New Investor out of West Michigan:)

New Investor out of West Michigan:)

Member since 2021 · 3 posts · 5 votes

Hi everyone, my name is Kyler am I'm pretty fresh into real estate investing. I'm from West Michigan and I'm planning on purchasing my first property within the next 2-3 months. I'm an estimator for a local reconstruction company as my day job but I know that real estate is what I want to pursue for the long term. Although I don't have a deal yet, I'm currently in the preapproval process to figure out what I can afford. My plan is to house hack a multi-family, ideally a tri or quad, and then scale up from there. Since I'm from West Michigan, I would like my first property to be near Grand Rapids or maybe Muskegon if the deal is good enough. I would really like to meet some more investors out of West Michigan as well as find some local meetups to attend. Any advice on purchasing multifamily properties or house hacking would be greatly appreciated. I'm also interested in creative financing methods in case my preapproval isn't high enough for a tri or quadplex. I'm excited to get the ball rolling and to be a part of this community. I look forward to learning, growing, and giving back with you guys:) 

Thanks!

-Ky

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Connor AndersonBusiness Member
Real Estate Agent · Grand Rapids, MI · Member since 2017 · 147 posts · 102 votes
4y

Hi Kyler! House hacking in Grand Rapids area is a fantastic way to start investing, I have a few house hack clients in the area under contract right now. One thing to pay attention to when looking at houses are you must pick multi family that you can actually move into right away and not property that has tenants currently on long term leases. Common mistake I will see non investor friendly agents make when looking with a house hacker!

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  • Julio GonzalezPro Member
    Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
    4y

    Glad to have you on the forums, Kyler! This is a great place to learn and to connect with people so take advantage of all the great resources.

    Welcome aboard and best of luck investing!

  • Real Estate Agent · Grand Rapids, MI · Member since 2016 · 251 posts · 224 votes
    4y

    @Kyler Kieft hey Ky! Welcome to BP. I love the west michigan markets for investing. I currently house hack so can definitely help you with any questions about the process.

    Feel free to reach out if you have any questions!

  • Real Estate Professional · Rockford, MI · Member since 2015 · 301 posts · 138 votes
    4y

    Welcome Kyler. Investor, broker and property manager here in Grand Rapids. Happy to chat if your interested. 

  • Justin WindhamPro Member
    Banker · Nationwide · Member since 2015 · 4k+ posts · 1k+ votes
    4y

    @Kyler Kieft

    Welcome to Bigger Pockets!

    If you are looking to invest into real estate, I have found this site to be very helpful.

    There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guides


    I really like the alerts feature that can quickly guide you to current topics that might interest you: http://www.biggerpockets.com/alerts

  • Connor AndersonBusiness Member
    Real Estate Agent · Grand Rapids, MI · Member since 2017 · 147 posts · 102 votes
    4y

    Hi Kyler! House hacking in Grand Rapids area is a fantastic way to start investing, I have a few house hack clients in the area under contract right now. One thing to pay attention to when looking at houses are you must pick multi family that you can actually move into right away and not property that has tenants currently on long term leases. Common mistake I will see non investor friendly agents make when looking with a house hacker!

  • Member since 2021 · 3 posts · 5 votes
    4y

    Hey guys, I really appreciate you all for reaching out! I'll definitely be in contact with you guys in the near future as I grow closer to my first deal. Thanks!

  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    4y
    Welcome to BiggerPockets Kyler!
  • Real Estate Consultant · Houston, TX · Member since 2020 · 206 posts · 944 votes
    4y

    Hi @Kyler Kieft

    We are at the top of the market and are very close to the top. So my advice is that it is not the right time to purchase a rental property. I can tell you that multi-family homes are extremely hard to find and buy in the marketplace. Family products are extremely hard to find and buy in the marketplace. Your money is better spent in liquidity or also better spent in two flips or lend me. We lend money or our buyers are bought when it comes to lending. Our buyers pay 12% and 3.75 points. And 3.75 points or 12% of the equity share. So it's better for you to start out by being a lender first and making 15-16% on your money at a minimum. If you have questions or need answers about this then just shoot me a PM and we can chat.

    Good Luck


  • Caleb ReitsPro Member
    Investor · Grand Rapids, MI · Member since 2020 · 129 posts · 50 votes
    4y
    Quote from @Sean Sloop:

    @Kyler Kieft hey Ky! Welcome to BP. I love the west michigan markets for investing. I currently house hack so can definitely help you with any questions about the process.

    Feel free to reach out if you have any questions!


     Sean is a great resource for anything involving west Michigan

  • Investor · Chicago, IL · Member since 2020 · 148 posts · 97 votes
    4y

    Hi Kyler! I invest in short-term rentals in southwest Michigan.  Welcome and best of luck to you!! 

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