All Forum Posts by: Dan O'Neill

@Account Closed After looking quick online, I think I see what you're talking about.  Is it Tanglewood Village?  I could be wrong, but I think you would only be buying the home, not the land that it sits on.  In this case, there very well could be restrictions on whether the homes can be used as rentals.  Only way to find out is ask.  Also remember, if you have to rent the lot that the home sits on that might wipe out the cashflow right there.  Depending on the particulars of the homes and their construction it could also be a situation where the home will depreciate like a vehicle rather than appreciate like a typical house.  

@Account Closed Like so many things in life, it depends. Generally, there is no reason why you couldn't except that you'll have to investigate the particulars. Are they being built independently or as part of a larger development? Something that comes to mind in the latter case, there could be rental restrictions as part of an HOA. You'll have to contact the selling agent/owner to find out.

@Gretchen Fontichiaro  Welcome to BP.  How long have you been in TC?

Northern Michigan Rental Property Owners Association (NMRPOA), a non-profit organization assisting landlords and real estate investors, will be having their dinner meeting Monday, February 4, at Traverse City Elk’s Club. Please arrive by 5:30 to order dinner. Guest speaker for the meeting will be Karol Grove, owner of Alpine Land Surveying, Inc. who will be addressing the issue of flood insurance mandated by mortgage holders. All members and interested parties are welcome. To RSVP or for more information, please email Kathy at [email protected].

Hi,

I'm setting up speakers for our area REIA in Traverse City for next year and I wanted to see if I could find an experienced note investor who might be willing to come speak on the topic at one of our monthly meetings. I guess the most obvious place to look might be the Grand Rapids area as it's not too far from us. Are there any note investors here who fit the bill or does anyone know someone they might be able to connect me with?

Northern Michigan Rental Property Owners Association (NMRPOA), a non-profit organization assisting landlords and real estate investors, will be having their lunch meeting Monday, November 5, at Harrington’s by the Bay. Please arrive by 11:30 to order lunch. Guest speaker for the meeting will be Brian Belchar, Assistant Chief and Fire Marshall.All members and interested parties are welcome. To RSVP or for more information, please email Kathy at [email protected].

Check with the RPOA out of Grand Rapids.  They could point you to some reputable area companies.  

@Johno Bottomley, Welcome!  I am also in the TC area.  John Warren said it well.  I would add that it's not a problem for banks with agents specifically, but any profession where you have 1099 income as opposed to W2.  As such, you may have to establish a longer income track record than would otherwise be required with W2 income.

Northern Michigan Rental Property Owners Association (NMRPOA), a non-profit organization assisting landlords and real estate investors, will be having their lunch meeting Monday, September 10, at Harrington’s By the Bay. Please arrive by 11:30 a.m.to order lunch. Guest speaker for the meeting will be Mike Rybicki, CPA. All members and interested parties are welcome. For more information email Kathy at [email protected].