All Forum Posts by: Tim VandenToorn

@Jeanne Zozobrado  We would consider it.  Give us a call.  

I sold my AirBNB that was located in Boyne City.  A fantastic little home and a great little City. Vacancy was higher than expected. Our home was a 3 bed 1 bath (1 bath was a disadvantage) and a detached garage. We had a hot tub, private yard, remodeled completely modern. It was a great house. We didn't make money on it and our numbers were better than yours.  Are you planning to self manage? If not, you need to substract 30% from your gross income. Does your monthly payment consider taxes?  Those can be expensive in Boyne on a second home. I would double check your utilties unless the current seller is giving you those numbers.  We did well on appreication when we sold, so it was worth it in the end, but we were cash flow negative while owning it. My last question is, are you looking to make money on the property as an investment or buying for some other personal reason? Do you have other Airbnb's or is this your first?  

It sounds like you need a property management company!!  My second suggestion is to join the RPOA (rental property owners association) they provide services to self managing landlords and they can recommend an attorney. Well worth the membership if you plan to self manage. My third suggestion is, unless you know the previous tenant is employed, hiring an attorney to go after two months worth of rent is not worth it.  File for a money judgement on your own. Make sure to send them a notice of damages if they provided you with a forwarding address. If you don't they can sue you and win regardless of the condition of the unit.  

Quote from @Destiney E Goins:

Hello, I am new to investing, and feel like I have been blindly stumbling through this experience the last few months. I am hoping to learn about managing my own property and how to get tenants. 

I don't know where in Michigan you are located, but I'm happy to give advice or share experiences. Feel free to connect. 

Dan I would love to help. I have a spreadsheet that I could send you that I use to analyze deals.  If you need eyes and ears or want an opinion on a specific property, I am always happy to assist.  GR is small, so most properties are within 10 minutes of my office. Send me a message if you want to connect. 

Quote from @Ryan Tongue:

Hi all!

I made my first post on BP 9 months ago. It was basically a plea for help. I knew I wanted to invest in RE, but at 22 while in college there were a few obstacles in my way. I was looking to BP for any sort of guidance -- I found it!

In the last 9 months, I formed a 3-person partnership, found a rockstar agent and through him a great lender, insurance provider, and so on. We fell in and out of a deal for a single duplex in the spring, but kept searching. I'm proud to say that we landed in what I believe to be a better deal: three duplexes from a single seller in a West Michigan location that we are very happy with. 

I'm sending out another plea! I graduate from the University of Utah in the spring with a mechanical engineering degree. I'd like to pursue sales, and for a while I thought I'd be looking in the tech industry. With how much I've learned over the last few months with these investments, I'm now thinking I might want to lean into real estate in some form or another after graduating. I'm particularly interested in the commercial space. If there's anyone who sees this that would be willing to hop on a quick 10-minute call to talk about possible career paths in real estate, I'd really appreciate it. I want to hear your stories! Message me on BP and we can set something up.

Original BP post (check it out to see how much of a dream this was for me 9 months ago): https://www.biggerpockets.com/forums/55/topics/1162005-first...

Best, Ryan

On a side note, if anyone's looking for a young, motivated, and incredibly knowledgeable agent in Grand Rapids and the surrounding areas, let me know and I'd be happy to connect you.

 

Congratulations on the purchase!!! If you need any assistance, including management or basic advice, I would be happy to help.  If you are going to self-manage, check out the RPOA for support and information on local and state-wide issues affecting landlords.  Become a member and get involved. Great networking. 

@Kyle Schreur Welcome Kyle!  I also invest in Grand Rapids.  If you ever want to chat, let me know.  Its hard to find a good deal in Grand Rapids right now, but when you do, don't delay. Grand Rapids has a great future.  Know your numbers and your goals. 

Here are some of the developments happening in Grand Rapids.  Get perspective on the City at the same time.  

https:// youtu.be/MM4sFPID3Zg

Here are a few good things happening in Grand Rapids.  

I am working on a video to highlight all of these developments. 

1- Grand Rapids is in the top 10 for appreciation in home value. We saw a 12% increase in 1 year. Here's an article for reference: https://www.woodtv.com/news/nexstar-media-wire/10-us-cities-where-home-prices-are-getting-worse-and-5-where-theyre-dropping/?fbclid=IwZXh0bgNhZW0CMTEAAR1xMWkQcObAajE2Jnm-MvgzUzmtBFZ1DsJfmpng54xOTFdQhD4ILA3skgE_aem_dq00HGIkgh6rlSf94ILsuQ
2—Several multi-million dollar expansion projects are happening in Grand Rapids right now, which will continue to drive the need for housing and purchase value up. 

Here are a few examples: -

$184 million dollar Amphitheater venue - 

$70 million dollar Grand Rapids Public Museum expansion - 

$55 million dollar River Trail enhancements - 

$40 million dollar riverfront restoration - 

$80 million dollar Corewell Health site - 

$175 million dollar Soccer Stadium