All Forum Posts by: Chris LumLee

Does any of you get worried when you do that? I have one rental and want to use a HELOC for a down payment on another. But do any of you ever feel like by doing that you could get caught with your pants down (not literally)?

In preparation for something like this, how would you mitigate against any uncertainties?

Thanks!

I'm coming up on a similar problem and I'm afraid it'll get to the point of the place being trashed. My tenant is three months into their lease and this is the second time they're late in payment. The agreement with the property manager says 3 times late and the lease goes out the window- from there it's subject to discussion. I'm afraid if I have the property manager kick them out on the next strike then they'll trash the place as well.

I'm assuming the security deposit can be kept to cover any cleaning/repair costs?

I thought child support was calculated as a percentage of the gross income.

Sweet cream on an ice cream sammich! That looks amazing! Great job!!!

@Jeff Wallenius I paid just over $40K...which in Detroit it probably an arm and a leg...yet from Hawaii, $40K makes you drop your jaw.

I bought a turnkey property in Detroit. The existing tenant vacated shortly before I took ownership so it's been about a month now and the property manager still has the house out on announcement. I'm wondering if I made a bad choice (short-term). I'm optimistic long-term that this will be fine given that I didn't use too much leverage to make this purchase.

Hi @Brandon Turner! Depending on the day/time, I'd love to come down and join! Please keep me posted.

Thank you! I'll go and check those out!

I recently just bought a place in Detroit, MI. I'm getting nervous because it's been almost a month since I've closed and the property manager still hasn't gotten a tenant. I know this isn't the property manager's fault- as they have the advertisement out...but nonetheless, I am still nervous. What means would anyone recommend that I can help find a tenant on my own? Thank you!