All Forum Posts by: Ali Ahmed

Originally posted by @Bryan Devitt:

Originally posted by @Ali Ahmed:

Sorry, Let me reframe my question- will the extra expense of adding an additional room on second floor appreciate the property value like it would if it were on the first floor?

 I guess we were both typing at the same time. Are there other rooms on the second floor? Is there a shared bathroom on the second floor? If the answer to either of those is yes, then yes. 

Yes, there is a shared bathroom on the second floor. This will be built adjoining the master bedroom- The portion where the high ceiling is has 3 walls that reach the ceiling that will be used as the internal walls of the third room. I can try to attach a picture here if I could to give a better understanding.

Sorry, Let me reframe my question- will the extra expense of adding an additional room on second floor appreciate the property value like it would if it were on the first floor?

Hello folks, I have heard from the podcasts here on BP that adding a room is an opportunity to increase the value of the property. I don't see this as a big expense if it were on the first floor but what if it were on the second floor? There is a high ceiling in the living room which would accommodate a 3rd bedroom and that's how it is recorded in county tax records. Question is will the extra expense really add value to the townhome in this case too?

Hi All,

I have been researching to find a good Property Management company to take care of my rental in Inkster and came across 3. So far I have spoken to Metro Detroit Property Management, Renters Warehouse and Great Day Property Management (GDPM).

I am leaning towards GDPM just based on how the lady running it was very transparent about the basic questions I had asked and overall got a good feel. 

Does anyone have any personal experience with GDPM or any of the other companies?

Thanks in advance!

Anybody who can help me with this request?

I have called Metro Detroit Property Management and Renters Warehouse so far and the fees seem too high thereby taking a hit on my numbers. Lease assumption 200/ lease renewal 1st months rent and flat $80 fee per month to maintain a Single family.

Metro Detroit has a mandatory minimum auto approval of $200 before they call owners for repair approvals. When asked for an example, a lock change is $150 and I feel that is a big markup.

So question to my fellow BP members who are investing in Detroit, who do you use for PM? I am an out of state investor looking for a trust worthy company that can handle my property that already has a Section 8 tenant in place. I am currently starting with a SFR to tes the waters before investing more in the area.

Property is located in Inkster, MI if that makes a difference.

@Ryan Proffit Thanks for pointing me that podcast. It was very useful. 

@Anthony Dooley 

@Katie L.  Yes, I am going to try checking with my lender tomorrow. I may have to push my closing based on what he says. I plan to set it up in AZ.

Originally posted by @Jeff Bridges:

no. save your money. been there done that. None of them are responsive and take a minimum of a week to get a contractor out to your property if at all, causing headaches and requiring constant follow up to check status. Worst contractors are used and they will do the bare minimum. save your money. do a solid rehab up front to harden rental and find a good handyman for in between.

 Thanks Jeff! I noticed that my handyman charged about the same or lower than the trade call fee to fix issues anyway. 

Makes me wonder if I should get rid of it for my personal home too 🤔

Hi All, I have been buying home warranty along with home owners insurance for my rentals but they seem to be eating up my cash flow. Moreover the trade call fee is additional if in case a claim has been made. So, do you all get warranties on rentals or just have a reliable handyman fix things as it breaks? Thanks in advance!

Hi All, I am 2 weeks away from closing on a 4 plex and need some guidance on setting it up under and LLC. So far I have used my personal information to get the loan and do all paperwork. Would it be too late to convert them to own the property under a business entity?