All Forum Posts by: Joy Mondala

@Charles Kao I sent you my info in a PM! If your wife could help point out what options she went over that she liked or didn't like, that'd be great thanks!

@Kyle Holsey @John Dudas @Kevin George @Josh Smith thanks!

Hi All, I'm currently a licensed Agent in CA out of RE/MAX and am looking to get licensed here in Michigan now that I've relocated to the Downtown Detroit Metro area.

What real estate licensing course would you recommend? I'd prefer an online course for my own self-pace and schedule. I imagine the requirements for MI won't be as strict or difficult as CA's (at least that's what I've been told by fellow agents in CA).

What brokerage would you encourage a new agent to join based on good training, fair fees, desk space, etc.? My broker gave me the contact info for a RE/MAX affiliate here in Detroit but after a few calls and messages they don't seem to want to return my call so whatever other quality office you can recommend would be much appreciated. Thanks!

I can definitely see your initial concerns and coming from a more media-friendly big city myself (San Diego), i can see where the hesitation may be in exploring a city like Detroit all by your lonesome.

I've recently relocated here and the more I do research and  get my bearings, the more comfortable I'm becoming in narrowing down my areas I'd want to invest in. It's nice to be immersed in the area and if anything, have boots on the ground.

I'm currently RE licensed and investing in CA but also plan on getting licensed here in MI while i'm building my connections. If the time comes where you're planning on flying into Detroit to exploring the area, feel free to hit me up and we can bounce ideas off each other. I'd love to hear about your plan of maintaining your out of state rentals once you move here to the area. Cheers.

-JM

Welcome to BP. I'm also in the midst of a relocation to Detroit from sunny Southern California and also come from the retail finance/mortage lending background as well!

At the moment I've turned my primary residence in CA into a long distance rental while looking to begin investing in Detroit metro and the surrounding areas. Pls keep us updated on what you find since it's nice that you speak the lending 'language' and are sure to reap some of those benefits having sat on that side of the desk for so long! Cheers and good luck!

I recently relocated to Detroit Metro from San Diego and am also looking to start investing in the nearby pockets of town that I can acquire cheaply and/or rent for good cash flow or flip for a decent gain. I currently still rent out my old primary residence in CA but may look to sell it and put those gains to work for a better return here in MI. Excited to hear what you've got in store - pls keep us updated with what you find as it seems we're both exploring this foreign territory together. Cheers.

awesome work with this long distance fix and flip!

Did you already have the plan and cost-estimates down as far as the repairs the house would need? I ask because you said from the beginning that this was a house you didn't want, and 2- because the private money you borrowed was just enough to cover the purchase/closing and repairs.

I'm eager to see what other projects you take on, either in Seattle or other markets closeby thanks to your amazing team. Keep us posted cuz this fix and flip was TEXTBOOK! Congrats!

Hi everyone, I'm currently in the process of relocating from California to Michigan and have decided to rent out my condo instead of selling (for now). Ever since buying it, I've always house-hacked it, living in the master bedroom and renting out the other bedrooms to students or young working professionals. I've always felt I set the expectations and managed the relationships with renters well since I was right there in the unit and could notice right away if something was to go wrong - thankfully because of all the people I interview to find the right fit before accepting a tenant, I've had nothing but great experiences with all the tenants thus far.

Now that i'll be in another state and won't have the easy access and convenience to check on the property frequently (aside from the help of my parents who will be the de facto property manager as they own and manage their own rentals as well), what sorts of best practices can you recommend to help mitigate the risk as I transition from a house-hacker to an out of state investor/property manager?

- I will be revamping my lease paperwork to set the proper expectations regarding background/credit checks and policy regarding late payments. 

- should I put in verbage regarding the option to inspect the property once a quarter? I've spoken to a handful of investors that favor this caveat in their leases.

Thanks for your responses and help with this changing dynamic of my rental. Civilities.

-JM

I would say it depends on the term of the lease, how long they've been in the unit, and how good of tenants they've been. 

Aside from reminding them about 60 days before their lease term ends, I usually make it a practice to write that into the initial lease agreement and mention they will experience a rent increase of about 10-12% (standard with market rates for my area), and when the time comes only raise it by 8%, in which case when that happens they're ecstatic because they see it as getting off the hook a little bit, making them more inclined to stay and renew.

Hope this helps. 

also keep us updated on your strategy of managing your rentals in Philly long distance from CA. Do you have family or friends to help you property manage? Do you plan to travel back once a month or quarter to maintain and manage them yourself? Thanks in advance!

wow seems like your situation is a bit similar to mine haha- I grew up here in San Diego and actually just got my RE license since I have family that are looking to buy and sell their properties, in addition to my goal of accumulating more rental properties in the future (I own a condo in San Marcos and rent the extra rooms out to college kids at the moment).

On top of that my fiancée is in her residency in Detroit, MI so I'll be relocating there in the summer and am looking for the best way to facilitate my investment goals in CA while also tapping into the market in Metro Detroit as it seems easier and more forgiving than a beginner wanting to tackle the southern CA markets!

Best of luck to you and I'd love to hear any updates. As I'm also licensed and have lived and rented in San Diego forever feel free to PM and connect with me if you need some feedback etc.