All Forum Posts by: Account Closed

You should seek advice on this from folks from within your state--the laws in this area are different in all states.

You might want to connect with the folks with the Oakland REIA.

Welcome to BP Luke! Feel free to reach out with any questions or needed advice. 

Economists point to a slow down heading into 2019 for the Grand Rapids area—nothing too dramatic though. Grand Rapids has a lot of new employers in the area just beginning to hire.

As for real estate, at this point, the $250K or less single family owner-occupied market is still extremely hot with multiple offers, bidding wars, and same day list offers. Real estate professionals working for buyers in this segment are often frustrated after working on a deal only to get outbid by better offers (overnight)—usually above list price. If investors can snag good wholesale deals, there is a lot of money to be made—they’re just harder to find.

Others above have noted the influx of new higher priced rentals into the GR market. This is true, and there are still many such developments under construction. Many more units will be coming on the market in the near future. As usual, supply and demand will work its magic. As a result, the upward push of $1,200+ per month rents is likely to slow as these units are occupied.

My conversations with other investors in the area also supports the comments made above that the low/moderate income market is still very good with low vacancy rates. There is huge pent-up demand in the area for families with lower incomes and shaky rental histories. There simply hasn’t been a reason for investors and property managers to rent to these families with so many better than average qualified applicants available. Universities continue to expand their presence in GR too. This will likely grow the need for student housing. So, there will be a future rental market in GR; it just might not look like it has for the past few years.

The good news: the history of real estate in GR shows that the area is about two years behind what happens elsewhere in the U.S. So, if the general real estate market fumbles in the U.S. in the near future, it will likely be two years beyond that before the GR market really starts to feel it.

(As a side note: Our local land bank has dug into the number of foreclosed properties that have yet been made available to the public. Of course, I don’t blame the banks for holding on to these—why dump 100’s of properties on the market all at once and drive the price down. It’s better for them in the long run to release these slowly and keep prices stable or moving upwards.)

Hi @Mike Dugan, Paul is spot on--I would add Duane Culver with Culver CPA Group as an accountant to trust.

Welcome to BP Tim! Feel free to reach out, I have a lot of resources and networking opportunities you might be interested in. 

Welcome Will. Feel free to reach out with any questions or needed advice. I have great resources for new investors like our RPOA Podcast. 

Welcome to BP Devon! Feel free to reach out with any questions and need of networking opportunities. 

The Foundations of Buying, Leasing & Selling Rental Property

This course covers a complete overview of the entire rental business–from buying a property through management and selling. If you’re a beginner, this course is a MUST! As the saying goes, you don’t know what you don’t know. Not knowing can leave you in the crosshairs of a government agency or, worse yet, an ambulance chasing attorney. Even if you’re not new to the rental business, there are lots of things to learn, including updates on local and state laws. It never hurts to take a refresher course as good insurance against future mishaps. Some of the points covered in the course include:

• Proper due diligence before buying or turning your existing home into a rental property.
• Federal, State, and local regulations regarding rental property ownership and management.
• Methods for effective management, including tenant screening, dealing with problem tenants, evictions, and more.
• Setting rental rates and effectively advertising rental property.
• Proper forms to use for leasing.
• What to do before selling a rental property.

For more information or to register CLICK HERE

Welcome Blake, 

Feel free to reach out with any questions.