All Forum Posts by: Account Closed

@Morgan Basham difficult bc Muskegon is a lower income market compared to GR or Grand Haven. Generally speaking, higher priced rentals = easier-to-manage tenant

We use Westshore Property Management and have been pretty happy with them. 10% mgmt fee (higher than what we pay in GR) but it's not easy to manage properties in muskegon

Welcome! happy to discuss GR real estate anytime

West Michigan

yes feel free to pm me

@Chris Lynn think it's closer to 32 (I had ARV a little higher on accident), let me know if i'm missing anything 185k - agent fees 11k - closing costs 2k - rehab 25k - cash purchase price 115k = 32k

@Owen Dashner good advice i agree with you. I still work full time corporately so leaning towards holding it

Would be curious to hear opinions on this. We are nearly finished with a reno on a SFH in West Michigan. It was meant to be our first BRRR property (we usually just do buy and hold) but now we are undecided. Would you flip or refi and rent this (and why)?

purchase price: 115k

rehab: 25k

ARV: ~185k

market rent: ~1,550

Flip should generate ~$40k net, rental cash flow would be ~4,200/yr

In other words, would you rather have 44k immediate return or a leveraged asset returning 350/month (+principal pay-down, appreciation, and cash at 75% LTV)

@Senai Gebrekristos Hi Senai - I grew up in Grand Rapids, have moved around a bit but am now in Chicago. I don't invest in IL b/c property taxes are absurd and cap rates are terrible compared to West MI. I think there's a lot of cities in the midwest that have that though. I chose GR b/c I'm already familiar with that market and I still manage my properties so nice to have them in the same place.

@Connor Anderson I msg'd you, thanks

My wife and I started pursuing buy-and-hold MF homes 3 years ago in West MI. We're at 12 units between Grand Rapids, Grand Haven, and Muskegon. It's been going great but we'd like to transition to the BRRR strategy on single family homes. Could anyone refer me to an investor who's doing this in GR? We've been researching/making offers for about 6 months and I have a few pain points I'd love some insight on. We live in Chicago so the RPOA events are challenging to attend.

Thanks in advance, 

@Adam Juodis had to jump in when I saw people advising to rip out the tile. I work in sales at Shaw Industries (when I'm not doing RE), we are the largest vinyl manufacturer in the world. Do not tear out the tile. Most WPC and RCB vinyl can go over grouted tile. If you google Shaw Floorte Pro, anything in that line will go over tile as long as the grout lines are less than .5" wide and .25" deep. You don't even need to prime the joints or anything, just float it right over the tile.  Hope that helps