All Forum Posts by: Shawn Daniel

Thanks for the contact @Jay Kadlec. I get where you're coming from, especially where the market is currently at, but I figure I'd still shoot my shot. I found my first property in the lower price range, which is very profitable, so I was hoping to get lucky again! (even though the market is much more seller friendly than 2 years ago) 

Hello Everyone!

I'm currently looking for a duplex, triplex, or 4plex in Grand Rapids (Kent County) or Southeast MI (Macomb, Oakland, Wayne Counties) preferably. I'd look at Flint, Port Huron, or Ypsilanti areas as well. 

My preferences:

• Fully occupied. Long term renters a plus
• <$90K
• Turnkey or paint and carpet only (no rehabs or major work needed)
• Conventional Financing (already in place)

I'd love to work with a realtor to find and submit offers on some properties, as I've been searching the MLS already and have my eye on a few.

Feel free to shoot me a message with any questions!

Shawn

Hello Bigger Pockets,

I am in the process of buying my first investment property (located in Grand Rapids) and we are just awaiting the appraisal at this point. My lender informed me that I should begin inquiring about home insurance that I should have an agent/company ready within the next week.

My question is: What are some key things I should look for in an insurance company for rental properties? If anyone is located in Michigan and knows of any specific laws, or anything else pertaining to the area, that would be good insight as well.

Thanks!

I am in the process of acquiring my first multi-family property in "D" class Grand Rapids. I really like the market and see a lot of potential for increased equity and start-up business!

From what I've seen a majority of the time, you are right @Joe Butcher  There have been a few in which the price listed was the actual list price, but more ofter the prior. 

Let's not forget about the REIA of Macomb. They meet in Warren on the last Tuesday of each month. They can be Googled as well.

I am in a very similar boat. Over $100k in student loan debt. I'm working on paying down my credit card and installment loan debt first, then I'm jumping straight into my first investment property as soon as my debt:income ratio is in shape. I'm fairly close, but I just pay too much for "all" of my bills every month to be considered for a mortgage of any type. 

Like others have said, if you find a good deal with positive cash flow, allow someone else to pay your student loan debt or you! =) 

@Akiva L. For the most part, I bought the license for my own personal use. But the main reason (for now at least) is for MLS access and to potentially save on some commissions. There's always a chance for a career change and I could become a full-time agent though. Haven't made it that far quite yet.

@Account Closed So looking at around 2 grand a year. It should be worth that, but the only way to find what'll work for me is to interview different branches/companies...if you don't mind me asking, how did you end up using your license? 

Hello BP.

So, I've decided to take the plunge and get my RE license. I start my pre-license course next month and I couldn't be more excited.

To any realtors/agents from Michigan, what kind of monthly/yearly fees and splits should I be expecting?

Would you recommend a "big" broker (Re-max/Century 21/Keller Williams/etc...) or a smaller, local brokerage?

Any advice would be appreciated. Thanks in advance for any answers!

Here's a question for the seasoned/experienced investors out there. I've seen this question before, and saw amazing answers, so I figured I'd throw my situation out there to the piranhas. So...

The ultimate goal: Out of corporate America as a full-time investor doing one or two per fix and flips per month and build a solid rental portfolio (10+ Single/Multi-Family homes and a few large commercial properties).

I'm starting out with $10k-12k cash, about $10k available via lines of credit and a subpar credit report/score (subpar enough to where mortgages over $40k are pretty much out of the question).

If your were in my shoes, how would you start out with REI? (And no I don't want to stay at my current job and save for another 3 years. haha)