All Forum Posts by: Fernando Domingo

hi. I’m interested in possibly purchasing this property.  Can you please send me the information on it?

Hi BP,

I have searched a bunch of different places and none of the articles that I have read and seen don't mention this so I thought that I would through it out to the community.

Here is my situation:

- I have a rental property that I bought in 2014.  

- It has been rented until the beginning of 2018 when I evicted my tenants.  

- I spent over $35k in renovation the property and now I am selling it. I am currently in escrow.

- I want to 1031 exchange it into a new property, but i would like to get the money that I spent on repairs back to have liquid.  IS THIS POSSIBLE?

I know that in a 1031 you have to buy a property that is more than the sale price and the cash made from the property is supposed to be reinvested into the new property.  I haven't found anything on monies that was invested into the property and how that may be handled?

Does anyone have information on this or can they guide to something that has this information?

Any information is much appreciated.

In looking at the available rentals in the area there are a lot of places that have been on the market for quite a while. Many have more square footage for not much more than you are asking. Some have been on the market for 6 months to a year with only 13 to 14 people saving the listing. Considering that, I would say that it is a tenants market, for lack of a better term. You will have to do something to your property to "make it shine" compared to other properties on the market. Like mentioned above, you may have to be more lenient about the tenants that you allow in. Otherwise drop your price dramatically or sell if it is harming you financially. You may be better investing in an area that has more immediate demand.

Hi Jordan, I'm not an expert by no means, but I purchased my first Michigan rental property in Hazel Park. I purchased it for 60k put a little over 2K into it and it is rented for $995/mo. I live in CA and have a family member managing the property for me. I'm happy with everything so far. I'm now looking in Madison Heights and Oak Park. I haven't found anything in Royal Oak that brings in the same return, but I'm sure the clientele is better.

@Kyle J. Thanks for the links. I was wondering about doing multiple notice to perform requests. I made mistakes in getting these renters and didn't follow guidelines that I should have. I am considering selling this property and 1031 exchanging it for properties out of state. The property that I have in MI is performing well and I think I can get 2 or 3 there that will attract better quality renters in general. Then it will be a truly passive income. I plan to serve 3 3-day notice to perform or quit all in the same day knowing that they will not be able to catch up. Then I will start the eviction process if I have to.

Hi BP, I have a tenant in Lancaster, CA that is behind in paying the water bill and I would like to start the eviction process on them. I know that I start with the 3 day notice to perform, but I was wondering if i was able to evict for the water bill. They are also behind in rent by only $50 plus the late fee. Can I demand the late fee in order for them to become current? Also, they are on a month to month lease and haven't been there for a full year at this point. I think that it may be more difficult to evict them if they have been there for over a year. Can someone help walk me through the steps and timelines for each one? Any help and info is much appreciated.

Jennifer Streamer Thanks for that analysis Jennifer. I did not think about that info when analyzing property. I will definitely take that into consideration when looking at my next properties in the area. Being a new investor any information is much appreciated.

Matt Vanden Toorn The landlord license process wasn't bad. I wasn't the one that was dealing with them. I have a family member that is managing the property and was dealing with the inspectors. After the initial inspection the second inspector came out and sited 2 different things than the first inspector. After talking him he said that he wasn't able to find the first report so I had to doze 2 other things on the property. He did come try to

@Keith Jourdan  Very Nice!! great turn over and sounds like it's going to be success from if you have had 12 showings already!  Great Job!

Hi BP,

I'm fairly new to investing and decided to buy a property in Hazel Park. I have a few things that I am looking for now.

1) First, does anyone have any recommended insurance companies/agents for rental properties in metro Detroit?

2) I understand that I have to get a Certificate of Occupancy and apply for a landlord license.  Will the inspection cover both the CoE and Landlord License?

3) Is there anything else that I will need before place tenants?