All Forum Posts by: Jacek Blaszczyk

@Scott Mac that is the million dollar question. That has not been discussed about how they would feel about us turning it into an investment property. They are my in laws cousins.

@Jay Hinrichs monroe is the city.

Hi all, my wife and I are at odds. She has a family member who is looking to unload a second home that's worth roughly 400k. They would let us take over the remaining mortgage of 215k @3.75%. It needs some updates but the home is good condition on the lake. I want to buy and hold and rent or possibly flip and sell. My wife does not want it as an investment but t ok live instead and do repairs while we live there. Our current home has 200k mortgage @3% is a 4 bed 2.5 bath 2000sqft. The new house is 2500sqft 2 bed 2 bath. What would you do? Lastly there are no rental single family home comps in the area of the potential new home.

#monroe #michigan #noob #secondproperty

@Michele G. thank you!  That makes sense to me now.

so i just found this posting about vacancy rates.   Does anyone follow it this way?

"In a single family home, if it was vacant one month during the year, that would be a vacancy rate of 8.3%.

Now what you do with that percentage is multiply it by the Gross Income (the scheduled annual rents) to get the Va- cancy Allowance.

Vacancy Allowance = Vacancy Rate x Gross Income

So if the property takes in $72,000 a year and your Vacancy Rate is 5%, your Va- cancy Allowance is $3,600."

@Michele G. whats the longest you've gone between tenants?  Dumb question, what is the 5%?  is that 5% of total purchase price or your monthly rent?

@George P. Thanks!  

@George P. does that mean you have no problem filling your rentals and so you don't factor that in to your rent?  Sorry I'm a noob and learning how this works. 

Hi all, one thing I've always been confused about is how people figure out vacancy rates.  Is this something discussed among other landlords or is this a metric that can be googled?  I live in Canton, Michigan still trying to learn more before getting my feet wet.  Markets I'm looking at are Canton, westland, Ferndale, Royaloak, Livonia.  Thanks.

Love the story, I too am a Med Tech in Livonia.  I'm looking more and more into real estate investing and it has somewhat consumed my life.  I have a hard time focusing on work at times because of it.  I would really like to pick your brain more to find out how you did it.  If at all possible I would love to PM you sometime just to chat about how you got started.