All Forum Posts by: Ken M.

Hello, My wife and I are landlords in Ann Arbor, MI and currently execute leases directly between ourselves and tenants.  I'm seeking a local professional and general advice on how to add a corporate structure that would better protect our personal/total assets if something were to go wrong. 

I do not believe I can transfer the house titles or mortgages into a corporation because of rules in the mortgages themselves. However, can I form a corporation for each house, lease the house to that corporation and then the corporation/LLC leases to the tenants?

Thank you 

Hello BP,

My wife and I are finishing a bid on a manufactured house that was set on a concrete foundation in the 90's.  It has no wheels and by all regards it is like any other home.  Can I get a Certificate of Occupancy for this as a rental in Ann Arbor?  The only stipulations that we see in the City Code are in regard to dwellings with wheels and I haven't heard back from the Rental Housing Department.

Thanks!

Thanks, Sarah.  Rents have spiked, but from what I have experienced there is still a ceiling around $1600 that most grad students with families don't want to go beyond.  Long term residents want to pay even less.  I'm wondering if you or others have seen the same thing?  The problem is finding 3bd 1.5 bath SFRs for a price that makes sense with a $1600 rent.  So I have started to look East of US23 between Washtenaw and Packard where houses like this are $165-180KK.   Could these houses still rent for $1600 to solid applicants?  The same houses in Ann Arbor right now with 1300 sq ft are $225K. 

Thanks Sarah,  How was the rent?  I don't expect much appreciation in PT, different from AA, but I'm wondering if the cash flow would be strong based on lower purchase prices....

Hello BP. I'm pretty new to the forum but an experienced landlord with two SFR rentals in Ann Arbor. With purchase prices rising in A2, I'm wondering if fellow investors from Ann Arbor or Ypsilanti can share their experiences as a landlord in Pittsfield Township. Purchase prices definitely drop immediately East of US-23, but how are the rents and the applicants? Can you generalize the rental population and the numbers I might expect on a 3 bedroom 1.5 bath house?

Thanks so mcuh

I am an experienced landlord with conventional SFR's in my area heading out for my first HUD foreclosure walk through. Offers due by midnight tonight, sold "as-is". I have read the rule of offering 70% of the ARV minus repairs. Does anyone have advice on offering higher or lower than this range for HUD houses? Any other advice or clues to look for beyond a normal walk through and a normal bid? Advice on making the strongest offer besides "cash"? Thanks!

Nice to meet you Niklas.  I am an investor in A2 as well.  I checked out your website, it's nice.  Do you have any current wholesale inventory for sale?

I am new to BP and happy to see my first thread re:  Ann Arbor after only two days.  I live and invest here as well.  Great schools, lifestyle and appreciation.  The U of MI gets a large annual influx of grad students and young professionals moving in to rent each year.