All Forum Posts by: Charles P.

(I’m also in the UP) I know when I started, (and I’m still very new), I just went and sat down with several realtors, just chatted with them and just through conversation found one I liked a lot. Found out which ones invested themselves, and through questions about the local market and about rentals found out which ones truly knew what they were talking about and additionally were very open about discussing it with me. You can tell who is actually passionate about their job and passionate about the market usually pretty quickly. Just come up with a list of questions (especially ones you might even already know the answer to) and sit down with a few. 

I don’t know if it’s already been said and you may already know this, but remember the term “team” is a very loose term. This is not a literal team, and you don’t want to be blunt by like asking people to join your team. Your “team” is just basically a list of people that are experts in their field that you can call and/or meet-with when you need them. Start collecting contact cards and fill that phone with everything from plumbers and painters to bankers and lawyers. 

sorry this is so long and drawn out. I’m eating breakfast and adding thoughts as they pop in my head. 

I ask everyone I meet who they recommend, like I asked my realtor for bankers and contractors etc, and in turn ask the bankers for realtors they like. Over time you’ll see a lot of people say the same names and you end up with a self-confirming list of recommendations. 

Hello again from the UP of Michigan! I’ve been making posts about this first duplex we are closing on. Finalizing paperwork and getting keys on Friday! 
AND I did the thing we all read about, as far as getting multiple quotes for insurance and everything, went to move forward with the best one, State Farm, and we find out that we can’t get a policy due to having made a personal articles claim less than three years ago (was probably almost 3 years ago.)

Now this was my business partners who made that claim. So that being said, knowing that *I am not on the title/deed* can *I* go get the policy in my name since I do not have that issue of having made a “Personal Articles Claim” within three years. This may be a question for an insurance agent and I will bring it to one, but I like to hear what you guys have to say and if you have even heard of this happening to someone else. This was a curveball for us. The other quotes are significantly higher compared to this one, despite the coverages and options being similar, and unsure if we try to move forward with those policies they say the same thing. 

So can I get an insurance policy on a house I am not on the title or deed of. Thanks as always everyone. Any input is appreciated. 

Hello all, so I’m in the upper peninsula of Michigan, and we’ve had our offer accepted on a duplex! It’s our first rental investment property. We just had our inspection done, and there are some things that need to be addressed, for one, there is ongoing water intrusion due to no roof flashing, or chimney flashing still existing. I’m unsure how to move forward and how much to ask for a reduction in price if that’s the route we go. I got a quote for roof repair, but of course we are on a time crunch due to the contract, and as always you never know how much more damage they find when they open things up. So am I expected to only ask for a reduction in price to replace the roof and then later find out it’s double that maybe. Or is it normal to ask for quite a bit more off due to the potential effects of the water damage. I’m not scared away by the water and the structure appears sound and safe. 

Long story short we got our inspection back on the property we have under contract and are curious how much concessions or in what way we could ask for concessions due to the nature of the findings. 

Hope this makes sense! Thanks in advance

Good morning, are there any Real Estate attorneys who operate in Northern Michigan on BiggerPockets, that you guys have used or are aware of? I’m in the upper peninsula and help is hard to find. I’ve found a couple that are pretty far away, but still possible. But was hoping there might be a Savvy one that is already a member on the site. I’m unsure how to search that specifically on bigger pockets if possible. 

Does anyone know the process when purchases a currently rented/leased small multifamily when it comes to assuming the current leases. Such as modifying or ending leases? Or can guide me to a location with more info. I am currently in michigan in the upper peninsula. 

Good morning, I tried searching myself but if anyone knows of one of the BP podcasts that goes into their daily routine and can link that here, that would be greatly appreciated. 

As a bonus if anyone knows of a great and interesting getting started/getting interested/beginners podcast that I can send to friends/family to see if I can peak their interest that would be appreciated as well.