I am working on putting together a bulk package of rental homes in the Grand Rapids, Michigan area and thought I would turn to the community. In the past, I have worked mostly with 1-4 unit residential homes, and have not worked with the purchase or sale of this type before.
It would be a grouping of about 20-30 homes, ranging in the $1M - $2M range, most (or all) of which are currently rented at (or slightly above) market rate. If folks have experience in this type of transaction, I'd love to hear your advice, either about the pitfalls or the positives of putting these together. If you have worked in the Grand Rapids area, have purchased properties in this way, or have looked at similar packages, I'd love to hear from you.
Thanks, and feel free to send me private messages if that is better for you. Have a great day!
Hi Brandon, what came of the deal? Did you make it happen? What about splitting the deal into 3 or 4 packages and coordinating them to close so that you a) sell the package for the seller and b) open up more options to investors who are willing to spend $400-500k each.