All Forum Posts by: Jessica A.

Hello. I’m in Kalamazoo. What neighborhood is the property located in?

Hello.  I am looking for any advice on the best program to use to manage a mid-term rental. I am currently using RentRedi, which I like, except it’s really complicated to refund security deposits. I am looking for something that has easy online payments/refunds, background checks, and also the ability to e-sign leases. My property is located a 1/2 mile from a hospital so all my tenants have been traveling nurses and I get about 2 month leases out of them. I originally used KeyCheck but switched to RentRedi as soon as I realized Keycheck didn’t have an e-sign option. I’ve only been at this a few months, so any advice would be appreciated, Thanks!

Does anyone in the Kalamazoo area know of a lender that does 80%LTV cashout refi or HELOC? I spoke with my mortgage guy at Lake Pacor, who we normally go through, and he said he didn't know of anyone. I called a few credit unions and they were only around 60% LTV. Thanks!

@Matthew Zsidi. These properties aren’t tax foreclosures, I believe they’re considered pre-foreclosures. It’s basically the sale in which the bank takes possession of the property. After this sale, the property becomes legally “foreclosed”. However general people can bid also. You get possession of the property if you bid equal to or more than the amount defaulted on the original loan. That’s my understanding of the process anyway. 

Hello. Wondering if anyone in the Kalamazoo area has any experience buying a foreclosure at live auction. I have purchased several properties off Auction.com, but they have always been online auctions. Most of the current properties listed are live auctions at the courthouse. Despite my best efforts, I can’t seem to find any info on the requirements for the auction. Do I have to pay at time of sale, like a tax auction, what method of funds need to be used, etc. If anyone has any info that could help me out I would appreciate it!

This should be the link to explain the new rental criteria and regulations. I do believe this is only applicable for properties in the city limits, not for the entire county.

https://kalamazoocity.org/chap...

Personally, we have been flipping for the last 5 years, but have recently switched to buy and hold. Kalamazoo doesn't have the strongest economy, so lower budget buyers are buying up anything that's livable. This is driving up prices of those "livable but dated"properties. On the other side of this, ARV's of rehabbed properties are not increasing at the same pace, so the margins are getting very slim if you are a flipper. Also, the City of Kalamazoo just passed very strict rental laws, so you are seeing a lot of local landlords in the city wanting to unload their properties. This is likely a factor in the lower pricing of MF. Hope some of this info helps!

I've lived in K-zoo for just over 15 years. I agree that vine neighborhood is the more stable of the 2. Stuart has some amazing houses but neighborhood conditions and property values literally vary from street to street. Both areas are pretty heavily populated with students. Vine has been known as "student ghetto" for decades, but has seen an increase in SFH. Also, as mentioned in a previous post, you better like big, old houses if you are looking at either of these areas. Something I might recommend is familiarizing yourself with the rental laws for the city. They just updated them late last year, and they are very strict on rental criteria, fees charged etc. I know some investors who don't have a problem with it, but others are looking to unload their properties. I personally won't purchase anything in the city limits, all of my houses are in the township. I just don't want to deal with the governmental red tape. Just a FYI. Hopefully this helps a little. Good luck!

@Cameron Weld. To my understanding yes. There is a FAQ section on the tax sale auction website that explains it a little better than I probably have!

@Paul Doty. I think it was lot #4865. It’s a 4 unit apartment building. You have to scroll to near the bottom of the description to see the IRS notification.  Lot 4548 would be a great buy if you’re looking for SF. It’s in a great area of town. Both the apartment buildings would be good buys also. Lot 4609 is in an area that’s seeing a lot of growth, but the opening bid seems a little high. I don’t have a huge budget so most of these will be out of my range. 4607 is rough but I’m looking at it only because it’s across the street from my rental. The rest are in more unstable neighborhoods so I’m passing on those. This is just my opinion. Hope it helps!