New investor in Grand Rapids

12 Replies

Hello! I'm a GR native and recent GVSU grad looking to house hack my first deal this year. I've been listening to the BP podcasts, reading books, and meeting local agents, lenders, and investors for a few months now, trying to absorb as much as possible while I work on establishing credit. My goal is to close by May, when my current lease is up, on a single family or smaller multifamily. Ideally I'd want to buy relatively close to downtown, since I currently work full-time at an investment company down there, and I really like the John Ball/Swan, Belknap, Creston Heights, Fulton Heights, and Eastown neighborhoods.  Any tips for starting out, leads on properties, or thoughts/ideas on the local market would be greatly appreciated, thanks!

Drake - welcome!  I started investing last February so I'm also a newbie.  I wish I could have house hacked, you'll be in the best position to succeed and it sounds like you're taking all the right steps.  I'd recommend attending the Friday morning RPOA breakfasts at Cheshire Kitchen, the free conference in February, or the Monday nights at Buffalo Wild Wings.  These types of events are filled with other investors sharing their best tips regularly, along with industry experts like lenders, contractors, etc.  I've learned the most from mentors and that group, it's also a great place to stand up weekly and ask whatever you are hung up on that week.  Best of luck and message me if you'd like to join me at one of the Friday morning breakfasts.

Couple small credit tips is have 3. Credit cards or more and use for just gas and bills or at least  make sure you use 10% or less of the credit limit or you will lower your score. Usually anything above 720 gets you a better rate for most banks. 

@Drake Baar Welcome to BP! As a new investor talking to people that are already in the business is the best way to source any potential off-market leads. Meeting with agents like you are already doing is also a good idea. Those area's you picked out are all the best places. I like the Bridge area right now as the new development is drastically changing that neighborhood and prices haven't skyrocketed like Eastown. Good luck and let me know if I can help in any way. 

Originally posted by @Anthony Bellesbach :

Couple small credit tips is have 3. Credit cards or more and use for just gas and bills or at least  make sure you use 10% or less of the credit limit or you will lower your score. Usually anything above 720 gets you a better rate for most banks. 

Thanks for the tips Anthony!

Hi Drake, thank you for the posting. I am looking to investing in Grand Rapids, MI, too. I am an out-of-state investor. I previously invested in Plano, TX and want to move to GR, MI. Look forward to reaching out~ and finding experienced investment realtors who can help me look for/purchase good deals!

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@Drake Baar good on you. I think that is pretty reasonable especially considering that you seem like you're ready to go. Drake, if you haven't already it may not be a bad idea to go to local REIA's you'll be able to 1) meet local investors and perhaps get ideas from them and 2) there always seems to be a property or two floating around in these, so who knows, you may even be able to find your first deal there. But you would definitely be maximizing your time by going to these. I think you know that the market is high right now but, all that means is that you should take your time and really scrutinize 'deals' but, they're out there. I hope this helps.

@Drake Baar This is an awesome idea to house hack around Grand Rapids. I just recently purchased my first investment property in 49504, and it has turned out to be a very efficient location for me. If you need any help feel free to reach out to me personally. I plan to be starting work under a real estate agent named Brad Baker who knows the area extremely well and works with dozens of investors in the area. Brad knows a lot of people and gets his hands on more off market deals than any other agent I know.  If you want to reach out to him for any questions feel free to PM me and I can send you over his contact information.

And of course welcome to Bigger Pockets. 

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