All Forum Posts by: Drew Brown

I invest in and around the Lansing area currently. I love the area because there is a growing demand. It has allowed me to cut my teeth in investing near where I work and play as well.

@Mike Groseth way to go mike, awesome and very inspiring investment!

Welcome to the BP community @Gretchen Fontichiaro! This is a Great place to learn and network!

Drew

@Mary M. we always rekey for new tenants. We use a land lord lock system. It allows us to keep the handles and deadbolts on the door. The only thing that get changed out is the cylinder. After the equipment is installed it literally takes 30 seconds to rekey a property, plus making or getting a new set of keys copied for the next tenants. Message me if you have any questions about the specific product.

Thanks,

Drew

@Ricardo R. the amenities change depending on the class of tenant you are selling to. The tenants like the higher end look and possibly the feel. We have accomplished this in a couple of different ways. Putting in vinyl flooring that looks like wood, adding chalk board feature walls where they make sense, paint walls a color. The biggest thing at the end of the days is having a crisp clean property to present to prospective tenants. You could have slight out of date items and colors, but if everything is crisp, clean and working this will truly make a difference. 

*The best amenities that a single family rental can have is in unit hookup for washer and dryers!

Let me know if you ever have any questions. I invest in the greater Lansing area, which looks to possibly be the same area your interested in, would love to help in anyway I can.

Thank you,

Drew

Get away from white, been assisting with leasing and property turns for almost 3 years, and the first thing tenants notice about our properties is the paint colors. They tell us that they make the property look like home and not like a lab experiment. The colors are always neutrals nothing over the top or out there. We typically update our colors every couple of years to stay with the market, but put colors in the walls that the current houses on the market have in them.

@Gary Smith well to BP! It seems that you already have a lot under your belt already, but BP is a great place to sharpen your craft and network with others. Would say let us know if we could ever answer a question or help you out, but it is I that should be asking you. Best of luck to you in all your future endeavors!

Drew

@Matt Kelty glad to see you here. You made a comment about have cash. If you have a considerable down payment amount  you should consider leverage. Would you like to invest in something comfortable or a bit more risky? That will answer how you should precede. If you are looking to be risky. Look at  you cash and of that what how much could you take put into an investment and be okay with if it all disappeared that amount is your investment egg. 

Take that investment egg number and divide it by 20% or .2. The 20% is the conventional # typically used on commercial or investment properties. That will give you the $ amount of property worth you are willing to afford going the traditional route. Let us know which route you go. We always like learning and hearing about other people’s deals. Also if you ever have any questions let us know we are always happy to help.

Thank you,

Drew

@Bridget Scileppi my first deal was 2 mobile homes on private land bought with the parks. These deals have the advantages of low cost barrier to entry but have a moat around them because for most mobile homes not in parks financing is a bit trickier to come by. Scrubbed around and found some private financing for the remainder that I wasn’t covering. All in price was $45k and the monthly income is $1250, even with expenses, capex, debit  cost, taxes, Andy insurance I net $600 a month for both trailers. From there I bought a 4 unit and now looking to scale a bit larger from there. 

Hope to purchase either more mobile homes, mobile home park, ACF, or multi family. Living in rural Michigan you have to be willing to be flexible and willing to put the work into learn how to crunch the #’s, then actually crunch the numbers and lastly to actually learn how to manage the different type of properties.

If you ever have any other questions please let me know I would be happy to meet up and talk about real estate.

Thank you,

Drew

@Charles Kao what or who would be a good resource for finding deals from say Kalamazoo to traverse city over to midland down to around the Jackson area? This is the area we would like to start pushing into more for our clients. Thank you,

Drew