Grand Rapids Mi numbers not making sense
Hey guys, I am looking to get into the Grand Rapids multifamily scene, but for the life of me, I just can't seem to make anything work on paper. Between the property taxes and debt service, even with 30% down I just can't seem to make deals pencil.
Im using the numbers the sellers provide, so they seem to be accurate.
Is anyone else experiencing this, or am I just somehow way off.
And... if this is the case, and I can't get into the market with 30% down, would that lend to a potential repricing in the near / not too distant future would you think?
I figure outside of rates going down or rents going up, thats the only logical solution. And I dont see either of those two scenarios playing out anytime soon.
Thanks guys.