Any STR Investors from West Michigan?

Question

Hello!

I'm looking to connect with other STR Investors in West Michigan. Have you found a reliable tool to analyze deals besides Airdna? I feel like there is a lot of nuance to different areas, especially with all the regulation. Looking forward to connecting!

-Jamie

Katie Johnson · Answer

Hey Jamie! So glad you posted this - I am an STR attorney and investor based in West Michigan. Regulation is definitely the biggest nuance over here. I also find airdna to not always be super accurate because there are so many people who genuinely use their homes as second homes and stay there a lot themselves. I analyze deals based on my experience and with airdna. We own and manage about 10 rentals on the coast from South Haven to Grand Haven. My husband is also a realtor in the area too and his experience helps as well. I also host a local meetup in Holland once a moth at HopCat from 6-8pm the third Tuesday of the month, you are welcome to join us sometime! I love chatting all things STR.

Andrew Steffens · Answer

Hi Jamie

This question is likely applicable to many people and markets and not just MI.  I have begin using Rabbu and it is an interesting tool.  Another popular one that I do not have personal experience with is BnBCalc.  Nothing can replace direct first hand knowledge and you can obtain through the "enemy method" and comb the listings in the different areas in guest mode on Airbnb/VRBO.  You can/should also join local host groups on Facebook - BiggerPockets is more national in scope.  Good luck!

Nick M. · Answer

@Jamie McCauley

Hi Jamie - have a small STR in Muskegon that we bought at a foreclosure auction, renovated and turned into a vacation rental (when we don’t use it as our vacation home). I will say the busy season is June - August; my observation from just one season of having it on the market. Also, only using VRBO; maybe we’ll try to add Airbnb this year. What we found is that property taxes (once adjusted for current assessed value) is making it quite challenging to make a decent profit. Happy to share more info if you have specific questions.