All Forum Posts by: Tim VandenToorn

@Mark Frattini  I would love to help in anyway I can.  Please check my profile for information on our company.  (I am not sure about the rules regarding self promotion)  If you are already working with an agent in the area I would love to work along side of them and give you my opinion on the property from a property management perspective.  Since investment real estate is so different from retail real estate it is important to have the property evaluated for functionality, code issues, rent price etc from an expert.  Please let me know if I can be of service. 

Welcome @Brian Driesenga.  We live in a great community to invest in that's for sure!  BP has been a great community to connect with as well.  If you need anything let me know. 

Sun Title?...have you read their disclosures they require you sign at closing?  I refuse to close there for two reasons.  1: The disclosures 2: they are more expensive than other companies.  Just my thoughts.  Try Essential Title.  Very investor friendly!

@Jayne Overbeck congratulations!!  Was your first flip a success?  What did you learn from it? 

@Terry N. we are experiencing the same thing at United Properties.  We manage around 500 properties mostly in City of Grand Rapids.  We have seen a drop in prices in our homes listed at over $1500.00 a month.  I think this is due to two things:  Prospective renters who were renting homes over $1500.00 a month are turning to home ownership.  Even if they are in Grand Rapids on assignment for a couple years whether its a physician at the hospital or an executive from Amway, Meijer, Steelcase or other company based here, they feel comfortable purchasing knowing the likelihood they can sell in a year or two and be in a good position.  The second reason is the new construction downtown.  Many of the condo and apartments units are opening up right now so renters have plenty of options.  Personally I don't think we will be in the same position next year as many of the units will be filled, but I do think things are changing in Grand Rapids and we will have to adapt.  Big money has moved in!!  My fingers are crossed that next year the houses I gave away as a discount this year will see increases next year. 

This isn't the same for low income housing.  This market is off the charts.  As rental property prices increase this group is having a more difficult time finding housing.  Anything functional under $1,000 that's a 3 bedroom or more is renting quickly.  This isn't a market most investors choose, but is definitely something to consider. 

Welcome to BP and exciting world of real estate investing. If you need advise from a property management prospective please let me know.  I would be happy to analyze any properties in the Grand Rapids area on your behalf. @Randy Charboneau is also a great source for discounted investment properties.   

Good Morning, and thanks for the plug Courtney.  Yes buying land bank houses is a process and Justin is correct with his comments.  I have successfully acquired these properties in the past and I am currently pursuing a few.  Unfortunately it seems like they pick and choose their buyers and it isn't based on price. This makes the process more difficult in my opinion. 

The land bank is looking for qualified purchasors with a successful track record of remodeling homes.  They are looking for a thorough remodeling plan.  The more thorough the plan, the more likely they will lean your way.  You need to provide proof of funds for the purchase and the remodel and show evidence that this can be done in 6 months.  The remodel plan is extensive and takes time to complete.  This is why people shy away from submitting bids.  Who wants to spend 4 hours on a remodel plan and bid against 20 other buyers?  The Land Bank provides all the paperwork needed to submit a bid.  I also include a packet of recent remodels proving my ability and success.  

Good luck!

Welcome @Arthur Newman.  If you have questions about property management, the market, market rent, or would like me to preview any deals you are looking at please let me know.

@Nick Grodzicki There is a REI meet up at Buffalo Wild Wings on Monday night. The location is 44th St Grandville at 6pm. There are usually 50 to 60 investors, investors, and wholesalers in attendance. This might be a good start in West Michigan.

@Glorianne Wong Welcome to BP.  I would love to connect with you to discuss the market here in Grand Rapids.  I can also provide you a few realtor referrals if you are looking for an investment property.  What are your goals and what numbers are you looking to achieve?  Are you financing or buying cash. 

Here are some great articles discussing Grand Rapids. 

http://www.forbes.com/sites/erincarlyle/2016/01/27...

http://www.forbes.com/sites/ingowinzer/2016/07/29/...

http://www.crainsdetroit.com/article/20150607/NEWS/306079987/planners-seek-to-make-grand-rapids-medical-mile-a-healthy-place-to

http://fox17online.com/2015/03/17/grand-rapids-rental-vacancy-rates-lowest-in-country/

http://mibiz.com/item/22318-grand-rapids-said-to-have-lowest-rental-vacancy-in-the-countryhttp://www.michigan.org/blog/guest-blogger/three-reasons-why-grand-rapids-is-beer-city-usa/