All Forum Posts by: Alethea Sealy

Oh my, thank you so much Greg I really appreciate this.

I am in the process of  studying Michigan and Detroit law. Presently, when a renter does not pay rent on time a charge for a 7 day notice ($10). Then we also charge them $400 ( that is a charge to file the paperwork, the lawyer and any other legal fees incurred) for the eviction process. I am just checking if this is in line and allowed by Michigan law. Any thoughts on this.

Hi, I have an argment with an investor friend and need some clarity also to be a just landlord. So, when I started I copied the template of a lease from a property manager. It stated $50 charged if rent received on the 6th and $75 charged if rent is received on the 11th. Most of my rents are between $600 - $700. I have looked this up. The law has no limit on late fees but must be reasonable. My friend says the late fee structure is unethical. But really I cannot find anything that can dispute this. Is this unreasonable, does anyone have any thoughts or advice on this.

Hi Everyone, I have been with my husband paying for several multi family properties in cash. We don't have wiggle room for an emergency. And one just came up -- a major repair. A friend told me to take out a home equity mortgage on one of our properties. But doing my research I see most info directed toward private owners. Our properties are all in the name of our LLC. What can we do?

Hi, I have a discussion. So, I have a new partnership LLC. We started it with a loan for lets say. We bought a property to flip. We bought it for $25,000 and put in $8000 to renovate and sold it for it for $90,000. We put back the loan money ($35,000) and split the profits 3 ways. (Split) $18,3000 to partner 1, $18,000 to partner 2 and $18,000 toward the new LLC bank account. My question is , is the payout done immediately or at the end of the tax quarter? What do you do?

Hi. May I have your help? I have an investor. There are properties. I have been assigned to watch over the portfolio. I have hired property managers who have placed tenants. But I have high renter turnover. My investor is completely through the roof with anger and confusion on why the cash-flow is not coming like Niagara Falls. Note* We deal in the multifamily property market in Detroit, our average rent is $600. 

Sidenote: Where does one get training for this? I am a former 2nd grade English teacher, not comfortable with spreadsheets, cost analysis, getting property managers to save money on repairs etc. I do not know what to do with his demands and my job performance at 3 years in is horrible.

Good question: For me, I have 10 multifamily homes that I rent out in Detroit. Though I want to move forward, I can't keep buying properties for cash. I would prefer to get into small apartment buildings but I do not fit the bank's criteria because of a bad credit record but I have these properties that are income producing.

Hi. I am new to the idea of fix and flips. My market is Detroit (yes I know it is tough). I would like to do some fix and flips having dealt with buy/hold properties for the last two years. My question is how much do I have to put in and how much can I earn. I cannot do the model where I work with the other investor onsite. I would only be putting in my money for the deal. 

Can anyone share their experience or suggestions?

Hi, 

So I am an out of town investor and like many I use property managers. This last property manager was a terrible fit. I cannot seem to find a good property manager in Detroit. This property manager could not produce a 7 Day Notice after 3 weeks of repeated requests, a worker putting in a smoke alarm saw a sewage backup and didn't even tell me or his boss, checking info for a owner payout was not entered properly and resulted in a week delay, a renter was told of a payment plan for hardship but receved a contact info update in the mail... and lastly I had to email questions each day which never got answers. Now  I want an immediate break butcause I have had enough. But the management company has sent me a 30 day notice document. After the list of offenses I feel I do not have to do the 30 day notice. What do you think?

PS 

I need a mentor

Hi I am looking to network with other French or other European investors who invest from outside Detroit or who live in Detroit. My fiance and I have been investing there with many ups and downs. It is still exciting though. But I wanted to get another perspective, trade ideas, find out what your experience has been and connect. We also would like to connect with other European investors who live in the city as we are preparing our move there.