All Forum Posts by: Brian Arcangeli

Same here buddy. My tenant is getting assistance from the state, that's how we fixed it. Communication and establishing expectations is key here. Ask her if she's getting unemployment benefits, when she expects a new job, and if she reached out to any assistance programs. Her answers will probably be yes, I don't know, and no. That's ok, just ask. Reach out to agencies in your area (housing commission, Saint Vincent DePaul, etc.) explain the situation and ask them who provides eviction prevention assistance to renters. Call your county's bar association and get refered a lawyer. They usually give you a free consulatation if contacting through the bar. Talk to the lawyer, figure out the time line and steps. Then, go to your state's courtwebsite and download the needed forms. Usually you'll need a notice to pay rent or vacate. Service the notice, explain what happens if they elect to pay, explain what happens if they choose not to pay ( wording is key, make them understand that although their finances are tight they're decided to not pay). Then, explain that this notice could actually help them: many services require this notice and since it's only one month, the services are more willingto help. send them the contacts you collected when calling your county's aervices. Personally ilI suggest that you serve the notice to pay or vacate yourself, but call in legal support for the eviction. Also now isa good time to review your lease and follow it (unlike she has).Best of luck! 

Thanks Jimmy and Remington, I just DM’d you both.

I’m hoping this group to be at least an underwriting/due diligence group, and hopefully a group that finds, manages, and funds deals together when it makes sense. 

I’d also be open to joining any pre-existing groups who I can add value to.

Hi Armando,

Welcome! You're in a great market, you'll do wonderfully - especially if you make use of the forum!

I'm interested in networking with investors who want to purchase multifamily assets in the Michigan or Ohio markets. I'm trying to assemble a group of like-minded people to take down deals and improve each other individually. Here are some of my individual goals:

- Purchase class B multifamily assets with 25-50 units, and value add opportunity, in key cities in Ohio and Michigan

- Create joint ventures to take down initial properties

- Start a syndication to purchase additional properties

- Create a brand with a thorough online presence

Please connect with me if these goals interest you and align with your goals. Thanks!

Is anyone going to the Rod Khleif virtual bootcamp this July 13th and 14th? If so, we can connect, compare note, talk about strategies, look over each other's deals, etc.

@Barb F. Sorry for the delay Barb.

My process is as follows

1.) Receive the lead. Either from email, phone call, or something like apartments.com

2.) Respond with minimum requirements and if the minimum requirements sound good to them send them to prequalification. During this process ask them WHY they want the property (I've gotten answers such as "I just lost my job" "Im running away from an abusive Ex, etc.)

3.) Prequalification can be completed with Rent Redi or Google form. Most people wont get to this step, and if they lie you can catch it during screen (which the tenant pays for)

4.) Tour the property, show them the property, explain to them that the minimum requires are verfied with a background check and income verification that they pay for. If everything is good, the property is being held for them

5.) Security deposit and lease signing. Explain that the security deposit AND first month's rent is due before moving in, at move in we sign the lease

6.) Finish.

Good luck!

Hi,

I rented out a room to two friends over the past 1.5 years and it all went well so I never had to really exercise evictions/late fees/ any other nasty things. However, I talked to my realtor who got started in real estate via room rentals and he shared that as a 'border income' situation you actually have more rights than a traditional landlord. You wont face discrimination lawsuits, and you can evict easier. However, finding good liability insurance will be difficult, call your current insurance company of find an experience insurance broker to learn more.

Also, you should contact your assessor office and tell them that you're renting out x% of your property (at least in Michigan you have to). At the very least call them and ask. Lastly, your lease will look more or less the same as normal but you need to name the address and unit number (ie 123 Main st, bedroom 1) and you need to define a common area. I did this in the lease that I had (1) of my friends sign.

Yes, Zillow is surprising unprofessional. Listen to Jonathan and have the potential tenants reach out directly to you, not through zillow.

I recommend having all the following documents ready and attached when opening the support ticket

1.) Copy of Dwelling Insurance Statement

2.) Mortgage statement

3.) Closing docs

4.) Your first born (kidding, I just dont know what else Zillow wants, jeez)

Thanks for commenting Logan. I am advertising on Zillow, apartments, realtor, and Craigslist.

I actually have my first tenant that passed pre-screening and am touring them the property Friday... fingers crossed!

Thanks Michael, I'll try to hold my worry until a month in. I think I just did not do my rental comps
correctly. I was hoping to get 1900-2000 for my 3 bed, which is more or less the going rate, if I were just a few miles closer to downtown and/or had a kitchen with back splash/new floors.

It's ok, I have enough wiggle room to offer 1800 and get this rented soon(ish). I also have a tile guy who could get a cosmetic kitchen/bathroom rehab done in 2 weeks. The joys of being a landlord!