All Forum Posts by: Landon Bleau

I'll take a look into these locations this week!  Thanks for the suggestion.  I've been looking for an area that I can vacation to and rent out when I'm not there, but it seems most of these Michigan cities have already cracked down, or will be shortly, on short term rentals.   

In a very similar position myself! I have heard many landlords have the tenant sign an estoppel so I planned on doing that but I'm curious as to what others would suggest?  

Ann,

Next step will be reaching out to the current owner either through a letter/postcard, a phone call, or if they're close you could even drive over and knock at their door.  Assuming you have their mailing address, a hand written letter asking them if they have any interest in selling the property would be a great option.  There are also many sites you can use to find their phone number and give them a call.  

Just make sure you're knowledgeable on their property and know your numbers before calling them up, you want to sound confident and like you know what you're doing, even if you are a newbie.  Best of luck!

Tyler, 

I'm 23 currently working 9-5 corporate job as well as was stuck in analysis paralysis for quite some time too so completely understand your situation! First step is do you know how to run the numbers on an investment property?  If not, that's the first place to start, you need to be able to look at a property and be able to understand if it'll be a good investment or not.  Assuming you have that down, the next thing you have to do is just start taking action and make offers.  Assuming you have some capital saved up, I would look to house hack a 2-4 unit so you're able to keep your housing expense very low.  This will allow you to continue a high savings rate from your W2.  

Best of luck to you and just keep in mind that you shouldn't wait around for the perfect deal, it'll leave you in analysis paralysis for years and you may never get started at all, find a base hit and take some action!

Depending on how much rehab is required, you'll need to get it under contract for a lot less than ARV-30%. Your cash buyers will want to be all in (purchase price + rehab) for 70% of ARV, so if you're only able to get the property for 70% of ARV, it'll be very difficult to find a buyer who is alright with those numbers.

Hello! I'm looking to connect to those who currently AirBNB properties in popular Northern Michigan cities: Traverse City, Boyne City, Petoskey, Harbor Springs, Mackinaw City, etc.  I took a big 4 day road trip through some cities to look around these past few days and am very interested in purchasing a property to AirBNB.  Just wondering how your experience has been (Worth the investment? Easy to find cleaning crew/handyman?) and potentially what other cities to consider?  

When looking into it briefly, it looks like Mackinaw City, Traverse City, & Petoskey are the most restrictive on AirBNBs whereas Boyne City and Harbor Springs allow them with a permit, any information on how difficult it is to get one of these permits for an out of state investor?

Would greatly appreciate any Realtor recommendations that you've worked with in purchasing an AirBNB who would know more about local ordinances/best areas to buy as well.

Thanks for the help!

Jarrett, make sure to check out Matt Faircloth's book, Raising Private Capital.  Great read and goes into detail on how to find people, what to show them, how to split the deal, etc.  

Have you checked with other lenders to see if they can do 5% down on a multifamily? I would check there first.  If not, would the seller be willing to carry part of the loan amount? It is difficult to find a lender who is willing to work with you in that situation, but it is possible.  

Look for someone in your area who is investing in the same type of properties that you're looking for, ie. multifamily, rent by the room, single family, etc.  Reach out to them and ask to take them out to lunch - learn a little about what they're investing in and look for ways to provide value to them to stay close.  

Hi Merritt,

I have found some success with direct mail, the biggest thing you have to keep in mind is the cost of it.  It really depends on your budget and what you're willing to spend.  Personally, I would use a realtor for your first investment property.  They can walk you through the process and point out things that you otherwise could miss, which could end up costing you thousands on the back end.