Updated about 6 years ago on . Most recent reply
Kalamazoo Newbie
Recently I started looking at buy and hold in Kalamazoo. I live in GR and have quite a few doors here, but my business works in both cities and with GR's recent boom there aren't many deals left that I am currently interested in. I'm looking for introductions to Realtors, contractors and property managers in that market as well as advice on areas to be looking. My first thought was near the Universities. Also, does anyone have thoughts on the local cap rate? Thank you for your input!
Most Popular Reply
Aaron, I am an investor here in Grand Rapids and would love to connect. I agree the deals are hard to come buy right now, but don't give up. We will see some more housing inventory come in August. Dont get caught up in the frenzy and settle for a deal outside of your goals. What are your goals when you are looking to purchase? Buying near the colleges is great. We are seeing average rents on high quality units of around 400.00 per bedroom. To accomplish this mean you have a functional well laid out property. Below are some pictures of a recent remodel I did. This property was previously rented for 650.00 prior to this remodel. After purchasing and remodeling both the upper and lower unit we were able to bring rents up to 1050.00. When the deals run out, look at your personal portfolio and ask your self the question: What can I do to increase the value of my properties ultimately increasing the annual NOI? Fun Stuff!!