All Forum Posts by: John Lyszczyk

I want to switch to an electronic rental payment app/software, but not sure what to use as there are MANY. 

Who has a company they can recommend? I was looking into Cozy.co as I am more familiar with them...

Thanks for sharing @Marcus Griswold. This is sad to see as it appears your local governing body is submitting to State influenced legislation. I feel like the government is trying to get in on the rental housing market as it is growing each day. Over half the rental properties in the US are owned by small investors ("Mom and Pop"), and the Fed government has an agenda to inch their way into those profits. From what I've experienced, many of these laws are passed at the State level in places like New York and California, which means it's only a matter of time before they spread throughout the country. 

I think any government body should have very,very, very little say in what we do with our properties. I hope these ideas or regulations do not gain momentum.  

That's some creative financing! Curious about the tenants. You obviously didn't evict them, but you must have sent them a "Move-out" letter of some sort? How did that go? How were you able move them out?

@Kyle Palacios I am a Rental Property Investor/Real Estate Agent in the SE Michigan market. I have rentals in and around the Port Huron, MI area. This market has rentals <$100K with high demand. I listed a 2 bed 1 bath upper apartment and received 60 inquiries in 8 days. Needless to say, there is a need for rental housing in this area. 

If you'd like to know more about the markets I've invested in let me know. I can provide insight and forward you potential deals if you're interested. My brother and I currently self-manage our rental portfolio, but would be open to managing properties for other investors as well. 

@Max Creasy I'm not sure what your current living situation is like, but I lived in a small apartment above my Mom's garage while I saved to buy my first rental property. I actually bought two before moving out, and I moved into a duplex to house hack after the first two rental properties were rented out. If you can find a duplex/triplex/fourplex to house hack I think that is the ideal scenario for saving money and preventing lifestyle creep IMO. 

The reason I bought two rentals first was because I could acquire traditional financing through a bank with a low DTI since I claimed I was living "rent-free" with my Mom. This helped me acquire the first two properties and then my brother and I moved-in to the upper unit of a duplex. Renting out the bottom unit helped offset our mortgage and allowed us to save money for future acquisitions.

It pains me to hear what my fellow landlords are going through. I heard something that they might offer "Landlord Financial Assistance", but not sure if that's true or not. Either way, it's not a good idea. The Government just wants to break your leg only to say they helped you get the crutches. I fear this is going to start developing in Michigan as we are a Democratic state. 

@Michele King

Thanks for the insight Michele. What type of commercial buildings does your company build? Apartments? Hospitals? Office Buildings?

Just curious as I supply the lumber and plywood for the rough carpentry section (untreated, PT and FT) for large projects across the nation. My company is growing and we are looking to expand into the Colorado market.

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What is one piece of advice you would give to someone starting off as a home builder?

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How has obtaining your license benefited you? Significant cost savings? Has your business transformed into real estate development? Have your started building small multi-family or single family homes? 

I am about 50% done with my study course for the Michigan General Contractor's exam. The main reason I want to get licensed is so I can pull permits on my own, and do most of the work on my rentals/fix-n-flips. 

My question is for those who got their contractors license. How has it benefited you? Has anyone started building small multifamily and has it paid off? I am angling towards home building and small multi-family (2-4 units) construction. Just curious to see who else out there has had success and maybe some pointers for me to think about. Your feedback would be greatly appreciated!