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Updated over 1 year ago,
Property Manager for first time renter??
Hi! I'm 21 years old and I bought a house a year ago that I'm currently living in. Im looking to rent it out and move back in with my mom for a bit. I bought my house for $117,000 and it not in the best area (Eastpointe, MI). Its a 3 bedroom and 1 bath, its got some issues like an old AC unit, little bit of water in the basement after rains, old fridge, dishwater, bathtub, tiles and a yard that needs lots of work. My mortgage is about $900 a month and houses in this area rent for about $1000 - $1300. Im a bit nervous of being a renter for the first time because I'm not exactly sure how to do it like; the legal things I need to do, if the house is in a good enough shape, if have enough money to start, and if I should get a property manager or not. I feel like a need to a property management company because Im not sure how to do this haha.
I could use some input on if I should get a property manager or not, what legal things I have to do to become a landlord in Michigan, and any other advise would be greatly appreciated!!