House Hacking in Ann Arbor MI

House Hacking in Ann Arbor MI

Investor · Plymouth, MI · Member since 2020 · 8 posts · 3 votes

Hi All! Looking for an investor savvy realtor in the SE Michigan area. I'd love this realtor to invest as well. 

I know a fair amount about real estate investing and own a couple properties, but want someone who invests in this area. My wife and I will likely be moving to the area late 2021 and are looking to house hack. Open to doing this several ways, below is what I have thought of, but would love to talk to someone more experienced in this. If that is you, let's chat :) 

-Purchasing a multi-family, living in one side and renting out the other. (This has been hard to find any good deals that will cashflow, or aren't something students live in)

-Purchasing 2 townhomes next to eachother. This seems the most likely, but with HOA are hard to cashflow.

-Purchasing SFH and doing a duplex conversion, either side by side or basement conversion. This would be a more involved and heavier lift for sure.

If you are a realtor who is also an investor in the A2 area, or know someone who I should reach out to - I'd love to connect and chat more :) GO Blue

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  • Professional · Canton, MI · Member since 2016 · 296 posts · 230 votes
    5y

    @John Cannon Hey John, I am an Ann Arbor investor and a realtor. Ann Arbor is quite difficult if you’re looking at on market deals. However, if you’re open to broadening your search to nearby areas you’ll have better luck. Happy to chat if you want.

  • Eric WilkinsonPro Member
    Chelsea, MI · Member since 2019 · 50 posts · 52 votes
    5y

    @John Cannon. As @Joshua B. Mentioned, the market is really hot right now. I live in the western side of the county near Chelsea, but invest in Ypsilanti so I familiar with both areas. There are frequently duplexes that come on the market in Ypsilanti which are older homes that have been split into 2-3 units. Chelsea is about 20 minutes west of A2, but will have a handful of homes come on the market each year that has an extra unit.

    Thinking long term, a lot of the communities are considering zoning changes to allow ADUs in areas that have been previously zoned single family. This might be something to watch.

    If you have any interest in those areas, I would be glad to help out. Feel free to reach out to me. It would be helpful to know how much of a “project” you and wife would be willing to take on.

  • Rental Property Investor · Ann Arbor, MI · Member since 2020 · 4 posts · 1 vote
    5y

    @John Cannon Hey John, my wife and I are also moving to A2 this summer.  I grew up there and we are finally moving back home after many years away with the military.  Even though we haven't arrived yet, my wife is a broker in Michigan as well as three other states.  We invest ourselves in rental properties and always buy fixer uppers for primary residence.  Anyways, she's an investor savvy realtor with lots of experience all over the country; when we get back to A2 she's opening up a new brokerage and will be looking for new clients.  Would be happy to link you guys up if you're interested.

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    5y

    @John Cannon most cities will make it an arduous battle with their zoning committees, to convert an SFR to a multi unit home.

    The competition for "turnkey rentals" is the hottest. Try to look for value add opportunities:)

  • Investor · Plymouth, MI · Member since 2020 · 8 posts · 3 votes
    5y

    Hi All! Thank you so much for the useful info! I will reach out directly to follow up more!

    Additionally, I'll stay close to see if anyone heard more about SFH to Duplex zoning, and ADUs!

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