All Forum Posts by: Tim VandenToorn

Jake, I appreciate the referral.  

Courtney, thanks for the compliment! Justin the contractor will have to be approved by your bank to handle 203k loans.  This is not difficult to be approved, but you will want to make sure that any recommendation you get meet this requirement. If the remodel is under $30,000 the bank's involvement is much less.  Over $30,000 than they do inspections etc. 

What is the scope of work you are looking to have completed? 

@Charles Kao.  Good thought.  I was advised to get a stamped copy of the form you turn into the assessor's office noting that they "received" it.  I have not had any issues with fighting the taxes on properties I have completed this on.  I do have a referral for property tax appeals if you would like.  Sometimes its just easier having a professional handle it.  I have had success both on my own and hiring someone. 

Tyler, check to see if the you are required to completed the form n the year the work was done.  I wouldn't want you to miss out.  I think you can complete multiple forms, but they all have to be done in the year the work was done.  

I am also looking forward to seeing your finished product!! 

I thought I would share this with all the Michigan buy and hold investors.  

For those of you buying  and rehabbing distressed properties for long term holds, in West Michigan, Grand Rapids, Lansing, East Lansing, Detroit, the Lakeshore, Grand Valley, Heritage Hill (all key words) =) or anywhere else in the State of Michigan, I would encourage you to research the Mathiew-Gast Act. http://www.gladwinrealestateagent.com/mathieu-gast...  

Another officail resource:  https://www.michigan.gov/documents/taxes/Bulletin_...

The basic summary of this law prevents the assessor from increasing the value of your property for tax purposes based on home improvements.  This act in effect encourages investors who buy distressed properties, investing in the value of the neighborhood and community from being penalized by the increased taxes do to a higher assessed value. "Michigan's Mathieu-Gast Home improvement Act guarantees that the cost of normal repairs and maintenance on your home cannot be considered by an assessor in determining the true cash value of the property until the property is sold."

I have personally completed the paperwork (which takes about ten minutes) on several on the properties I own including my personal residents which has kept my assessed value from doubling, saving hundreds, if not thousands of dollars on an annual bases for my properties.  

Check it out, and happy investing!! If you need a recommendation on a property management company I can also give you a referral there!!  =) 

@Jermaine Jamison-Boston I would love to help in any wayI can.  Send me a private message or an email and we can continue the conversation. 

Charles, The rent is $2000.00 plus currently on only the upper unit.  The lower unit would rent (if not house hacked) at $1,000 to $1,300.00.  1% return and free living is actually great in Heritage Hill.  As a wholesaler do you have anything better in H.H.?  

Over the last year I have come across several members looking to house hacking in the Grand Rapids area.  If I kept better notes I would send you all a message directly, but since I did not, I wanted to post this on a general forum.  I walked through 215 Oakley Pl NE this past week with another investor who had it under contact.  He ended up backing out as it seemed like a difficult house to manage based on the current layout.  The current owner rents the upper unit by the bedroom.  It is a 4 bedroom and she gets around 450-500 per room.  One room is currently vacant but the rest are rented out.  The lower level is a 2 bedroom (could be three) and the owner lives there.  It would be perfect to house hack this property and take it over as is.  The rental income will definately pay for the mortgage, and you will be left with a property in Heritage Hill.  

Overall the property is in good condition.  No parking but to be expected in H.H. and split utilities.  Some upgrades may be helpful, but in general not required.  If you want help on this listing please contact me.  I am not the listing agent or broker, but could write an offer or help negotiate the deal.  http://www.grar.com/query/05207633/

@Greg Zunich welcome to BP.  I am a realtor, broker, and property manager and would be happy to offer advise.  There are also alot of great realtors on this site I would be happy to recommend.  

@Anthony Butcher there should be several good options in your price range.  Is area your only criteria?