All Forum Posts by: Ryan Richmond

@Daniel Shchyokin if you can door knock I'd target the area between Walker and Spring Garden.  The north neighborhood from Walker to Market is selling in the $250-400k range.  There a still a lot of opportunities south of Walker.

@Robert S. I am house-hacking a triplex in Greensboro that I have having managed by a PM because I a regular job.  I am happy to connect you if you are looking for property managers.

@Tadeh Vartanian I also own a duplex in Grand Rapids, MI and a condo in Kalamazoo, MI.  The Michigan taxes are much higher and they will reassess almost immediately after closing to get their money.. not sure if that happens in Detroit but I would assume it does.  In Greensboro, tax reassessments are only done every 8 years.  Your property taxes will not raise immediately following close.  I do not know the Detroit market but would look at Kalamazoo-Portage as a comparable market with less risk in Michigan.

@David Wax I just closed on a triplex in Greensboro in the Lindley Park area.  I previously lived in Raleigh for 8 years and sold my sf in North Raleigh to make the transaction work.  I took a new job near Albermarle in November with the expectation to live in Charlotte and commute.  There is a lot of potential for appreciation in Charlotte but the only way I could afford a decent property in a livable neighborhood would be to house hack with roommates.. which is a great option that doesn't suit my lifestyle anymore.

Raleigh, Durham and Chapel Hill have the best lifestyle options.

Charlotte is great living but expensive.

Greensboro offers a comparable lifestyle to Raleigh-Durham with the benefit of cash-flowing properties.

If you want to use appreciation equity to finance your next rental Charlotte may offer the best potential and then invest in a rental in Winston-Salem which is probably the best priced rental market.

I would love to connect if you make it to Greensboro.

@Paul Leason I think this  is a similar situation.  My PM leasing company is showing the property about 10 times a week and receiving ~3-5 apps/ week but none are getting approved.  The potential renters are not the financially stable renters we are looking for.

@Jake Thomas you are correct.  It has received more attention since the rent has reduced from ~1400 to ~1200.  I still have the problem with not finding the best tenants though.

@David Edwards I have a B unit in a B neighborhood.  It is a duplex near the intersection of East Paris and 28th st.  Basically Kentwood and there are a lot of shops and restaurants near by.  GR is a great area for growth.  I also have a condo in Kalamazoo off Stadium dr. near 9th st.  I grew up in the Kalamazoo area and left during the recession.

I apologize for the delay in my response.  I am not a pro so I am doing this in between my regular job and grad school.  I took a little more ownership over the past month and made a couple trips up to GR to work on one of the units.  

One unit was updated with a standard laminate counter top and new bathroom vanity.  The previous countertops in both units were a 1970's salmon pink color.  The updated side is a ~1300 sf 4 bed/ 2 bath and rented for $1350.  

The other side has been listed for ~3 weeks at $1200.  This is about 1200 sf and 3 bed/ 2 bath.  I just took it down.  I am going to replace the countertops in the kitchen with an LG Himac and have the bathroom countertop refinished.  The current appliances are all white but mismatched.  I am going to replace with an easy maintenance stainless or black.

So we'll see what happens...

Hi all,

This is my 1st post so hello all!  Glad to be here.  Mostly, I am curious about the current climate and what others are seeing in, specifically east Grand Rapids, MI but also GR as a whole.  I have a duplex that has been open for about 30 days.  This seems too long to me.

I purchased the duplex in June.  Hired a property manager in July.  It needed a little work and I missed the college window.  Background, I sold a house in Creston and used a 1031 to purchase the duplex in East GR near Calvin College.  The duplex is clean and livable but certainly not new construction.  I live in Raleigh, NC but grew up in Kalamazoo and bought in GR because cash flow is better than in Raleigh. 

Thanks, Ryan