All Forum Posts by: Eric Schilk

We talked of raising rent and including them.  That might be the route we go.

I have 16 properties in Michigan.  3 are duplexes that we bought last year and they have shared water and gas.  How we have it set up now it that the lower (control over the thermostat) pays gas and the upper pays water.  The gas is much higher than water.  We had a issue where a tenant had the gas shut off but after that we had a continuous service listed in our name.  We have thought about separating the services but the cost seems so high to do so and it would take me years to recover it.  We have had only minor issues to date with it.  Anyone else have experience with it?  Worth it to keep them shared or pay the money to separate?  Thanks

For contractors that we have not used before or often we always meet them there.  If the tenant is not home then always so someone is present.  We do have plumbers and electricians that we have used for years that we do not meet and they will just send us a bill.

I have worked with people in the past on this and it never ends well.  Usually a long contract of always late or never pay.  Unfortunately now if they cannot come up with both then it is a no go.  Another new one for us after 14 years this month was someone wanted me to wait on a personal loan for them to get the money for a deposit.  Also a bad sign.  

Lately, I have had the most success on local Facebook for rent sites.  I've listed on Craigslist but cannot seem to pull in anyone that can make the rent etc.  Now a days the social media is where it is at.  Then people on these sites share to their friends that are looking.  I then usually conduct an open house style showing a few days - a week later.  I do not post the address until a day or so before, just general area.  I started with having people message me for showings and that worked too.  Hope this helps.  Good Luck

We currently have an opportunity to buy 2 condos. Very nice on waterfront and the price is set well but it just is not that profitable with the HOA at $180 a unit when the units are bringing in under $800 a month. After taxes and I would have to do a commercial loan it would take me years just to re-coop my initial investment. That being said unless it is a really great deal with low HOA fees or higher rent I think that even a duplex would be more profitable/better investment.

We just had a similar situation except it was a break up and they were our tenants for a few months.  We told the tenants when the place re rented then the lease would be broken.  Now, because we did this without anything in writing (lesson learned) we did resign the house and that morning the current tenant changed her mind and wanted to stay.  Luckily I had another house open and the newly signed tenants took that place.  If not it could have gotten ugly.  I did not intend to charge a fee but in our contract COULD have kept the deposit because the 12 month rental period was not satisfied.