All Forum Posts by: Jarrett Atkinson

Hello Everyone,

I have recently purchased my first investment property; a duplex in southeast Michigan. There is one unit occupied as of purchase and the search for the second unit tenant has been off to a rocky start. Its been 2 weeks now and I am yet to find a tenant that fits my criteria that I didnt think was that strict; 600+ credit score and 3x monthly rent in income.

I would describe the property as "B-B+" neighborhood. Harrison township for anyone familiar. It is near the water for whatever thats worht. I am asking $1200 for monthly rent.

So far Ive had LOTS of applications. Good income with bad credit, good credit with bad income, borderline credit and borderline income, and my personal pick for most unique: very bad credit (prior evictions), good income, and an offer to pay 2month security deposit and a month to month lease at $1400.

My specific question is At what point do I revise my criteria just to get the unit occupied? I am getting exactly $0 from the unit now and beggars can't be choosers.

I am also aware that my lack of experience can hurt me. Am I being naive, or how can that offer with the troubled credit paying over market and 2x security deposit burn me? I know evictions objectively suck, but with a month to month lease and the extra funds, can it still be extensively painful? I will go with a more qualified tenant if they exist, but I have seriously considered this offer and asked for opinions on it from anyone willing to offer one.

A little more context; I'm losing approx $200 a month with one unit unoccupied and dont have any immediate cash flow problems. I have excess reserves and no large expenses, I just want to ensure I'm doing this right. If im waiting around for a tenant that doesnt exist, the sooner I realize this the better.

Hello Everyone,

I have officially purchased my first investment property, a duplex in southeast Michigan. I have one unit occupied and the search for the second unit tenant has started a little rocky. Its been over 2 weeks and I have yet to find any clear cut "great" potential tenants (on paper).

I would describe the area as a "B" neighborhood. $1200 is what I'm listing rent for. I am getting a good amount of attention/applications, but the tenant pool hasnt been what I expected. Going in, I wanted monthly income to be 3x the rent and a 600+ credit score.

Ive had all sorts of applicants. Good credit with minimal income, good income with minimal credit, minimal credit and minimal income, and my personal pick for most unique; good income with prior evictions but an offer to pay over asking rent with 2 months security deposit and first months rent up front.

My specific question: At what point do I start to change my criteria on tenants just to get somebody in the unit?

I also would be very interested as to how I could possibly be burned on a tenant with prior evictions that will offer more cash up front. From my reading of posts, evictions objectively suck, but with a 2 month security deposit and a month to month lease, am I being naive to assume I cant get burned?

A little more context: I dont have any immediate cash flow issues and with 1 occupied unit, im only losing a few hundred a month cash with one unit vacant. I want to do this right and If im holding out for a tenant that doesnt exist, the sooner I realize this mistake the better. 

Hey Everyone,

Im a 23 year old looking to buy my first home and househack it to cut down on living expenses while i build equity. I work 50-60 hours a week in Detroit at Quicken Loans, so I would like a duplex within a reasonable distance from Detroit . Since I'm working so many hours and just starting in my career, I want a multifamily that requires minimal-no effort in repairs. I just want to live in one unit, rent out the other, then house hack the next property. The issue is that most duplexes in the Detroit area are projects requiring some sort of work, and in the downriver area, where I am originally from and would prefer to live, duplexes are hard to find. I've tried messaging owners of duplexes for rent asking to buy without success. My real estate agent is not finding deals that are attractive to me as most properties either need work or get purchased immediately before i can set up a visit. Can anyone offer advice other than to be patient? Are there other ways to find properties? I know we are in a buyers market but I'm at a spot in my life where I really want to get started in my real estate journey as soon as possible.