New Member from Traverse City, Michigan

18 Replies

My name is Trevor Mitchell. I am 24 years old and currently work in sales for Pella Windows and Doors in Traverse City, Michigan. I have more experience in the new construction side of real estate but I have been interested in REI for about 5 years. I do work full time (about 50 hours a week). That being said, my goal in the next year is to complete my first flip. I do enjoy networking, so if there are any other Real Estate Investors in the Traverse City that would like to meet up for a drink/coffee brain picking session, that would be awesome!

@Trevor Mitchell

Hello and welcome.  I live in Traverse City, or very close rather, in Lake Ann.  I wouldn't call myself too experienced, but I'd grab a drink with you in TC to talk.

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Thank you everyone for the warm welcome! I've been studying and trying to network as much as possible. If any of you have any advice that you'd like to chip in on my current deal (which I would greatly appreciate) you can find that here:

Thanks in advance and I really hope to connect with some of you in the near future for some mentoring.

@Trevor Mitchell

Hi Trevor,

I see you posted this a few years ago. Just wondering how you've been progressing in TC area real estate. I am new to the area and also a newbie investor. Would definitely like to meet for a coffee with you or anyone else in TC interested in exchanging ideas about REI.

Hi folks! This is my very first post on Bigger Pockets! I'm a bit nervous, I don't know why? Perhaps its because I feel like a bit of a 'fish out of water' - I live on the other side of the world and have only just started my investment journey in the US. 

I just closed on one in Detroit and I jumped on this thread because the other day I was doing some light research on Traverse City; the data looked pretty good and the yields ('cash flow' in US-speak?) look pretty neat for SFH's there.

@Conrad Pels Would love to have a coffee with you to chat but I think it'd be a bit far to travel to grab one ;)

@Cameron McEvoy

It’s a hilariously small world.

I’m also from Sydney, Aust. Been living in the states since 2005. We may be able to get that coffee someday when I’m home during an annual visit with my wife and kids.

I’m living in TC and becoming more and more familiar with this market, so if you have any specific questions about TC or northern MI real estate hopefully I can be a helpful resource for you.

Hey @Alaina Korreck and welcome @Trevor Mitchell , that's neat to hear about short term rentals in TC. That's something I'm interested in exploring once I get further into investing (I'm just starting out). Do you have any experience in investing in and working with property managers on short term rentals? With the higher demand on their workload, I'm not sure if people are generally open to it or if that part of a team is harder to find. Thanks in advance for the insight and let me know if I can be of any help in the southeast Michigan area.

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@Conrad Pels wow it certainly is! I suppose the only specific q's I have on TC is to understand: is tenant quality similar to, better than, or worse than; Detroit MI? Looking at the yields (cash-flow in Ameri-speak!); some deals look pretty decent there. Wondering if there's a better-than-Detroit tenant quality because that'd be a double-win. 

Hey @Cara Kennedy - short term property managers typically take a bigger bite of gross rents than your long term managers but there are a lot of companies up here that only do short term/vacation rental. Rates usually hover in around 30-40% of gross rents (crazy I know). When I sell a property I also offer my management to clients at a lower rate but I've been doing this a long time and can more easily cover time and expenses than some of the companies holding overhead. Properties managed at higher rates can still turn a nice profit but because there's so much fluctuation with vacation rentals and seasonality you want to make sure your manager is adjusting prices weekly, if not daily to match market and demand. It requires near-constant attention. 

@Alaina Korreck

I am originally from the UP (now live in SoCal) and have an aunt in TC who's with Berkshire Hathaway. Her and I have been looking for a vacation rental on the water there to go in on and maybe do a little rehab then she would manage as a STR.

From my understanding properties don't last long there, fairly hot market. At any rate, I'm going to send you a connect request. Please let me know if you see anything there worth taking a look at!

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