All Forum Posts by: Darius Kellar

@Drew Sygit Thats an excellent reading!

“How to Screen Applicants like a Pro”

We do not accept late rent. Part of our screening process is that the tenant has a minimum of 1 month emergency funds outside of the deposit. This can be either an open line of credit equal to 1 month of rent or proof actual available cash in their account.

We make it very clear if a tenant is 1 day late they can expect to receive a 7 day pay or quit notice. And 2 notices will void the contract.

I don’t understand why landlords allow tenants to pay rent late if there is such high demand for sourcing tenants in rental homes.

@Adam Cole Great questions and no I have never encountered tenants damaging anything in the properties. However, nothing is full proof but I have a very logical screening process that does not include a standard background check. To be very brief I have a 2 part process, an application at the open house and secondly some key items that will qualify the tenant via email. During the open house prospect tenants will fill out the brief application that I have. I rely on the open house because it gives me face to face experience with the possible tenants that I am dealing with and some basic idea of there economic status, ect. For example having a reliable car to drive to work and basic communication skills which is more important than anything in my opinion.

If and when damages occur I am prepared for the worse scenarios. I would consider the most expensive things being full house fires or furnaces. For example the insurance covers fire damage and I keep an inventory of furnaces at my house if I ever need to repair or replace a stolen furnace. The problem that has occurred is that I don’t have enough homes for all the applications I receive 😊.

@Adam Cole

My experience has been great. I started buying in 2015 when the homes were selling as low 750 dollars .

The pricing is alot higher now though, but I dont believe it is necessary to jump in and buy homes on the regular market in this area at market value. I've ran into many situations where people are still letting 10k homes go.

I do believe amazon, United shore and the other various companies have helped with the upswing of the market values but I dont believe it was un predictable prior to those companies being added. I think it was predictable a few years ago when they eliminated the woman's shelter from pontiac which was the nest for decades of crime. The wave of crime generated from here was pretty vibrant through the city.

6 years ago we were buying pontiac homes in the tax auction for as low as 750.00 bucks and now people are spending six figures in these same neighborhoods. The interesting part is that the rent has not made a jump yet. I remember in 2012 rent was 700-ish I am wondering when the rent will double. My best guess would be after the minimum wage increases. 

@Josiah Willis

Pontiac is a good rental market. I've restrained myself from buying anything over 60k because I haven't notice income changes in the market yet.

@Michael Noto The post is not a joke. The property can be searched on Homepath.com

@John Teachout Good point. 

Would you invest in a home with the street Name "Hooker" ? Will the Street name affect the value ?

Detroit, Mi