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All Forum Posts by: Ryan Smith

Ryan Smith has started 5 posts and replied 28 times.

Post: Houghton Lake, Michigan

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19

Check your zoning, most of the HL townships put restrictions on STR last year.

Post: MI - where is the love?

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19

We currently have 150 units and will be over 200 by 2021. We only invest in Michigan and only within a 40 minute radius of our management/maintenance office which is located in Gratiot County; therefore we only invest in small rural areas, not metro areas and no sub-metro areas. We have a mixture of SF, small MF, large MF, mixed-use, missing middle housing, commercial, medical, industrial, office, retail, and hotel investments. We prefer to invest locally so that we can self manage, we are also strongly focused on our local Communities and helping them grow. Everyone is always looking for the "best markets", but I would argue that there are good properties and good deals in every market you just have to be disciplined to find and acquire them.

Post: Historic Rehab Project

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19

Investment Info:

Mixed Use investment in Ithaca.

Mixed-Use Historic Rehab. Construction of 4 new apartments in a functionally obsolete historic building. Updated 2 commercial spaces. We used grant monies to offset the construction costs. Michigan Community Revitalization Program (MCRP) performance-based grant was used to help facilitate the construction of four new loft apartments and updated the ground floor commercial spaces in downtown Ithaca Michigan.

What made you interested in investing in this type of deal?

We specialize in historic rehab projects.

How did you find this deal and how did you negotiate it?

Found the building listed on the MLS.

How did you finance this deal?

Private Equity. Bank Financing. MEDC - CRP Grants.

How did you add value to the deal?

Invested around $1Million into a functionally obsolete building.

What was the outcome?

4 new residential apartments and 2 updated commercial spaces. Revitalized downtown area.

Post: Michigan investors within a few hours from Saginaw

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19

@Paris Scroggins.  Yes I'm the largest developer in Gratiot County; so I'm primarily focused there right now.  Currently working on 6 historic rehab buildings.  Over 40 new apartments will be created and over 20,000 sqft of commercial space will be reactivated.  Also working on a missing middle housing development of over 40 units.  Additionally, I am building a boutique hotel that should open in Spring of 2021.  Got lots of projects going on in the Mid-Michigan area. 

If you are looking for help in the Saginaw area I can get you hooked up with Infuse, they are putting on an incremental development workshop in Saginaw in 2 weeks.  Great workshop for those that are looking to get started. 

https://infuseglb.org/new-events



Post: Michigan investors within a few hours from Saginaw

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19

Thanks @Paris Scroggins.  Not really interested in Saginaw at the moment.

Post: Michigan investors within a few hours from Saginaw

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19

I invest in Gratiot, Isabella, Saginaw, and Midland counties.

Post: Blighted & Obsolete to New Again

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19

Investment Info:

Other buy & hold investment in Alma.

Construction of 4 new apartments in a functionally obsolete historic building. We used grant monies to offset the construction costs. A Michigan Community Revitalization Program (MCRP) performance-based grant was used to help facilitate the construction of four new loft apartments and updated the ground floor commercial space in downtown Alma Michigan.

Post: Personal Guarantee (PG) negotiations

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19

We sign PGs on all of our loans but we limit the PG to each individual's membership %. For example, four members each own 25% of the LLC, then they each only PG 25% of the loan.

Post: Looking for Multi-Family Apartment Complex 5+ Units

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19

Looking to purchase multi-family apartment complex with 5+ units in the following counties:  Gratiot, Isabella, Midland, Saginaw.  

Post: Michigan Rental Agreement

Ryan SmithPosted
  • Breckenridge, MI
  • Posts 34
  • Votes 19
Private message me, I'll send you mine.