All Forum Posts by: Ashley LaVigne

Thank you! It is already licensed and we just need the transfer. I found a new PM who was very knowledgeable on it and had no problem w getting me rolling. I think my initial PM may have not had enough knowledge on the topic (new company). Thank you for the insight!

Thank you! Yes, we actually spoke w another PM this morning and it was no problem for them to assist with this. Thanks for the insight, appreciate getting some feedback.

We have our first two investment properties under contract in Lansing, MI. Both properties have inherited tenants and we have identified a PM that we are going to use. One of the requirements of the PM is that the rental licenses have to be in place before they will engage their services. Is this common practice? We are investing from a distance and will be pursuing the rental licenses immediately, but is it general practice to not have a PM engage before the license is transferred to our names? We would rather not have to self manage for the time it takes for the license transfer given our distance from the properties, as that could take two to four months. Any insight would be appreciated. Thanks!  

@ Derek Larson I actually bought the house around three years ago from a tax auction and did a remodel on it. My initial goal was to flip it, but I ran into some extra expenses and it cost me far more to do the flip than expected, which is why I have such little equity (it was my first attempt, many lessons learned!) It's in Clare and about a mile away from town. Not a bad location at all. If I was to sell it the extra funds would go to another multifamily in Grand Rapids. This is a single family- 3 bed, 1 bath. Since everything in it is essentially new, it makes sense that it would work as a rental, there should be very little capital expenses coming my way. My main concerns come in the fact that there are very few property management companies up here and market appreciation seems very low in comparison to the more populated areas. 

My partner and I just bought our first multifamily in Grand Rapids, MI. We plan to buy more in the future and build our real estate business there. That said, I have a house that I bought and remodeled a few years back in central Michigan. There's not a lot of equity. Maybe $20,000 but it's only an $85,000 house in a rural market, about 2 hrs away from the new place and our future growth goals. How do I decide to rent it out vs sell it for another down payment? What are the most important items to compare? How would you weigh out the decision? Thanks!