West Michigan

[Central States]

Are their any investors that are active rehabbers in the West Michigan area? Trying to get a feel for the market around here.

[gordo2417]

How long you been in the Midwest?  I have talked to you on this same website about your private money loans for rehabbers so I'm curious to see how business is doing up in Michigan,

Nate-WI

[Central States]

I have had outstanding response in every other part of Michigan except West Michigan. Im not really interested in the Detroit area, eventhough it seems everyone else is. Most of the investors I talk to in the Grand Rapids area are trying to tap into the rental market. Leaving me to ask the question is Grand Rapids a bad market for Rehabs? Maybe I havent talked to the right people yet.

To answer your question I have only been in Michigan since April. My company has been in the Mid-West for 22 years and have been offering the Rehab product for the last 9 years.

[gordo2417]

Same goes for rentals here in Appleton.  I've picked up four over the past three months.  Its a buyers market not just for homes but rentals as well.  I'm looking for a deal that I could use Jim K down at Central States here in Appleton but him and yourself have tough competition with the small banks.  I'm finding out they have great terms and pretty flexible.  Again I understand that the rehab programs that you offer are a different animal but I'm still looking to find a deal that I could utilize that type of service.

Nate-WI

[Central States]

Nate,

Thats the name of the game. I cant blame you from looking for the most aggressive program available. I wouldn't mind talking with you about local bank in your area sometime.

[gordo2417]

Give me a call anytime.

Nate-WI

[bobc23]

I have been looking into the Holland area for rehabs for the past couple months now.  I am trying to do my first one so I am being kind of picky.  It seems the good deals only come around once in a while but I don't think there are many rehabbers in this area.  I'm just going to keep searching for a good one to get my feet wet with.

[Central States]

bobc23- The Holland area is one of the few area in West Michigan that the home values are still heading north.  But like you said its still hard to come arcross a good deal.  Give me a call sometime i would like to speak with you about this area. Tony

[thndrlight]

I'm in the Flint market and have a rehab that has been for sale on the market for a while now.  Its just a horrible market right now.  I have the other houses beat in updates, price, and size. All of those houses are 450sq. ft. smaller, and most aren't updated at all. Mine is sitting at 65k, theirs are 68-74k. The problem is none of them are selling, my profit is almost gone now because I have held it for so long. Not to mention my wife is killing me. Yet I still have a sadistic need to do this again if my wife doesn't kill me and we get this one sold.

[gordo2417]

I had the same problem you did.  Then I ran this ad and had 10 calls in two days.  I had exactly ZERO calls the three months prior.  I have it sold on a lease/option and onto the next one I go.

Here is my ad.

Owner Desperate, Must Sell
Rent to Own*Possible Owner
Financing with $0 Down
Everyone Qualifies!

[Central States]

Nate,

I have talked with several other investors that have had the same success with similar Ads. Its all about how you market your property. It was a pleasure speaking with you the other day. Hope to talk to you again soon.

[gordo2417]

Thanks Tony.  Same to you and look forward to seeing you on the boards.

Nate-WI