All Forum Posts by: Tracey Wittke

@Mark Miles I appreciate your post and find it very interesting and inadequate in regards to investing in areas of Northern MI. Vs Southern MI. I grew up in a suburb of Detroit and sold real estate there prior to moving to Traverse City 17 years ago. The last 7 years we have started investing in N. Michigan real estate. I have found areas here that will NEVER compete with ROI of downstate properties, as in mine would Be better then yours.
As far as year round rentals, I run 2 Airbnb’s that I still rent out as 6 month rentals in their off months. The other LTR’s pay for my two lakefront’s and themselves.
It’s not always where you buy, it’s what you buy, what you paid and the hustle you put into it to have it occupied and cared for!

Hi all... I just found out today that one of my occupied seasonal rentals needs a new well drilled. The rental is currently w/o water. I live in MI and currently we have frost laws in place, because of this a well can not be drilled for several weeks! My question is what do I do with the tenant? She obviously cant live there and I do not have any other rental available. Has anyone dealt with this type of issue that can give me guidance that will legally protect me?

Have you considered commercial lending? My properties are in an LLC.I have already used up my traditional 4 conventional loans, I currently own 8 investment properties but want to acquire 2 additional properties. I also live in northern MI I work with a commercial lender at Westshore Bank. We are currently working on a portfolio loan. I am hoping that my appraisals come back high enough that I will have enough equity to purchase the additional 2. If not my loan officer has been super savvy at ways to get me the money I need:-)

You will never lose on LF property, especially in TC. TC is my home town, what lake did you buy on?

What part of Michigan are you investing in/made offers?

Hi Eric,

I am an investor in Northern MI. I also live in Traverse City. Most of my properties are in Central Lake and Bellaire though I do have one in TC. I was lucky to acquire a foreclosure last fall that we spent the winter rehabbing and is currently being g used as a seasonal rental. 
If I can be of any help to you let me know!

Tracey Wittke

I just went through my first  eviction and as much as I thought that I run my rentals as business, tenants have TOO MANY rights! Long story short, if I do not receive rent by the 6th of the month my Notice to Quit goes out. So with this tenant that's what happened. She never responded so seven days later I went to the court house and filed my summons, it was delivered by the sheriff three days later. I live in Northern MI, so my court date was set for SIX weeks later.

The property is in an LLC, so after my first court date where I knew that she was going to be granted a 2 week adjournment ( and she was) I hired an attorney...this is how it turned out.

I am out three months rent

Cant file a judgement

and still has 4 weeks to move.

Be careful where you buy and what attorney that you hire. I went with the most well known firm in town but am pretty sure I got the worst attorney there!

@Bruce Bailey I have a 4 unit in Central Lake and a sfh. I have a lakefront vacation home in Bellaire along with a vacant parcel behind it that I plan on developing. I have a vacation property in TC and am looking to write up another PA for another lakefront in Bellaire. 

I agree with @Alaina Korreck vacation properties can be very lucrative but it’s a long term investment. You have 10 weeks of big income then monthly rental from Nov-May. But ultimately you aren’t going to lose money on lakefront property so you make the big profit when you sell it... somebody else has paid for it ultimately!

@Kyle Ostrander Central Lake is right next to Bellaire ( Shorts Brewery, Shsnty Creek).. situated right in between Torch Lake and Intermediate Lake... best location ever! 

I did just buy a vacation rental in Traverse that I am currently rehabbing getting it ready to go on VrBo and Airbnb... it Was a foreclosure so I was able to get a deal on it. 

Hey Kyle... I live in Traverse City and my first investment property was in Central Lake. It was a much more affordable area and enabled me to build enough equity and cash flow that 18 months later I’m working on purchasing my 7th investment property. 

My advice is make sure the numbers add up and go with your gut! 

Best of luck to you. If I can be of any help let me know!