Traverse City, Michigan, is a hotspot for those looking to invest in real estate. Because of its strategic location in the Great Lakes coastal area, Traverse City is a popular all-season vacation destination in the Northern Michigan region. Its natural beauty and quality of life have continued to attract visitors, which is expected to grow over the next few years. Several infrastructure projects, like the construction of bridges and zoning initiatives aimed at giving Traverse City a facelift, are currently in progress to accommodate increased traffic. With property values soaring rapidly in the area, investing in properties is proving to be a lucrative endeavor for investors like Sam Flamont.
Flamont, a top-producing realtor in the Traverse City area, has successfully amassed wealth for his network of high-net-worth clients through property investment for over six years. Through his Team, The Mitten Group brokered by eXp Realty, Flamont has a knack for turning investment properties into profits. From selling homes to partnering with developers and building condos, Flamont has gained immeasurable knowledge and insights into the real estate markets. He uses this to help investors make millions of dollars and save money by understanding cash flow and tax advantages in the real estate sector. And now, with a $13 million condo project in the works with a large group of investors including the builder Cornerstone Homes TC LLC, Flamont is on the verge of yet another success.
With its expected completion date of February 2023, this project is Flamont's best yet. The $13 million project has a rooftop with hot tubs and a dog run, is close to water, and the condos can be used as Airbnb units. With its elegant design and strategic location, Flamont describes it as an ideal purchase for clients looking for an investment property or a second home that will pay for itself. Flamont reports that 28 out of the 50 units have sold out so far. The remaining units are getting a lot of attention, and Flamont believes once people can see more of the project completed, these units will fly.
The 50-condo project is just one in a string of successful multimillion-dollar investments that have made Flamont one of the top-producing realtors in Northern Michigan. Another impressive accomplishment is a strategic partnership that allowed him to purchase a 23-unit hotel for $2,150,000 cash. Flamont plans to rehab the hotel to fit the current market standard and rent it out.
Other notable achievements include purchasing an 8-unit condo building with ground floor commercial space for $3.6 million and a site plan approval for a 127-unit site condo project. Flamont and his partners hope to complete the first homes in this project in Late summer to early Fall of 2023. In another win, Flamont recently closed on a downtown building he purchased for $2.1 million for redevelopment purposes and will be breaking ground within the next 6-8 months.
When he's not working on projects like these, Flamont shares his expertise with people looking to grow wealth and expand their passive income streams through real estate. His specialty is helping potential investors understand the investment opportunity for all sorts of asset classes with short-term rentals being the hot topic right now. Flamont also understands the tax advantages and how they can leverage those along with cash flow to achieve financial freedom. A significant reason to invest in short-term rentals is the potential to earn completely passive returns if you hire a property management company. There are also tax benefits like bonus depreciation that allow you to deduct a percentage of the purchase price of eligible assets. Flamont and his team at Mitten Group are always eager to help potential investors navigate this space and get the best out of their investments.
This article was written in cooperation with Sam Flamont