All Forum Posts by: Joe Semifero

I'm guessing you are getting a mortgage if you are paying 13 months of taxes at closing. Since taxes are paid in advance in Michigan, you have to "reimburse" the seller for the taxes they paid for the remainder of the year they paid in advance. The rest would go into escrow. You should get something similar when you sell - you'd get reimbursed by the buyer, and then a refund of your remaining escrow. If you can buy without escrow, you only have to reimburse the seller, and then you have to come up with the taxes when they are due.

TriCounty Title on Sheldon in Plymouth, MI is very quick and investor friendly. Doug Swatosh in Romulus is a terrific lawyer we have used for the last 5 years in various areas. 

Originally posted by @Dave G.:

Not sure if this is helpful since I'm in AZ, but all my rentals have specific investor coverage through State Farm. As I'm looking out of state for my next buy/hold property, I'll be calling State Farm to see if they'll provide the same or similar policy outside of AZ. 

 I have had good luck with State Farm, as well. 

TriCounty Title in Plymouth in Sheldon Rd is fantastic to deal with. They are fast and thorough and you will get personal involvement with the team there. Dealing with them has been a breathe of fresh air as compared to the bigger companies out there. They are responsive and your business is a priority for them. We use them for every transaction we can.

Another thing to check when running your numbers is the POTENTIAL taxes on the property. I just looked online at the BS&A site for Belleville to look at the property. If I was looking at the correct property, the current SEV is $142,300, or a market value of about $284,600. If you buy at $475K and the taxes adjust up close to an SEV of $237.5K (50% of sale price) your taxes will double from what they currently are on the property. Taxable value is currently capped and at $119,508, taxes could go from $7600/yr to $15k, or almost $1000/unit per year increase. Make sure to figure this when running the numbers. Also, don’t forget Belleville has rental inspections, so there’s an ongoing cost there, as well. Agree 100% they need to give you at least T-12 (last 24-36 mo info is better) for you to be able to get an offer.

$35 on the 8th, $5 per day after that, in rent of $850-$925. Basically $5 per day after 7 day grace period, back to the 2nd. Had my lease reviewed by a local lawyer that said more than that could be a problem for some judges. However, before it even gets to that point, I feel like there needs to be incentive to pay after the initial late fee. Otherwise, why not wait to pay. Than I have to send a 7 Day notice, etc.

Brian Borowski, Commerce Township. Message me for contact info. 

Condominium in Van Buren Township (Belleville), MI

2 Bedroom / 2 Bathroom, 1050 sq ft, $87,000

For sale - condominium in Van Buren Township, MI, with long term tenant in place for three years. The condo is close to local shopping (Meijer, Walmart), 5 minute access to I-94 and I-275, 15 min to Detroit Metro airport, and continuing development in the area with an Aldi’s opening and Menard’s being built nearby.

No outside maintenance or outside CapEx required as all exterior (including roofs, siding, landscaping, snow removal, etc.) are included in monthly HOA fees. Biggest potential costs is the furnace/AC unit ($3,450 installed) and appliances (stove, refrigerator, dishwasher, washer and dryer included in unit and sale). Hot water heater replaced in last 24 months. HOA is investor friendly with no limits on investor owners or tenants, and over 50% of the condos are owner occupied. HOA fees also include water.

Rent is currently $1,025 per month. Recent rents in the neighborhood have been as high as $1,200 per month, so there is the potential for increasing income. Current tenant lease has 4 months remaining (July 17, 2018) until they are dues for renewal and tenants (young professional couple that has paid electronically on time for entire tenancy) is very interested in staying at least another year. 

Annual Rents        $12,300

Annual HOA Fees $ 2,820

Annual Taxes        $ 1,165

Annual Insurance $    250

Annual Prop Mgmt $  984

Annual Income     $  7,081 (all numbers actuals)

These condos represent an excellent opportunity for an absentee landlord with local management company or a local landlord that wants to self-manage. The condos need a low level of involvement as the HOA covers many areas of concern such as the grass being cut and snow shoveled.

Please contact me directly if interested. Two years of financials available to qualified buyers. Brokers welcome.

Joe Semifero

[email protected]

734-604-5871

Another vote for Landlord Locks. The flexibility is awesome. Plus, the locks are a step above various retail locks. The keys typically cannot be copied as they are not the run of the mill key. Literally takes less than a minute to re-key a deadbolt. Having a master key is terrific, as is having a standard contractor key that we give to our regular contractors. (We use a chrome cylinder so we know when it is not the "real" cylinder for the home.) Read 

Also agree with only keying the deadbolt. First, the door handle without the lock is cheaper, and helps to offset the higher cost of the lock. Second, there is no chance of lockout. 

Lastly, if you want or need it, they also have, "Tamper Resistant Attachment Products," which is a screw with a 5 sided attachment to drive the screw. This would prevent the tenant (or at least make it harder) to change the lockset out. 

I am not sure if this is more complicated than what you are looking for, but I use Scannable to scan receipts, name them (usually with a date code, rental address, brief description, and dollar amount), then upload to Google Drive to a Receipt folder under the property address. 

I have an iPhone, but would work from an Android, as well. You can set up a Google directory to be shared so everyone needed can access it.