All Forum Posts by: Nick Watkins

I would say invest in the area you are most familiar, having contacts in your local pocket is HUGE it makes things much easier.

pros to Kzoo the numbers are better, untapped potential, they have a new development coming and Kzoo keeps growing!

GR is harder to find good deals NOT IMPASSABLE, has tons of management to choose from.

If you want to connect and talk let me know! 

I am a Grand Rapids Investor always willing to help!

call labor ready or pm me I have a guy who does some side work and shows up on time lol

I invest in the SW GR area. 300/ month cash flow is great for me..... but i don't run your business i dont know your goals :)

if you want me to take a look at anything for you I would sit and talk about where you plan to be!

Nick

hey, good for you on doing something about a situation you hated!!! Im in Jenison area if you want to grab a drink some time. 

20 years with zero issues..... keep the month 2 month maybe raise it $50 as you have already told her you will but see if she is as good as he said! MONEY IS NOT EVERYTHING. she will be there 50 more years 30 more years and u wont need the $ then.

Thanks Mark, 

No to seller financing....trust me I tried lol.

Partnership I am finding might be over my head when figuring out structure.....I am always willing to buy drinks for some help if interested!

Any suggestions on who to contact about fixed rate commercial? 

Thanks again!

Hey Everyone,

I currently own a small portfolio and have the ability to expand, but looking for some insight!

I have a mentor that owns around 250 units in the Grand Rapids area and is starting a slow sell off. 1 of them is a 65 unit complex he is willing to sell to me in 5 years :) long term goal. He offered me one of his 8 unit buildings and we both have concerns....business/friendship, usually don't mix. he has taught me never to get into a balloon payment and the only way I can find to do this deal is commercial financing, so that's question 1. any other ideas for financing?

2nd ? quick look at numbers

Purchase with my "friend/by owner sale" discount!

320k

625/unit  60k/year  I own a duplex 1 street over that is currently at $925/month each unit

taxes are 6600.....will be 9200/ year at new purchase price

utilities 2400/year

maintenance/landscape 2000/year

300/ year inspection fee renews every 4 years.

I am unsure if I want to put up one of my homes for commercial down payment for this return.

Also I have a friend with a 4 unit I can get conventional financing on and am leaning more towards that... suggestions on how to get both lol?

4 unit #s

185k purchase

$700+ each unit..... potential around the 900 area!

Thanks,

Nick

My hope is to make it!!!!!

Hi Michael,

Just looking at this quick I would say no, only because in your words "some units are current vacant" but then in you numbers you only say 5% vacancy!!!!!

I would re run numbers and purchase on WHAT IS not what could be. you are the one who will fix vacancy and fix repairs you should be the one to be compensated for it!