All Forum Posts by: Sean Sloop

@Bob Asad too big of a spread for my taste. I would consider breaking even but will be hard to scale if you buy too many properties losing money

Welcome to BP Angelo! Lots of helpful resources here and plenty of local active investors to bounce ideas off of!

Hey Zac, Grand Rapids continues to grow and appreciate so its a great market to get into! House Hacking is a great way to reduce your expenses so that you can make larger payments towards your loan if that is what you want to do. 

I just moved out of a Triplex downtown I was house hacking into a SF (that I plan to rent out eventually as well). Its a great strategy to build up your portfolio!

Feel free to reach out, I am happy to chat with you on my experiences. 

I don't think it should be a roadblock, but you will want to get familiar with the landlord laws and start tracking your expenses in the meantime until you chat with a professional

Hey Jerica, I would see what options the seller is willing to do. Seller financing would be ideal, but you could always use your HELOC for a downpayment worst case scenario. Definitely weigh the pros and cons of using that much leverage though.

Feel free to reach out I would be happy to help you with running comps 

Hey Brian, are you part of the Metro GR Investor Facebook page? There is usually a monthly meetup that some people put together. 

@Kyler Kieft hey Ky! Welcome to BP. I love the west michigan markets for investing. I currently house hack so can definitely help you with any questions about the process.

Feel free to reach out if you have any questions!

Hey Kyle, 

Competing in the GR Market is tough right now! As Conor mentioned, the 'popular' homes will almost always have multiple bids and over list price. Often waiving inspections or offering sizable appraisal guarantees. 

I would recommend networking with Agents & Wholesalers that can provide you off market leads. Or you can start trying to generate your own leads which is a tough, but can be rewarding. 

Couple Ideas - Driving for Dollars, Direct Mail, Cold Calling. 

Hey Ashley, congrats on buying your first multifamily! 

I would evaluate 2 things: 

1. What is the expected Return on Equity in the rural house & can you do better than that in GR

2. Would it make your life easier to offload it?

Hey Taylor!

It sounds like you are on a great start! House Hacking in GR is a great way to go. I am currently house hacking myself and can confirm living for 'free' has its benefits. 

Feel free to reach out if you have any questions about the market. I would be happy to discuss with you and see where I can help. 

Thanks, 

Sean