All Forum Posts by: James Scott

Hello Everyone,

I have my personal house up for rent right now. I know I started at the high end $1900, to see what offers it would attract. I realized quickly that was a bad move and dropped the price to $1645. I used rentometer to gauge my price range, as there are not a ton of homes that are this sqft and as nice of quality to compare to right now. When I look deeper most of the 3 beds around $1600’s have 2 baths and mine only has one.

I read some people practice to go 5% below market when pricing which I was at, but rentometer dropped a bit lower. Is there a way good way to keep lowering asking rent without looking desperate and salvage this, while getting a good tenant in? I know it was a big drop already in the beginning. Any thoughts are appreciated.

Link to listing if anyone would like to look it over.

https://grandrapids.craigslist.org/roo/6970825146.html

Thank you,

James

@Charles Kao I understand, now. And yes, I also found he is the most reasonable during my search. Thanks again for the recommendation!

@Charles Kao

Are you saying I can find an operating agreement on Lara? And thank you for the suggestion of a lawyer, I’ll look into them!

-James

@Brock Carroll

Thank you for the suggestion! I’ll look into him.

- James

@Jeffrey Holst

I don’t have knowledge about the group @Tim Johnson is referring too, but I have been planning to start a meet up in Grand Rapids, my self. Happens to be that multi family is my niche as well, I have one duplex and I’m working on getting a 3 or 4 unit now. I’d be happy to set up a meet up for the next time you’re in town Jeffrey, if you’re interested. I would love to hear about your experiences.

@Tim Johnson

I’ve tried searching variations of Grand Rapids, Mi and Lawyer, which doesn’t narrow it down much, but I’ll keep looking through the profiles. Google did provide some good leads though.

Thank you for the advice,

James Scott

@Jeffrey Holst

I was debating which way would be quicker for the lawyer, so that is helpful. No worries on not having anyone specific. I appreciate the advice!

Thank you,

James Scott

Hello Everyone,

I am currently setting up an MLLC in Grand Rapids, Michigan. I was curious if anyone had suggestions for a good real estate focused lawyer that they have worked with in the area? I have a rough draft of an operating agreement that I drew up with my partner and I would like to have it reviewed. I appreciate the help! 

Thank you in advance, 

James Scott

@Kevin Andringa 

I am investing in Grand Rapids, MI as well. I am also about in the same stage of my real estate journey as you are. If you would like to DM me, I have a deal that I am currently working on getting the remaining funds for. I would be happy to review it with you, via email if you are interested in it. Either way I love to connect with fellow investors from the area, and I look forward to hearing from you.

Best Regards,

James 

@Eamonn McElroy Yes, I will be sure to consult my attorney before starting anything solid. Thank you again for a better understanding of GP and LP's, it is very helpful. I have a better idea of what questions to ask my attorney now.