Newbie to BiggerPockets from Michigan City, Indiana

Rental Property Investor · Michigan City, IN · Member since 2019 · 4 posts · 3 votes

Hello! I recently moved to Michigan City, IN in May of 2019. And in June of 2019, my wife (fiancé at the time) and I purchased our first home. We decided on this 1960s property because we got a good deal on it before it went to MLS and we wanted to use it as a live-in flip. After digging into some of the different options that real estate has to offer, we are going to try analyzing the property as an Air BnB once the remodel is complete. My goal for 2020 is to fix and flip at least 2 more properties and also find a rental. I am happy to have found BiggerPockets and to put myself in a very like minded/motivated community!

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Kyle Galloway

Northwest Indiana · Member since 2019 · 47 posts · 16 votes

Hey Nathaniel,

Welcome to BP-but more importantly welcome to Michigan City! I was born and raised here and am a "newer" investor myself. I have two single family homes in MC, one in LaPorte, and currently working on two projects in LaPorte-a flip and a duplex we intend to hold.

Let me know how your AirBnB goes-I have been mildly interested in that for time time but have not ran the numbers or done much of any research. I assume that your home is located towards the lake. Sounds like a project.

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Anthoney Hanks
Real Estate Broker · Forney, TX · Member since 2019 · 1k+ posts · 399 votes
6y
Welcome to BiggerPockets! Truly nice to meet you. Good luck going forward! Hope the best for you going forward in 2020!!

Great goals. Scaling you portfolio with additional properties.

Podcast: https://www.biggerpockets.com/podcast

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Glossary: https://www.biggerpockets.com/rei/glossary

@David Greene and @Brandon Turner has some good ones.
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Kyle Galloway
Northwest Indiana · Member since 2019 · 47 posts · 16 votes
6y
Hey Nathaniel,
Welcome to BP-but more importantly welcome to Michigan City! I was born and raised here and am a "newer" investor myself. I have two single family homes in MC, one in LaPorte, and currently working on two projects in LaPorte-a flip and a duplex we intend to hold.
Let me know how your AirBnB goes-I have been mildly interested in that for time time but have not ran the numbers or done much of any research. I assume that your home is located towards the lake. Sounds like a project.
1 Reply
Nathaniel Gotshall
OP
Rental Property Investor · Michigan City, IN · Member since 2019 · 4 posts · 3 votes
6y
@Kyle Galloway I will! The property is down by Washington Park and a 5 minute walk to the public beach. (Stop 4) Yeah the house has been a project so far but we are finally coming to a close on our rehab. It definitely gave us the bug to do more and learn more about REI.
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Nathaniel Green
Investor · Chicago, IL · Member since 2018 · 78 posts · 18 votes
6y
@Nathaniel Gotshall and @Kyle Galloway If you guys ever want to me with some great people doing real estate and can help you in a community setting let me know. My group is across the border in Illinois but it will be worth it for you guys!
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David Kazarian
Lender · Park Ridge, IL · Member since 2019 · 20 posts · 13 votes
6y
@Nathaniel Gotshall

Congrats on the new purchase & marriage! Great goals for 2020! Michigan City is nice. I've been a couple of times with the family on the way to New Buffalo.

I have a lender that does Airbnb financing, if you are interested and when you're ready. Feel free to reach out.

Best of luck reaching your 2020 goals!
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Kyle Galloway
Northwest Indiana · Member since 2019 · 47 posts · 16 votes
6y
@Nathaniel Gotshall do you mind sharing the specifics on your flip? Why have you decided to rent/AirBnb vs flipping and sell? Did it not meet the 70% rule? Even more specific-What did you pay, what do you budget on putting in to it, and what do you expect the ARV to be?

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Nathaniel Gotshall
OP
Rental Property Investor · Michigan City, IN · Member since 2019 · 4 posts · 3 votes
6y
@David Kazarian Thank you! My wife grew up here and it is close to family so we are happy with it. Also I will be reaching out in the coming weeks, thanks!

@Kyle Galloway I can definitely provide the numbers we used on the house for the flip analysis but we have not officially decided on the AirBnb option yet. I am going to meet with an investor who has a experience with AirBnb's in the Michigan City area to get real numbers so I can better analyze my property. And I will be more than willing to share that info once I complete that step.
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Robert Posta
Rental Property Investor · Roselle, IL · Member since 2020 · 30 posts · 12 votes
6y
Congrats on this purchase. I also would love to hear the numbers on this deal.
I have boated over to Michigan City and New Buffalo several times form Chicago harbors. Best Regards
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John Westbrook
Realtor · Chicago, IL · Member since 2019 · 45 posts · 56 votes
6y
Hi @Nathaniel Gotshall! Very cool to hear you getting started in RE! I grew up in Michigan City (Duneland Beach) and feel that I could be a resource for you if you ever need help with connections/knowledge about certain desired pockets there. Stop 4 is a great value and I feel there is a big market for Airbnb there. I know an old coworker from Chicago that has purchased over 10 SFH in New Buffalo and is killing it with her Airbnbs. I run an Airbnb out of one of the units my 3flat in Chicago that I'm currently house hacking and found it's not as hard as you would think. Just find a reliable and awesome cleaner!
-JW
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Jurgita Gurevicius
Member since 2020 · 5 posts · 0 votes
6y
Welcome to Michigan City!

I am an owner of 5 unit multifamily property in walking distance to the Lake Michigan in MC. I have been renting for summer vacationers via VRBO. We are getting more bookings then ever due to current situation. The housing market is booming by the lake, as you may know. My property is at Stop 2 on Colfax. It is for sale, so I can share the numbers, if someone is interested to get approx $800 rent per day on the weekends in summer.
Jurgita Gurevicius
Real Estate Agent in IL, FL
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Michael Hasegawa
Rental Property Investor · Santa Clarita, CA · Member since 2016 · 11 posts · 1 vote
3y
Quote from @John Westbrook:

Hi @Nathaniel Gotshall! Very cool to hear you getting started in RE! I grew up in Michigan City (Duneland Beach) and feel that I could be a resource for you if you ever need help with connections/knowledge about certain desired pockets there. Stop 4 is a great value and I feel there is a big market for Airbnb there. I know an old coworker from Chicago that has purchased over 10 SFH in New Buffalo and is killing it with her Airbnbs. I run an Airbnb out of one of the units my 3flat in Chicago that I'm currently house hacking and found it's not as hard as you would think. Just find a reliable and awesome cleaner!
-JW

Hey John! Would you have time to connect some time? I've been investing pretty actively in Indianapolis, but am pretty intrigued by the Lake Michigan market.
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
3y
Sugget you try renting out a room or two in your home, while living there, to learn the STR business hands-on.
After 3-6 months you can then move out with the confidence to rent out entire home and be better prepared to handle inevitable challenges.
[email protected]248-209-6824
Logical Property Management4.9469 Reviews
Website View Page
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Kerry Noble JrPro Member
Investor · Indianapolis, IN · Member since 2018 · 2k+ posts · 1k+ votes
3y
welcome!
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