Grand Rapids Home Invest Guide | Polaris Real Estate

Modern white kitchen with a marble island, gray stools, and glass doors opening to a leafy patio.

Step 1: Determine the why when deciding to purchase an investment property

Are you looking for cash flow? Is this for long term appreciation? Do you want to diversify your investments? Are you looking to house hack? Or do you want to flip? Determining your why will help you on the path to the right property and we are happy to talk it through.

Two-story brick house with dark shutters, an upper balcony, and a landscaped front lawn.

Step 2: Determine how much you are able to invest

If you have the cash how much are you willing to spend. If you are getting a loan, talk to a loan officer to see what you qualify for. Do you have cash in hand for renovations? Do you need to take out a loan for those renovations?

Bright living room with black woven chairs, tall windows, and a large pale rug.

Step 3: Find the best agent to guide you

You want to work with a real estate agent that knows about investing and ideally one that invests themselves and knows the ins and outs first hand. But you also want to make sure the agent has a solid track record working with investors to help them reach their goals. It's a fine line to find the best combo agent that invests but is also a top producing agent.

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Step 4: Determine the type of property and location and start searching

Working with your agent to determine the type of property and location you want to invest in is a big deal. Cheap properties are not always the best investments.

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Two-story gray house with a columned porch, mature trees, and colorful front gardens.

Step 5: Once you have found the right property, break down the numbers.

Your agent should be able to help you do a rough breakdown fairly quickly to determine if it is worth going further or not. Deals are not easy to come by, but having a solid system in place to figure out if they meet your needs can save lots of time. Lean on your agent.

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Step 6: Writing an offer

Your agent will guide you through the steps to the best offer to ensure you hit your mark on the deal. Investing is a numbers game, so the numbers need to make sense.

Industrial living room with exposed brick, a dark fireplace, leather seating, and tall grid windows.

Step 7: Inspections and appraisal

Once we have an offer accepted then get the inspections completed, and if needed renegotiate. Once that part is satisfactory then the mortgage lender will order the appraisal. This is again another possible point to negotiate.

Modern kitchen with a dark wood island, sculptural pendant lights, and exposed brick beside tall windows.

Step 8: Get going on the plans of your property

You passed the hard part, now we wait for closing and now is the time to get everything finalized with what you will do with the property, organize contractors, talk to property management companies, etc

Industrial kitchen with a large island, open wood shelving, concrete walls, and dark cabinets.

Step 9: Close

Get the paperwork signed and you are now on your way to starting or adding to your real estate investment portfolio.

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A step by step guide to investing in real estate