All Forum Posts by: Jimmy Barrett

Hi there,

I’m in Michigan.. south East to be more exact. Curious how much to raise rents by. Lease is up May 1st

How quickly after getting a first time home buyer home can I rent it out?? SE Michigan

Hey Nick, 

I am new to this as well however I put 5% vacancy because currently I have a contract for a multi year lease that starts in June when I am done fixing up the inside. I also put 5% for maintenance since I am doing a completely remodel i also am listing anything under $100 is tenant responsibility. again I am new so I probably should be doing higher on the percentages but this is why I did what I did   

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*This link comes directly from our calculators, based on information input by the member who posted.

@Blake Brinson house couple streets over remodeled just sold for $190K no garage no basement.. I have both basement and 2 car garage. So I estimated it was ARV 200K. The inside needs more work than the seller was willing to do and she bought the place in 2009 for $50K needs a little cosmetics but nothing more than flooring and some paint

@Marcus Auerbach

New furnace in 2014. New water heater is 2015

Roof is about 10 years old... Ac unit would be next to go it is really old but functional

Currently the prospected tenant is open to one year minimum lease

That's also an option but given after fixup it is 155K if I were to sell for 200K it would be 45K-roughly 18K= 27K profit in relator fees assuming I did not sell by owner. Currently in my area over the past year home values have went up 15 percent. so might rent it to start and go from there... However I am still considering both options  

@Saravanan Saravanan after vacancy, Maintenance and repairs it seems to come out to roughly 420 per month

Made offer on first rental property. Off market deal, house is currently right next to my personal house. I got it for 150K needs about 5K in repair but value after repair is 200K. I have a renter right now who is begging me to finish the house ASAP after closing so she can move in. they will be paying 1500 per month. SE Michigan

@Brian Gerlach I plan to turn my house into a rental when I move