All Forum Posts by: Jason Sousa

Great, thanks Drew!

I'm in Michigan but found this thread. I have the opportunity to co-host for a couple investor friends and I'm wondering what to charge them for MTR/LTR management. In the first opportunity, it's a condo that is furnished by the owner. For LTR I know I can charge them 1 month's rent to find and place renters. We'd both like to do MTR though. Based on research in the area, it looks like we can get $1,750 for LTR, and $2,500 if furnished. For a furnished MTR I believe we're at roughly $3,000. Assuming furnished MTR, what should I be charging for placement and management? What if I furnish it or we split the cost of furnishings? Any help or guidance is appreciated. 

Hi Andrew, I'm thinking about managing MTRs as I have a couple of opportunities. What kind of support or training would you offer? Or do you just manage? What do you charge to manage MTRs and what's included? I'm an agent looking to help out investor friends. 

Thanks Guys, this was helpful. The lease was an MLS template provided by the landlord's agent, but it was the same as the template provided by my broker. I ended up agreeing to it and my tenant didn't have a problem with it because everything is newer in the home, they dropped the price by $100/month and also added a new washer/dryer as part of the negotiation. Everyone is happy. Thanks again.

@Drew Brown - one follow up question... the draft lease that I was sent by the landlord's agent lists a $100 co-pay for maintenance. I have rented homes in the past and know investors... I haven't heard of the tenant paying the first $100 of maintenance - especially if the furnace dies or the roof leaks. I know everything is negotiable, but I"m wondering how common this is. BTW - the lease is for a nicer home in Oakland Twp, $2,200/mo. with the tenant paying for utilities. 

Great. Thanks for the info Drew!

I'm a newer real estate agent in the Detroit area and I have a soon-to-be client who is transferring here from Japan for three years and looking for a rental home. I have found several options and he has essentially decided on one and will sign a lease sight unseen based on my recommendation. However, I haven't signed an agreement with him because I am unsure which form to use. I obviously need to do this before I present the lease and application to him. Can someone tell me which form(s) I should use as a tenant representative? Is there a lease/lessee version of the of the exclusive buyer's agent form or the agency relationship disclosure form? Or do I simply use the 'normal' buyer forms knowing he's a renter and not a buyer?

@Clint Harris - Thanks for sharing your approach and details. Wondering if you'd be willing to share your arbitrage agreement template? I'm just getting started in the Detroit area and it looks like there is still opportunity. I've been running numbers on a lot of properties (some furnished) and about to solidify at least one in the next month. Appreciate any help/direction you are willing to give. Thanks!

Avery Carl - This looks great! Is there a modified version for STR arbitrage, or a way to use this one for arbitrage? Looking for a simple one but not sure where the downloads are or where some of the calculators/spreadsheets mentioned above are located? Please, some help!

BTW - I'm looking to acquire 5-10 STRs in the Royal Oak/Birmingham area north of Detroit. Any help is greatly appreciated. 

Hi Everett, welcome! I'm an agent/investor in Oakland and Macomb counties, based out of Rochester. Please let me know if I can help you in any way. I plan on going to Shields and hope to see you there.