upgrading to a larger home etc. This is just my opinion on the area. If I can help at all let me know. I know the area very well and work with several members of BP.