Upland, CA · Member since 2015 · 18 posts · 20 votes
I'm planning to buy my first rental property as a buy and hold in Lansing, Michigan. I think this city, as well as East Lansing, will be one of my investing cities. I have researched extensively on these cities. Can anyone tell me more information about Lansing and East Lansing Michigan? Is it a good market to buy and hold and rent? Do jobs seem to be stable? Is anyone currently investing in these cities? Please give me the ins and outs of these two cities. Thanks!
I've lived in the Greater Lansing area my whole life. I am currently working as a Realtor with local investors to help them meet their property goals and I dabble in a bit of investing myself. There is much potential in the Greater Lansing area although I would not recommend starting in the East Lansing are because some of the East Lansing ordinances dealing with purchasing of properties and rentals. There are similar communities nearby that I would recommend starting with. Lansing does have some basic rental requirements which converting a primary residential property to a rental may take a small amount of additional time and licenses but you can often purchase a property already currently being rented out with a license. No matter where you invest it comes down to management and having good tenants with a screening process. When you are ready to start looking for investment properties in the Greater Lansing area give me a shout out and I can send some reommendations your way.
Bringing this topic back up to the top. Our Daughter is entering her Freshman year here in a few weeks. We have been talking about getting a duplex or something for her to house hack while in school and assist with tuition. How has Lansing and east Lansing worked out for some of you? we live in Northern California and picking up aproperty or 2 seemed to make sense but would love everyones feedback. My sisters & their husbands live an hour east and west so we have people close by in an emergency
I live in Columbus OH but have multiple rentals in EL, MSU grad. Need to make sure whatever you purchase has an existing rental license through the city. There are zoning restrictions in certain neighborhoods next to the university and if the property doesn’t have one currently it will be tough to get. Obviously closer you can buy towards campus, and downtown EL, will ensure lower vacancy and command higher rents. Feel free to shoot me any questions, would be happy to help .
@Daniel Martinez we invest in Lansing and surrounding areas. We’re close enough to campus (but not East Lansing) and have rented to both students and faculty with success. The market is still hot so you’ll have to move quickly if you find something you want. My partner is a realtor in the area and I’d be happy to connect you, if you’d like. Send me a pm if so. I saw MSU is waiving the freshman requirement to live on campus due to Covid which makes it a great time to get your daughter into a house hacking situation for her time here.
We kinda taught our oldest the ropes and she is working her tail off right now to build capital to invest in one when she goes away to school. She just graduated and was slated to do online Community College for a year to finish her associates then moving on to a traditional school. So currently she she is working a W2 and started her own side “gig” to build up capital to do the same thing. In the next year we are going to start taking her to our units, letting her do some observing of in person interviews and some of the grunt work to understand what it truly takes and what to look for. Then hopefully it is on her own. As Emily said Daniel, it is a ridiculously hot market and boots on the ground would be a huge advantage.
Lewis, sorry to get back so late. You hit me when we had a daughter leaving to go to school and I was out of town for 2 out of the last 4 weeks. If you would like any input or guidance I can try to help you. Hope all is well. Please call me some time and we can chat…message me on this app.
@Daniel Martinez we invest in Lansing and surrounding areas. We’re close enough to campus (but not East Lansing) and have rented to both students and faculty with success. The market is still hot so you’ll have to move quickly if you find something you want. My partner is a realtor in the area and I’d be happy to connect you, if you’d like. Send me a pm if so. I saw MSU is waiving the freshman requirement to live on campus due to Covid which makes it a great time to get your daughter into a house hacking situation for her time here.