All Forum Posts by: Georgee Gilbert

Ok, I'm thinking about buying a building that is currently a salon and has been for over 40 yrs. I would buy it and lease it out to someone who wants to open a salon.  It needs some updates but I'm thinking the tenant would handle that. It's a nice solid build but I don't know a thing about commercial real estate. I only own residential properties. Also, I'm a hairstylist and no I don't want to operate a salon but I'm thinking worst case, I could one day, if I had to own and operate the build. 

What's the best advice you can give to a newbie when it comes to purchasing your first commercial property?  

Thanks you all. Your input has really helped. When I rented my first house a PM leased the home to a person with poor credit and I got burned. I since then fired the PM and evicted the tenant. Now, I'm a bit gun shy of tenant with low credit scores. I will reevaluate my process and find what best fits each property.  Thanks again. 

Thanks Seth, yes the thought of the extra income is a bonus. 

Linda D, it's a very nice home with all appliances plus washer and dryer including. Everyone who has seen it liked it a lot but their credit score is too low.

Greg Scott, this home is in Redford. It's not A low income home. More of a working class/ professional type.  Thanks for you advice. 

How do you charge renters with pets? Do you charge per pet and if so how much? Do you charge a different fee for cats vs dogs? What if they have a dog and a cat, then how do you charge?  Do you charge a one time fee or a monthly fee or both? Thanks for your input in advance. 

You should only except  cashiers check or money orders for security deposit and first months rent to avoid this type of issue. After that then you could do the cozy service or except personal checks. If they signed the lease I believe you don't have to give them their money back because they  breach the contract. I would write them a letter explaining why you are only giving them part of their money back and also you need to talk to cozy and explain to them they signed a contract. First check your state to see if you have a right to keep part of the money.  Good luck. 

Is a minimum 650 credit score too much to ask for a rental?  The property is renting for $1050 in a working class neighborhood.