All Forum Posts by: Josh Bloomquist

Hi @Phil Reames! You're in the right place to learn about REI! Though I've never attended it, there is a Kalamazoo REI meetup every first Tuesday of the month (I believe) and I think they meet at the Panera Bread on W. Main at 7pm. There's also KARHA which meets the last Tuesday of the month at Theo and Stacy's at 6pm. I hope someone fact checks me on these!

As for where you should start your own investing, that's something you'll have to figure out yourself. I personally have a couple SFR rentals and I've started a small marketing campaign to try to find properties I can cherry pick or sell to other investors. Good luck on your journey!

Thanks for sharing!  I hope to be at your point one day, and am working my steps.  Good luck to you!

@Josiah Swartz Out of curiosity, would you purchase this property (or one like it)?  Why or why not?

@Aaron Treloar Thanks for the info.  I thought $800 in rent was conservative but I don't know the south Westnedge neighborhood that well, so I don't know what market rents are there.  Is $800 a good low end to work from?

The property is in the South Westnedge neighborhood. I was planning to pay for garbage ($20/mo) because that's what I pay on my other rental and all other utilities (including snow and lawn maintenance) would be on the tenant.  It is only 800sq ft by the way. 

I'm considering buying a property in decent (C+ or B-) neighborhood in Kalamazoo and want to get some feedback from the BP community. Below are the potential numbers on the house. I'm attempting to use the "BRRRR" method to acquire this property, but I don't think I will be able to free up all my cash once I get a loan on it (and that's okay for me at this point). I'm curious what C on C return, cap rate, cash flow, etc. other investors in the Kalamazoo area expect to get when you acquire a property and could I find a property through a wholesaler in a similar or better Kzoo neighborhood with better stats. Any feedback is greatly appreciated.

Property: SFR, 3B, 1BA, No basement or garage

Purchase price:  $43k

Repairs:  $6500

ARV: $58-$63k

Rent:  $800

Let me know if you need any other information.

Based on your description, I know of several people who would be interested in leasing it for hunting property (including me!).  If you need help marketing/advertising it let me know as I know several hunters in the Kalamazoo area.  Good luck!

That's great...congrats on your first deal!  If you don't mind me asking, how did you find it? 

Sorry for the delay...I already assigned this property to a buyer, but thanks for the interest and reaching out!

Thanks to all for the replies!  I've posted some pictures below.  The upstairs (where the bedrooms and full bath are) is mostly set and only in need of some carpeting in 1 bedroom and some paint in a couple spots.  The main floor is in need of some major cosmetic repair (Flooring, some drywall, and the 1/2 bath needs to be put back together).  The parking is a major issue in my mind, but it is a house downtown so there is street parking.  I acknowledge it's the "student ghetto", but I know that going into it.  After doing some more research I think the repairs would be closer to $10-$12k, so thank you for alerting me to those details.

I'm considering making this a rental for myself or assigning it to another investor for a fee and/or an education as I've never wholesaled a property.  Would the numbers translate for wholesaling (Note:  I realize I've already allowed you all a peak behind the curtain on the numbers, but I'm more interested in learning this process).